Loan Plan for iPhone is a budgeting app that lets you crunch the numbers on a proposed loan to see if it is good or not. Loan Plan for iPhone installs easily and costs $3.99 through the App Store.
Loan Plan for iPhone lets you enter basic loan information (term, principal, interest rate) and displays your loan payments and amortization schedule. It also shows you the credit capacity you have, based on your income and expenses, letting you know if you can really afford the loan. You can save the results in a file so you can compare loan offers from multiple sources. You can also send the results through e-mail or text, or export them in a PDF document.
The purpose of Loan Plan for iPhone is simple and it does the job it was designed for. The ability to save results is nice, but even better would have been a side-by-side comparison of the results. Still, limited screen space on the iPhone limits what you can see. While there are other apps that accomplish the same purpose, some for free, Loan Plan for iPhone is a nice app that does what it was designed for and is easy to use.