This post may contain affiliate links to products or services I recommend to help support the blog. Please see the disclosure statement here.

Are you looking for additional ways to pay off debt?  I know an app that can help.

A couple of years ago while attending FINCON, I found out about this app that helps you make extra payments towards your debt through the snowflaking method.    Well I have been using this app for a while now to make additional payments to my student loan and I really like this app so of course, I had to come and tell you.

What is Qoins?

Qoins is an app that automates additional debt payments to help you pay off your debt faster and help you save money in interest.

How it works?

It works similar to the automated savings apps, so think of DIgit or Qapital but for debt.

Qoins will either set aside spare change through their Round-Up method or save between $.50 and $5.00 every few days using their Smart-Savings method.

During the month they will withdraw the money from your checking account in $5.00+ increments to save it for you and at the end of the month, they will send a check to the debt you chose in the app.

How much does it cost?

Qoins deducts a small fee, $1.99, from the monthly payment it sends on your behalf.

The monthly fee covers the cost of sending the payment and helps to keep the company running.

You will not be charged while your account is paused. 

Is it secure?

Qoins uses 256-bit level encryption, similar to your bank, and they do not store your login information.

While your money is waiting to be sent it is held in an FDIC insured account.

Features that will help you stay on top of your coins

Before Qoins withdraws money from your account they will actually send you a text letting you know they are going to withdraw a specific amount and on what date.  They will also let you know that you can cancel the withdrawal in the app before that date and time. So if you know you will need that money for something else then you can cancel the withdrawal before they process it.  

You can also have funds waiting to be sent today off your debt, sent back to you (minus the $1.99 fee).  You should only do this if you have a large emergency happen and you really need the money. The point is to pay off your debt faster but Qoins understands that things happen.

They also have a feature that allows you to pause activity for up to 30 days.

The App

The Qoins App can be downloaded from the App Store and Google Play.  It has a really clean interface that addresses you by name, shows you your current Qoins balance, when it will be sent, the individual withdrawals from your checking account, and your payment history, including how much you have paid off so far. 

How to sign up

To get started all you need is yourself (must be 18 or older) and your U.S. checking account.

Once you create your account, link your funding source - the account where all of your payments will come from.

Link your round up account(s) - you can connect your checking account and your credit cards and these are the accounts Qoins monitors to determine how much to save and send for your extra debt payments). 

If you want, your funding source and your round up account can be the same.

Qoins will send you 2 small test deposits to your bank account that you will need to confirm in the app. 

Once confirmed Qoins will start saving extra debt payments for you.

My Thoughts

If you like automated savings apps and are looking for additional ways to automate your debt repayment, then Qoins can help you do that.  The additional payments made using the Qoins app will help you pay less interest on your debt and get you closer to your financial goals. You definitely want to make sure that you set it up to save enough money to make it worth the monthly fee.  I set it up on my fun money account and it has sent approximately $50 in extra payments to my student loan each month, for the last 6 months in addition to the payments I made.