Features:  

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Loan Shark is a very good tool for calculating loan information and providing the details to make a good loan decision. Entering different loan scenarios, viewing amortization schedules and even comparing them side-by-side is very quick. It’s also easy to clear the fields and start over at any time. The app is ready to use upon startup and remembers what you were working on from the last time the program was used. Loan Shark also uses your location to find nearby banks and provides the contact information and maps to their locations.

One limitation of the program is that while it does allow you to add an extra payment each month or year, the payment is not variable and in the case of a yearly payment, is lumped in with the last payment of the year. A valuable addition would be to include PMI, property taxes, and homeowner’s insurance fields for home loans.

Interface:  

The buttons in Loan Shark are easy to access and provide feedback when touched. It would be nice if when selecting a field containing all zeros, the field would clear rather than set the cursor at the end of the zeros. Nevertheless, the program is very fast at performing calculations and navigating between the various screens. The Favorites lists are very well done, showing the loan details just below the names. The amortization schedule screen displays a nice review of the loan details, including a principle and interest graph at the top and totals at the end of each year.

The amortization schedules calculate quickly and are given in a manner that is easy to navigate. The headers and footers, which contain column names and yearly totals, remain visible while scrolling through a year’s worth of data.

Graphics:  

The app does provide a small amount of animation to let you know that things are happening. When you calculate an unknown quantity, loan length for example, the field bulges outward and the data is entered in blue text. This helps you easily see and remember what was calculated versus what was entered.

Stability:  

Loan Shark is very stable. The reviewed version didn’t crash a single time. There were, however, a couple times that one of the fields was not selectable. The program was still working because other fields were selectable, but, for example, tapping in the loan amount field did nothing. One other problem is the program’s handling of extra characters such as commas or currency signs. These either produce errors or are counted as decimal points. This is a relatively minor issue, but would be made better by either not allowing the characters or handling the resulting errors better.

Value:  

While there are less expensive programs that provide loan details and even amortization schedules, none provides the depth and breadth of features Loan Shark does. It’s a great value worth having even for the occasional need to figure loan details. Having this information at your fingertips can also give you an advantage when considering different loan options. Navigation is straightforward and information is reliable. It’s quick and easy to get the information you need to make sound loan decisions.

Support:  

While it would be nice to have some help built in to Loan Shark, it is easy to use, even for first-time and inexperienced users. There is only minimal information on the Loan Shark website, mostly just explaining the features available. It does, however, have a contact page where questions can be asked and feedback given.

Summary:
Loan Shark makes it very easy to calculate the details of a loan. By providing any three pieces of information, including loan amount, interest rate, length or payment, Loan Shark fills in the other. It provides quick and easy access to amortization schedules and saving of favorites for quick review or side-by-side comparisons. Additionally, you are able to locate nearby banks where, armed with data, you can advance towards acquiring the actual loan.

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