Loan Payoff Calculator
The purpose of this app is to encourage people to take control of their financial future by showing the impact of early loan payoff in terms of time and money savings.
ObjectivePresent information to users about impact of early loan repayment in order to motivate them to jumpstart their interest savings.
ProcessUnderstand how people think about debt and simplify the message so as not to be overwhelming.
SolutionAn unintimidating app that allows people to make a plan to tackle their debt in a way that saves time and interest.
The hardest part about this app is striking a balance between being flexible and declarative. Realizing that the people I want to benefit from this app the most are perhaps the least financially savvy, it's important to find a way to make the interface inviting and impactful.
What I Learned
The largest feature-add will be the ability to show users a cascading effect of loan payoff and results of the two most common approaches to early loan payoff (highest interest rate first vs. lowest balance first). This will require being cognizant of the amount of information I present to the user and how to make sure it's providing the most motivational takeaway.