Debt. It’s not fun for anyone. It’s always in the back of your mind. How much do I still have to pay? It’s going to take how long?
Most people have debt in one form or another. Student loans, credit cards, mortgages, car loans, and more. And most people also follow the same pattern; make the minimum payments required and spend years paying off something that is holding them back from being financially free. Finding money in your budget to pay off your debt early isn’t easy.
We decided to create another way. When Christian graduated college, he felt the pressure of his upcoming student loan payments. He was fortunate enough to land a great job immediately, but he realized that not every recent graduate was able to do the same. The idea of having to pay for the cost of his education well into his 30s did not appeal to him at all. He used a few apps that took spare change from his checking account and moved the money into a savings account, but why couldn’t he use his change pay off his debt instead? The idea of Qoins was born.
I came into the picture two months later. As someone who also has a ton of debt from student loan, a car loan and more, I could definitely relate to the problem. Together, we’ve built something special.
Qoins, pronounced like “coins”, allows you to pay off your debt early without even thinking about it. We use the “spare change” from your checking account transactions and directly apply it towards your loans. For example, spending $5.35 on a sandwich would send $0.65 towards your loan. With this method, you can finish paying off balances months or years early, without changing your spending habits.
Getting started is super easy. Link your bank account securely in seconds, then just tell us who to pay and we’ll take care of the rest. We’ll automatically send one lump sum payment each month of all the spare change you’ve saved. You’ll be surprised how quickly your spare change can add up, and how much of a dent you can put in your debt. You can even pause the service at any time, to fit your financial needs.
Our goal is to do what we can to reduce the $2 trillion+ debt problem, starting with student loans and credit cards. Here are some additional tips to help you manage your debt:
- Know how much you owe. Check frequently with your lender to find out exactly how much you have left to pay on your loan. Knowing exactly how much you owe allows you to set goals and keep track of your progress. You’ll get a small emotional boost every time you see your balance go down, which can help keep you motivated. Your due date and remaining balance can be powerful information for you to have.
- Don’t Panic and Don’t Default. If you get behind on your payments, don’t panic! Check with your lender to see what options you have, such as deferred payments. Whatever you do, don’t stop making payments altogether without first contacting your lender. Your loan could slip into delinquency, or after a certain amount of time, default. Having a loan in delinquency or default can seriously damage your credit score and hurt your ability to do many things, like even opening a new cell phone account.
- Strategize how to pay off your debt. Do you have a few outstanding high interest loans that require payments each month? Look for options to make payments easier for you. Debt consolidation may be an option to allow you to make one simple monthly payment for your debt. Depending on where you look, you may even be able to obtain a lower interest rate! Be careful though, as consolidation can give the illusion of eliminating debt, when in reality it’s still very much there. You can also look for other debt repayment strategies, such as making additional payments every few months, in order to pay off your balance faster.
Following these tips, along with using Qoins, is a great way to get out of debt early. Making changes to your habits in order to fight debt is never easy. We want to help you succeed and truly obtain a debt-free life.
Don’t let debt rule your life. Let’s fight it together.