iPhone Life magazine

iCreditRate

iCreditRate
Product Type: 
App

iCreditRate is a mobile loan calculator. This application has an amazing design. In contrast to other similar applications, it estimates the real cost of the loan - the so-called effective annual percentage rate. It is similar to the simple annual percentage rate (APR), but calculated on the compounded yearly basis (so, it may be higher than the APR). During the estimation all additional fees are considered, thus you can get a real cost of the loan. Also you can estimate the change of your debts using the Debt Chart. The application works for loans with fixed-size payments and microcredits.

 

Main features of the iCreditRate:

* Simple and intuitive interface with original old-style design

* Estimation of the real cost of the loan considering additional fees and commissions

* Chart of your debt (not for microcredits)

* Different types of the loans: generic loan, microloan (microcredit), retail loan

 

Here is an 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?