Editors' Note: The "Download Now" link directs you to the iTunes App Store, where you must continue the download process. You must have iTunes installed in order to open the link, and you must have an active iTunes account to download the application. This download may not be available in some countries.
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.
Loan Plan for iPhone helps you to manage your budget efficiently. It allows you to evaluate whether or not a loan is a good deal. If you are interested in buying the last flat tv screen, a quick and easy simulation on Loan Plan will tell you if you can afford it. Loan Plan for iPhone calculates your loan payments and displays the amortization schedule that you can export in PDF, HTML or TXT and e-mail.
What's new in this version:
Version 2.5 added support for fixed fees and APR or EAR calculation, and advanced settings to set the monthly interest rate.