The client is Apps of the Future, LLC. This company engages in financial mobile apps development.
The client came to us with a finished mobile app for the IOS platform. The app is loan tracking software. It calculates a more effective payment schedule to pay the debts.
Existing problems of loan tracking app:
The main project goal is to refine the loan tracker app & integrate Snowball logic into it.
The Debt-snowball method gives a priority to small loans. The debtor pays the necessary minimum for a major loan. For small loans, he pays so much as he can. When small loans are paid, free money is sent to major debts. In this way, the debtor can see the progress & pay the loans effectively.
This method uses when the debtor has more than 1 loan.