For every business, investment is needed. Today, many businessmen take loans to invest and a good businessman would always plan how costly the loan he has taken can be how should he repay the loan.
Thus, obviously, if you are a smart businessman, you would want to estimate the cost of loan and credit.
That is why, Russia-based Mobile Finance has created an app called iCreditRate. Mobile Finance aims to create apps that can your phone into your personal assistant. And with iCreditRate your iPhone will become your financial adviser.
iCreditRate will answer all your questions. Do you want a loan? Are there any additional payments, commissions and fees?
With this app, you can estimate a real cost of the loan – its effective rate. All calculations are made for loans with fixed-size payments.
Currently, the following types of loans are supported in this app:
* Generic loans with fixed-size payments: This app can also can be used for mortgage loans, auto loans and so on. You must correctly set loan size and other parameter.
* Microloans with fixed-size weekly payments or with the payment at the end of the term.
* Retail loans with fixed-size payments (added in the latest update).
Just imagine that the bank have sent you an offer: very advantageous loan, the rate is 18.16% per year, the total amount is US $100,000, loan’s term is 2 years, the monthly payment is only $5000. The one-time fee is $5000 and the monthly commission is $1000.
Now you should fill all application fields on the basis of this example and press “Next”. You can see that a real loan rate is 53.49% per year. Thus, taking this loan is not actually as good idea as it seems to be.
In the new updated version 1.0.7 of iCreditRate, there are improvements in visual effects, new sounds and new loan type called Retail Loan.
If you have any problems with this app after updating it, it is recommended to reinstall the application.
iCreditRate is compatible with iPhone, iPod Touch and iPad. It requires iOS 4.3 or later version.
The languages supported by this app are English, Kazakh and Russian.
This review has been written after obtaining iCreditRate from the app store and the app has been used on an iPod.
Now are you ready to plan your budget and loans and other important things to be a real life Richie Rich? Post your comments.