Recently, a plethora of apps that help people manage their personal finances have found their way to the App Store. Loan Plan is an app that helps you manage your budget efficiently. If you’re excited about buying a car and don’t have Suzie Orman around as the voice of reason, this app will give it to you instantly.
Loan Plan is easy to use. There are three buttons Credit Capacity, Loan Simulation and Saved Loans.
Credit Capacity allows you to tap in your monthly income plus your debt. It asks what you want your maximum debt to income ratio to be. Then it gives you your credit capacity, current debt to income percentage and amount available for a new loan.
Loan Simulation is the probably the most used function of the app. Type in the amount of the loan you’re considering, years, and annual rate. Loan Plan gives you a chart with monthly payments; interest paid over the given period and even gives you a lovely amortization table. You may email the information in html, pdf, or even text format. Loan Plan can also save the loans by category — vehicle, housing, cash or general — to help you stay even more organized.
Loan Plan is good but not perfect. While the finance terminology and functions may be intuitive for some users, others will be confounded and there is no help function. Loan Plan also does not interact with the iPhone’s built-in contacts. So, although you can email a copy of your loan simulation, you’ll have to jot down the address of whomever you plan to share with before entering the app.
The information from Loan Simulation is presented as a graph that was easy to read and understand. Currently, the app only allows you to enter years so if the term of your loan is more or less than a year it’s not fully supported. Users also don’t have the option change their payment amount in the terms of their loan. If you want to increase your payments over the course of the loan you won’t be unable to see these results.
Overall, Loan Plan is a functional utility app that most people will be able to use with no problems. Currently, Loan Plan can be purchased for $3.99.