iLoan - Personal Loans app for iPhone and iPad
Have you ever loaned someone money? Have you ever needed to keep track of partial payments on a personal loan? Have you ever had problems maintaining accurate records of payments or keeping track of the loan balance? Or maybe youre making micro-loans. For small personal loans or for becoming your own "personal bank", iLoan is the application for you.
iLoan isnt just another financial calculator or amortization schedule. iLoan is an application designed to keep track of your loaned money. Keep track of loans you make to others or your own loans. It even works to keep track of bank loans! It is capable of recording multiple loans, payments on the loans, and the current payoff balance of each. A convenient amortization calculator is included to help you setup your loans.
Features:
- Enter new loans with origination balance, interest rate, and origination date.
- View individual loan status, showing current balance and payment history.
- Enter new payments as theyre given to you.
- Edit existing payments.
- Send loan statements to the borrower.
- Send payment receipts to the borrower.
- Simple amortization calculator gives amortized payment based on entered data and shows the amortization table.
- "What If" calculator shows affect of additional principle payments to loan cost.
- Data is backed up with your regular iTunes backup.
- For extra safety, export your iLoan data to a backup file.
- Invite someone else to record payments and send payment receipts on their own device
NOTE: iLoan is for personal use only. It cannot be used to facilitate loan or credit applications with any financial institution.
**** Think I can do something better? Would a slightly different or new capability increase your rating or motivate you to give me a positive review? Please email me. Im always open to suggestions! ****
Pros and cons of iLoan - Personal Loans app for iPhone and iPad
iLoan - Personal Loans app good for
I find this application fits my requirement. However I still need to figure out how to put in the cents in the principal amount.
After you enter your loan you cannot edit the description of the loan or the borrowers name.
I needed a way to keep track of payments and calculate interest for loans to my friends. Earlier versions were a bit buggy, but they seem to worked out now. There are a few limitations that need to be worked around, but once youve got the knack of it its not hard at all.
Pros:
-Email payment receipts and statements to borrower.
-See payment history and balance at a glance.
-Multiple loans per borrower.
-Easy to figure out basic usage.
Cons:
-Only whole dollar amounts for initial loan amount.
-Number entries must entered using date entry type select wheels, typing numbers would be much easier.
-Compounds interest monthly, but does not say so anywhere.
-Cannot change compounding period; creates the following "issues." (The numbers come out like they should, but it causes what looks like odd behavior unless you know what is going on behind the scenes.)
-Per diem interest (month to date) value included in display loan balance, but not in calculated balance.
--If a payment is posted mid period it is applied to the balance at the end of the last period, not including per diem interest.
--Must pull up a statement (as if going to email) to get pay off amount as of last the end of the last period. (Cannot payoff based on displayed balance because it includes per diem interest that has not actually been applied to balance yet.)
Love the app and it is a must have for the money I lend out. The other reviewer saying you cant save is an idiot. That is cause all fields must be filled in first. Much improved since "Loan Tracker". The receipts and statement emails are awesome and very helpful. Maybe include an option to customize the message in an update. You can also now add negative payments for late fees or if you loan out more money to the same person. Would have given 5 stars if cents were available for input and if you didnt have to use the spin wheel. Both of which arnt a big deal. Thanks to the developer for this app as there is none other like it and believe me I tried at least 6 others looking for the features this one does. Great buy!
I have been looking for a personal loan calculation program for a few years.
I love the feature of negative entries adding to loan principle.
Email features very helpful.
I bought iLoan today and have loaded 2 different loans spanning 5 years and results look very good.
I had written one myself in DOS in Power Basic - did everything.
I could not bring it forward to my Mac Book Pro.
Could iLoan be ported to a MAC?
I have used this loan app a few times now when lending friends money. It really helps me to be able to tie in an interest rate into the loan. I think it is easy to use as long as you pay attention to the numbers you enter into it.
Some bad moments
Worst than my own spreadsheet!!
Don,t waste your $$ even .99cents I just paid
There is something wrong about this apps rating!
Kate
Im doing short-term high-risk unsecured loans.
I need to be able to specify an interest rate of 15% monthly on a 45 day loan.
This would be so easy to add. Im not sure why it only supports up to 99 APR.
Please add support for this type of loan/interest and I will rate 5 stars :)
You can only enter whole dollar amounts, not cents when posting payments.
Also would like to be able to specify loan terms (months, interest...ect). This does not keep tract of payment amounts nor tell you when clients are past due. Pretty useless!
The fact that you can email statements and receipts is great....IF the rest of the app would be updated.
Hope to see this updated soon...
Recommendations for improvemt: Where is a help section, expanded settings options, currently very limited, how bout adding Credit card and other form of expenses other than just loans, increase the functionality, currently very limited
Looked great until I was unable to enter cents. Apparently no way to enter cents so app is of no use.
The app definitely needs improvement and it seems theres no one to do it because Ive had the program for some time now and cant remember not even one update.. It really has the potential to be a great app if the creator would take sometime to improve it and not just take our money and abandon its users.. Please update regularly
