5 Awesome Mobile Apps for Getting Out of Debt

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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)

debt payoff planner app

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)

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)

debt free app

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 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)

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.

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Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

RATES (APR)loan amount
5.60% – 17.67%1 $5,000 to $100,000
7.46% – 35.99% $1,000 to $50,000
7.99% – 35.89%* $1,000 to $50,000
5.99% – 24.99%3 $5,000 to $35,000
5.99% – 29.99%4 $7,500 to $40,000
6.79% – 20.89% $5,000 to $50,000
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1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Fixed rates from 5.990% APR to 17.67% APR (with AutoPay). Variable rates from 5.60% APR to 14.700% APR (with AutoPay). SoFi rate ranges are current as of August 7, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.60% APR assumes current 1-month LIBOR rate of 2.27% plus 3.08% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
  2. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.
    See Consumer Licenses.
  3. Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.
  4. SoFi Personal Loans are not available to residents of MS. Maximum interest rate on loans for residents of AK and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, TX, VA, WY, or for residents of IL for loans greater than $40,000.
  5. If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.
  6. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
3 Includes AutoPay discount. Important Disclosures for Payoff.

Payoff Disclosures

  1. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.
4 Important Disclosures for FreedomPlus.

FreedomPlus Disclosures

  1. All loans available through FreedomPlus.com are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Eligibility for a loan is not guaranteed. Loans are not available to residents of all states – please call a FreedomPlus representative for further details. The following limitations, in addition to others, shall apply: FreedomPlus does not arrange loans in: (i) Arizona under $10,500; (ii) Massachusetts under $6,500, (iii) Ohio under $5,500, and (iv) Georgia under $3,500. Repayment periods range from 24 to 60 months. The range of APRs on loans made available through FreedomPlus is 5.99% to a maximum of 29.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13. To qualify for a 5.99% APR loan, a borrower will need excellent credit on a loan for an amount less than $12,000.00, and with a term equal to 24 months. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you also qualify for the lowest rate available.
* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

* Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from you bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. All loans made by WebBank, member FDIC. Please refer to Upgrade’s Terms of Use and Borrower Agreement for all terms, conditions and requirements.

** 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.

 Important Disclosures for Citizen.

Citizens Bank Disclosures

  1. Personal Loan Rate Disclosure: Fixed interest rates from 6.79% – 20.89% (6.79% – 20.89% APR) based on applicable terms. Lowest rates range from 5.99%- 18.99% (5.99%-18.99% APR), are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment Discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  2. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
     
  3. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.

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