3/28/16
Loan issue remains unfixed. I check in from time to time to see if the developer has figured out how to calculate loans, but clearly this is an issue they are unable to fix.
Move along, because youre wasting your time with this app if you want your loans to calculate accurately.
8/11/15
Loan issue remains unfixed in the most recent update. At this point, its clear the developer doesnt understand how loan calculations/payments work.
Those of you using this app for loans, create a loan and look for yourselves. Look at the payment schedule when youre creating a loan and youll see negative interest offset by positive principal (higher than your actual payment) to solve to the monthly payment (assuming their calc even gets your monthly payment right). This is a sign of clear lack of understanding and can be easily solved. Ive tried working with the developers technical support and the literally dont understand why this is a problem, which tells you a lot.
Also, your loan wizard should ask for monthly payment, APR, principal balance, and next due date. YOUR WIZARD should calculate/solve for duration of the loan!!!!
Nice looking app, but entirely unusable until these issue are addressed.
7/18/15
They still havent fixed the loan payment calculation issue. If you have a mortgage and want your payments to be accurate, find another app.
The calculation this developer is using is fundamentally flawed. It literally calculates NEGATIVE interest. If you have a mortgage payment of $1000/mo, there are periods where this application will solve as $1,200(p) + -$200(i) = $1,000... Its a significant flaw and I cant believe this developer has yet to fix.
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Ive been complaining on here and directly to the developer for a while. I want to like this app, but the way the developer has set up loan creation in this app is dumb.
When you create a loan, you provide the principal balance, interest rate, and next payment date AND for some reason the loans remaining duration. The app then gives you the option of making equal payments OR a customized payment plan (baselines by the equal payment plan). Because its calculated this way, my monthly payments are off by $0.30 every month... If I want the payments to be exact, I need to create a custom payment plan by editing EVERY payment... for a 30 year mortgage that is 360 edits. Going back to loan account entry, Why on earth wouldnt I just enter principal amount due, interest rate, due date, and MONTHLY payment? This would accurately calculate the final payment date... and is basically the way every other tool on the market works (successfully).
Again, the developer fixes this VERY silly error and this is arguably the best financial tracking tool in the App Store. With the fix, its literally useless to anyone who aims to keep their finances accurate to the penny, which is sort of the point.