The best way to find out what an effect does is to use it… but, lofi reduces the bit rate of the audio input, kind of like decreasing the resolution of a picture, you end up with a distorted square sound. when you decrease the bit rate all the way you should only be able to faintly hear the track kind of like a filter.
Transpose stretch grabs a sample of the audio input and makes a micro loop. There is a knob that allows you to choose how many times the current loop will repeat before moving on to the next one, this gives a stretching effect with a small loop or a stuttering effect with a big one.
Not sure how a ring modulator works but it makes the tone sound warmer. and you can usually pitch up or down the effect so you can build or release tension.
Again the best way to find out is to try them for yourself…
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