Lent money? Write it down.
Write down what you lent and tick off each payment. If they sign up too, they see the same numbers, so nobody's asking “wait, how much was it?”
Original · lender
- Received from
- Alex Kim
- Amount
- $300.00
- For
- Laptop · installment 4 of 6
- Balance after
- $600.00
Free while it's in early access. You won't need a card.
What it does
Everything you'd otherwise be keeping in a spreadsheet you forgot to update.
- Everyone gets their own page
- Every loan you've made to someone sits on one page, along with their contact details and any notes you want to keep.
- Payments and what's left
- Log a payment when it comes in and the balance updates itself. Interest and any extra charges are counted too.
- Monthly plans
- Split a loan over a few months and you get a schedule. If they pay ahead, the rest of the installments adjust.
- Interest and extra charges
- Set a monthly rate and interest adds up on its own. You can also add a one-off charge, like a late fee or something you paid for them, with a note saying why.
- Reminders, so you don't have to
- If they have an account, they get an email three days before a payment's due. You don't have to be the one who brings it up.
- Their side of it
- They can sign in to see what they owe, ask you for a loan, or tell you they've paid so you can confirm it.
How it works
Do them in this order and you're set.
Add the person
A name is fine to start. Add their email if you want them to get reminders or see the loan themselves.
Record the loan
How much, in what currency, when you lent it, and when it's due: one date, or monthly. Add a rate if you're charging interest.
Log payments
Enter each payment when you get it. The balance, the schedule and what's due this month all update from there.
Fair questions
Is LoanCompass a lender or a payment app?
Neither. LoanCompass is a record of loans between people who know each other, and no money moves through it. It isn't a lender, a broker, a payment processor or an escrow service, and writing a loan down in it doesn't create or enforce a legal agreement.
How much does LoanCompass cost?
LoanCompass is free while it's in early access. Signing up takes an email address and a password. There's no card to enter and nothing to bill.
Is the interest rate monthly or annual?
Monthly, always. Every interest rate in LoanCompass is a monthly rate, whatever the payment method, so entering 2 means 2% a month, not 2% a year.
What repayment plans can a loan use?
A loan in LoanCompass is either due on a single date or paid back on one of six monthly plans: monthly amortization (equal fixed payments), diminishing balance, fixed principal plus interest, interest-only with the principal due at the end as a balloon, add-on or flat rate, and bullet (principal and interest together at maturity). You see the full schedule before you create the loan.
What happens when a payment is late?
If a loan in LoanCompass has an interest rate, it picks up one month of interest on the outstanding balance for every full month it's past due. It's checked once a day and never charged twice for the same month. Say you lend 10,000 at 5% a month, due 1 June, and nothing gets paid: 500 is added on 1 July, making it 10,500, then 525 on 1 August, making it 11,025.
What happens if someone pays more than the scheduled amount?
In LoanCompass, an overpayment pays the current installment's interest first, then its principal, and whatever's left comes off the principal early. Pay 8,000 against a 7,669.20 installment and the extra 330.80 reduces the principal, which either shortens the loan or makes later installments smaller, depending on the payment method.
Can the borrower see the loan as well?
Yes. A borrower can see their loans in LoanCompass if you add an email address they've signed up with. They can check the balance, charges and schedule on their own loans, tell you about a payment for you to confirm, and ask for a new loan. They can't edit your records or see anyone else you've lent to.
Does LoanCompass send payment reminders?
Yes, to borrowers who have an account. LoanCompass emails them three days before a payment is due, automatically, so the nudge doesn't have to come from you. Lenders can see what's due this month, what's overdue, and a forecast of repayments over the next 3, 6 or 12 months.
Can I track loans in more than one currency?
Yes. Each loan in LoanCompass has its own currency, and every total is shown per currency. Nothing gets converted (there's no exchange rate anywhere in the app), so if you lend in two currencies you see two separate totals, not one blended number.
Got a loan you keep meaning to bring up? Start there.
Add the person and the loan. It's about a minute's work.