The new version of the application iCreditRate is out. Main features have been added:
- iPad mini and iPad with Retina support
With this application you can estimate a real cost of the loan by calculating an effective annual percentage rate (now both modes are available: APR mode or compound mode). The program is designed for loans with fixed-size payments.
Current version of iCreditRate supports following loan types:
- Generic Loans - you may specify the size of the loan, additional commissions, nominal rate or monthly payments size.
- Microloans - cash loans for the short term (usually from one week to half year), you may specify loan size, term and payments size.
- Retail Loans - loans to buy domestic goods (TVs, washing machines and etc.), you may specify initial price, downpayment, commissions and monthly payments size.
- Mortgage Loans - for this type of loan you can specify an annual insurance payments.
Also the application can plot a debt chart for Generic Loans, Retail Loans and Mortgage loans.
Lets look at the example:
The bank have sent you an offer: very advantageous loan, the rate is 18.16% per year, the total amount is 100 000 USD, loan's term is 2 years, the monthly payment is only 5 000 USD. The one-time fee is 5 000 USD and the monthly commission is 1 000 USD.
Fill in all application fields and press "Next". You can see that a real loan rate is 53.49% per year. Maybe it is better to look for a more friendly loan?
iCreditRate will help you to clarify any complications linked to the loans. Thus you could feel yourself more comfortable with your bank, because you will know how much really you pay or will pay for the loan. And finally it helps you to make more reasonable decisions.