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Loan Calc 2 go app review: figuring out the numbers for you
Introduction
Loan Calc 2 go is a simple and quick way to figure out repayment terms on your loan by allowing you to enter in all the loan details such as the loan amount, interest rate, and the loan term. You’ll be able to get on-the-spot answers so you aren’t trying to work the numbers out on your own.
Quick and Easy Answers
Perhaps you’re shopping for a house, a new car, or just looking at a personal loan. It’s one thing to think of the loan amount knowing exactly how much you want to borrow but breaking that down into repayment terms is a whole other feat. This calculator gives you a very easy way to get instant answers to help you make financial decisions.
You’ll need to input the loan amount, the interest rate (APR), and the loan term. Once you provide these details it will instantly calculate your answers.
A Complete Analysis
The app is able to give you the exact amount of your monthly payment, the interest payment in the first month, the principal the first month, the total paid at the end of your loan term, and the total interest paid (in dollars) over the loan period. This last section is especially interesting as once you see how much you have paid in interest alone it may make you second-guess the purchase and shop around for a better deal.
I also appreciated that you could play with the numbers and see how adjustments to each category would affect your loan payment. Play with the loan term, the interest rate, and even the amount you plan to borrow, and watch what it does to your monthly payment. This is great if you’re trying to stick to a budget.
Simple but Complete
The app itself is simple to use and features a very basic user interface design. There are plenty of loan calculators out there with more features than this one but that doesn’t mean this is a poor choice. If you’re looking for fast and easy then this is the way to go. I personally liked how basic it was kept as I was able to focus on the numbers instead.
Because the app is free there are ads in it that run along the bottom of the screen. It doesn’t interfere with any of the content so it shouldn’t be a problem.
Pros and Cons
Pros
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Quick and easy to use
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Calculations are instant and you can make as many changes/adjustments as you like
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Gives you more information than simply your loan payment each month
Cons
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May be too basic for some people
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It would be great if you could share the information by email
Final Verdict
There was plenty I liked here from the fact it was free to the fact that it was so quick and easy to use. Sometimes less is more and in the case of this app that is definitely true.