Anyone who has ever been in debt knows it’s difficult to get out of it. Not only must you keep all your loans organized, but you also need to motivate yourself to make extra payments if you want to get rid of debt faster. It’s hard to do that when there’s so much else to do with your money.
The good news is mobile apps have made the debt repayment process easier. There are debt payoff apps that can do everything from helping you track what you owe to deciding on the best payment plan, or even rounding up purchases and sending “spare change” to your lenders.
Since there are so many programs to help pay off debt, choosing the right tool can be challenging. So, we’ve created a list of five great apps to make it easy to find one that works for you.
1. Debt Payoff Planner (iOS and Android)
The free Debt Planner Payoff app works on iOS and Android devices. Once you’ve downloaded the program, there’s no login required. Simply input the current balance on your loans, the APR, and the monthly minimum payments. The app will help you create a step-by-step repayment plan. It also allows you to compare two popular debt payoff methods: debt snowball vs. debt avalanche.
App features include:
- The ability to create a detailed plan to become debt-free
- A comparison of the interest you’ll pay with the debt snowball and the debt avalanche strategies
- Debt repayment tracking that shows your time frame for getting out of debt
Try the Debt Planner Payoff app if your goal is to compare different repayment approaches, create a step-by-step plan, and track your progress.
2. IQuick Debt Payoff (Android)
This helpful Android app, which costs $0.99, focuses on ensuring you pay the minimum interest possible. The iQuick Debt Payoff tool allows you to analyze different repayment schedules, estimate the interest amount you’ll save with specific approaches, evaluate accelerated repayment plans for multiple credit cards, and see the summaries of your loans all in one place.
App features include:
- The ability to save payment schedules
- Tools to analyze which debt to pay first
- Complete amortization schedules that can be saved or emailed
Try iQuick Debt Payoff app if you want to dig into the details of your loans, see how much interest is paid over time, and pay the minimum in interest charges.
3. Debt Free (iOS)
The $0.99 Debt Free app ranks high in the Apple app store’s finance category for a reason: It’s a simple, intuitive program that works on iPads or iPhones and allows you to customize your payoff strategy. You can track your debt repayment progress easily to stay motivated and can see all your loans in one place.
App features include:
- Payment due date notifications
- Support for multiple payment strategies, including paying off the lowest or highest balance first, paying off high-interest debt first, or creating a customized debt payoff plan
- A quick summary of all debt, along with a progress bar showing how far you’ve come on repayment, how much you’ve saved on interest, and your debt-free date — like the Debt Planner Payoff app does
- Reports and charts showcasing debt by category and remaining balances
Try the Debt Free app if you want to organize debt by category and view useful graphics showing your progress to help you stay motivated.
4. Debt Tracker (Android)
Debt Tracker is a free Android app focused on simplicity. It has a minimalist theme with few bells and whistles, so you can focus on tracking the amount you owe and your repayment process. You can input information quickly about your accounts and access summaries even when you’re not online.
App features include:
- Very easy sorting of debt by name and size
- A PIN code to keep your information private
- Tools to track when someone owes you money
- Syncing with Dropbox to back up your data
- Payment-tracking tools and summaries of interest, fees, and penalties
The Debt Tracker app is best if you want to track who owes you what amount, and if you want a simple interface to monitor repayment efforts.
5. Debt Manager (iOS)
The $0.99 Debt Manager app for iOS devices allows you to easily visualize debt repayment efforts using bar charts that show your progress.
The tool also offers a unique feature many others don’t: It allows you to view what would happen if different changes occurred, such as an update to your interest rates.
App features include:
- Graphs and charts with a simple look to easily monitor progress on debt repayment
- An easy-to-read overview of debt balances to see everything at a glance
- An interactive “what if” feature
- A user-friendly way to track monthly debt payments
Choose the Debt Manager app if you want to see different scenarios related to your debt or if you want to track your progress through visually pleasing charts, graphs, and reports.
Choosing the right debt repayment app
When deciding between debt repayment apps, consider what you want the tool to do for you. Is your goal to simply track your payments, to create a step-by-step plan, or to compare different repayment methods? There’s an app for everyone, so try some out today to determine which ones will help you stay on track.
You also can check out some of our our dashboard to manage the repayment of student loans.
Being debt-free is a worthy goal, and you’ll be happier about your financial situation when you no longer owe money.
Interested in a personal loan?Here are the top personal loan lenders of 2018!
|Lender||APR Range||Loan Amount|
|1 Includes AutoPay discount. Important Disclosures for SoFi.
2 Includes AutoPay discount. Important Disclosures for Payoff.
3 Important Disclosures for FreedomPlus.
4 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
5 Important Disclosures for LendingPoint.
6 Important Disclosures for LendingClub.
All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.95% to 35.89%*. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: LendingClub, 71 Stevenson Street, Suite 1000, San Francisco, CA 94105.
†Per reviews collected and authenticated by Bazaarvoice in compliance with the Bazaarvoice Authentication Requirements, supported by anti-fraud technology and human analysis. All reviews can be reviewed at reviews.lendingclub.com
**Based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between January 1, 2018 to July 20,2018. The time it will take to fund your loan may vary.
7 Important Disclosures for Earnest.
8 Important Disclosures for Avant.
* The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.
** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33
* Important Disclosures for Upgrade Bank.
Upgrade Bank Disclosures
** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.
|7.73% – 29.99%||$1,000 - $50,000|
|6.26% – 14.87%1||$5,000 - $100,000|
|6.99% – 35.97%*||$1,000 - $50,000|
|5.99% – 24.99%2||$5,000 - $35,000|
|4.99% – 29.99%3||$10,000 - $35,000|
|5.99% – 18.99%4||$5,000 - $50,000|
|15.49% – 34.49%5||$2,000 - $25,000|
|6.95% – 35.89%6||$1,000 - $40,000|
|6.99% – 18.24%7||$5,000 - $75,000|
|9.95% – 35.99%8||$2,000 - $35,000|