Staring down a mountain of debt? I’ve been there – feeling overwhelmed, out of control, and at a loss as to where to start paying it all down.
That’s when I began my hunt for the best debt payoff app. A debt repayment app can help turn that emotional mess of debts into a simple stack of numbers anyone can tackle. Plus, I needed a tool to help me form a debt payoff plan I could execute successfully.
The best debt management app can do the same for you. Here are six on our radar this year.
6 best debt payoff app and tools
Debt repayment tools can help you track your debts and figure out a strategy for debt payoff. They won’t do all the work for you, but with the best debt payoff app, you can feel empowered to start your journey towards becoming debt-free.
1. The Student Loan Hero Dashboard (in-browser)
Student Loan Hero doesn’t just offer articles – we also have tools and an app to help you manage your student loans.We’re proud to offer the best debt management app out there specifically for student debt.
Sign up for an account and you can set up your own Student Loan Hero Dashboard, a tool that helps you manage student debt and make a plan to repay it.
Key features of the Student Loan Hero Dashboard
- Sync all of your student loans across different servicers into one place so you can easily track your progress. The tool pulls in your student loan data from all major servicers and automatically updates to current balances.
- Use the repayment tool to play with different repayment options, from federal payment plans to refinancing student loans.
- See how actions such as making extra payments or getting on an income-driven repayment plan will affect your student debts.
- Consolidate federal student loans easily with the consolidation tool. You can also use it to enroll in different federal student loan repayment plans or put student loans in forbearance or deferment.
2. ChangEd (iOS mobile app)
What if you could save up your change and apply it to your student debts? That’s the premise of the ChangEd app, available for iOS.
This video from the app developer explains a bit more about what the app can do for you. You can also find out more about this app in our ChangEd app review.
Key features of ChangEd app
- The ChangEd app syncs with bank accounts and analyzes your spending habits.
- It identifies small amounts of “change” you won’t miss, and deposits them in an FDIC-insured bank account.
- Every time the saved change hits $100, ChangEd sends an extra $100 student loan payment to your servicer.
Users should note that the app isn’t free to use. However, its $1 monthly subscription fee is definitely affordable, especially considering that the average ChangEd user will make $10,000 in extra student loan payments.
3. Unbury.me (in-browser)
To explore different options for debt repayment, one of my favorite apps is Unbury.me.
It is a smart tool that lets you play with different debt repayment strategies. Clear graphs make it easy to understand and visualize the benefits of each option.
Key features of Unbury.me
- It’s free to use and doesn’t require a login.
- Returning users can sign up for a login to track their ongoing debt repayment. You can create an account with your Facebook or email accounts.
- Enter debts and adjust settings to explore payment plans that follow the debt snowball method. This will generate different graphs that illustrate your debts over time.
- Get debt payoff projections, such as your total interest paid or your pay-off date.
4. Debt Payoff Assistant (iOS mobile app)
The Debt Payoff Assistant app is a free mobile app available for iOS.
It’s a straightforward way to plan your debt repayment and track your progress, with capabilities similar to Unbury.me – but in your pocket.
Key features of Debt Payoff Assistant app
- Enter your debts including balances, minimum payments, and interest rates.
- Try different payment plans like tackling the lowest balance first or the highest-interest debts.
- See how much your extra monthly payment would accelerate your debt payoffs – and save you in interest.
- View reports on your debt, including past payments, that make it easy to track your progress. Using a debt payoff app to track debt progress helped one woman stay motivated to repay $75,000 in student loans.
- Use calculators for paying off debt by a certain date, monthly payments, and mortgage payments.
- Set the app to remind you of upcoming debt due dates.
There are a couple cons with the app.
You can’t adjust a balance without resetting that debt altogether, so it’s not ideal for tracking revolving debt like credit cards. You also will have to enter all debt information manually, including ongoing payments.
But despite this, Debt Payoff Assistant is still one of the best debt payoff apps that’s free.
5. Your lender or debt servicer’s mobile app
When you’re working toward repaying debts, it can be worthwhile to download the mobile app offered by your debt servicer. Check if your lender, loan servicer, or credit issuer has a mobile app you can use to view accounts, make payments, and set up alerts for payment due dates.
For instance, borrowers can use the FedLoan mobile app to manage student loans with this servicer. Many credit card companies also have an app, such as Amex Mobile from American Express, to track spending, make payments, or even earn bonus rewards.
6. CreditWise from Capital One (iOS and Android App)
Since your debt repayment efforts can directly affect your credit, it’s important to keep an eye on your credit score as you do.
If building credit is a central goal for you, CreditWise from Capital One can help you make a debt repayment plan that will achieve that. The video below from Capital One gives an overview of the CreditWise app.
Key features of the CreditWise app
- CreditWise is free to use and open to everyone – you don’t have to be a Capital One customer to use it.
- You can sign up via an internet browser, or login with the CreditWise apps for iOS and Android.
- See a free, updated estimate of your credit score.
- The CreditWise dashboard helps you understand the factors that are currently pushing your score up or down.
- A credit score simulation tool shows you how different actions are likely to affect your score. You can use it to see whether it’d benefit your credit more to pay extra on a credit card balance or a student debt.
- CreditWise can alert you of new events that affect your score – like a new credit card in your name.
While this is a great tool to keep tabs on your credit score, users shouldn’t rely too much on free credit scores. CreditWise and similar tools often use different scoring methods than lenders do to figure your credit scores. Keep in mind that your free credit score is just an estimate and may not be spot-on.
Find the best debt management app for you
Ready to tackle your debts? Try out these tools and you can find the best debt payoff app for what you want to do. The best debt management app can help you create a get-out-of-debt strategy — and carry it through to a debt-free and financially secure future.
Managing Debt with LendingTree
If the burden of debt is too great for you to manage on your own, consider debt relief. It can help you get your finances under control if you’re struggling to keep up with multiple credit accounts and balances and other types of debt.
For a fee, a debt relief company can provide extra support to people overwhelmed by debt. This service often includes negotiating with creditors on your behalf to lower monthly payments, rates and what you owe. It can also restructure your debts into a single monthly payment plan. Many debt relief companies will also provide counseling to help you create a budget that works.
Find out more about how debt relief could help and get partnered with trusted providers through LendingTree’s debt relief marketplace.
Interested in refinancing student loans?Here are the top 6 lenders of 2019!
|Lender||Variable APR||Eligible Degrees|
|Check out the testimonials and our in-depth reviews!
1 Important Disclosures for SoFi.
2 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 7.89% APR (with Auto Pay). Variable rate loan rates range from 2.54% APR (with Auto Pay) to 7.27% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of March 18, 2019, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 0318/2019. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at firstname.lastname@example.org, or call 888-601-2801 for more information on ourstudent loan refinance product.
© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
3 Important Disclosures for Laurel Road.
Laurel Road Disclosures
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the fixed rate will decrease by 0.25%, and will increase back up to the regular fixed interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
5 Important Disclosures for CommonBond.
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown.
All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 2.5% effective February 10, 2019.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.54% – 7.12%3||Undergrad & Graduate|
|2.54% – 7.27%1||Undergrad & Graduate|
|2.67% – 8.96%4||Undergrad & Graduate|
|3.23% – 6.65%2||Undergrad & Graduate|
|2.54% – 7.43%5||Undergrad & Graduate|
|2.98% – 9.72%6||Undergrad & Graduate|