What if you could wipe out all of your debt payments, from student loan debt to credit card debt, simply by putting together all of the spare change you have in your dresser drawer?
Open up a Qoins account, and you can.
It sounds too good to be true, so let’s find out how legit this app really is! In this Qoins review, we’ll tell you everything you need to know about this app to find out if it can help you pay down debt and get on the path toward financial freedom.
About Qoins
The dream of paying down debt is something that many of us fantasize about. We want to save money, improve our payment history, and pay down debt so we can work less and enjoy life more.
However, financial independence just isn’t a reality for all of us. Even though it’s a priority, other financial goals – sometimes as simple as paying bills – come first.
If you’re struggling with knowing where to start in paying off your debt accounts, Qoins is an app designed to help.
The Qoins app is designed to help you save more money so you can pay off debt faster. It has a smart savings feature that sets aside funds for you to put toward a savings account or debt payments. Because it works automatically, you’re guaranteed to be successful in debt repayment and savings.
How Qoins Helps You Save
There are four different ways that the average Qoins user will save.
The first is through the round-up feature. With this, you can take your daily transactions, whether it’s buying gas or paying for a cup of coffee, and round them up to the nearest dollar. The amount that you add when you round up will be added to your Qoins balance.
There is also a smart savings plan. Each day, Qoins will deduct money from whatever your funding account source might be (typically a linked bank account) so that you can save money without really having to think about it. You can set your preferences in the Qoins app, choosing from least aggressive to very aggressive.
When you get paid, Qoins also can set aside additional money into a Qoins savings account. It could be as much as 5% or perhaps $30 of every deposit over $100, if you want to be more aggressive.
Each month, Qoins will send what you have saved in your savings account to your lender in the form of an extra payment. That way, you can pay off debt faster without even really thinking about it.
How to Use Qoins
Anyone older than 18 who resides in the United States (with a valid US checking account) can use the Qoins app.
To sign up, you will need your account and routing numbers.
First, you’ll download the Qoins app and create an account. Once you do, you can link a funding account by providing your routing number and checking account number. Over the course of a couple of business days, Qoins will make two small deposits to your account.
You’ll then need to verify these deposits and then use the Qoins app to set up a plan for tackling your debt.
How Much Does Qoins Cost?
Qoins cost $2.99 per month per goal. If you have more than one goal that you’d like to tackle, you can sign up for a Qoins Bundle, which costs $4.99 per month but offers unlimited goals.
When you pay for these memberships, the fee will be taken out of your Qoins balance (not your funding account).
Is Qoins FDIC-Insured?
The money in the Qoins app is FDIC-insured. That means your funds will be secured in amounts up to $250,000. This is in the event of identity theft, money laundering, or other mishaps.
Qoins will make sure your money stays safe!
Qoins Customer Service
Qoins has some of the best customer service out there. You can reach the service team through the support page on the website or send an email.
The app doesn’t have a dedicated support team for phones, but if you need to talk to someone directly for assistance, you can schedule a phone call to get in touch.
There is also chat-based customer service available through the app.
Qoins Pros and Cons
Below are a few of the biggest benefits (and disadvantages) of using the Qoins debt reduction app.
Pro: Lets You Pay Off Debt and Save Automatically
While opening a Qoins account might not be the best option for you if you already have a solid savings and debt management plan in place, it is a smart savings option for those of us who do not.
If you struggle with knowing where to start when it comes to paying down your student loans or other forms of debt, then Qoins is the best debt reduction app out there for you.
Pro: Multiple Ways to Save
If you don’t like feeling restricted, Qoins is a good choice. There are all kinds of ways to save, including the round-up method, the smart savings method, and more.
No single method is right for everyone, so it’s nice that Qoins gives you plenty of different ways to save.
Pro: Quick to Set Up and Easy to Customize
You don’t need to be a finance expert or a tech guru in order to open a Qoins account. You download the app and create an account, then the bots in the app will walk you through the rest of the process. It’s as simple as that – and it doesn’t take long to get Qoins up and running.
Con: Monthly Fee
Here’s the biggest downside to using Qoins – it’s not free. That’s a sharp contrast when you compare this app to the many other free programs that are out there for debt management.
The fee you are charged is deducted from your Qoins balance instead of your bank account – which means it can easily sneak up on you. While it might be worth it if you find that you struggle with debt management, it is something to keep in mind.
Con: No Plan for Debt Payoff
Although Qoins is good at giving you basic guidance on how to tackle your debt (for example, it recommends tackling credit card debt first, since that has the highest interest rate), it won’t show you various strategies that you can use to help tackle your goals (like debt consolidation).
How Does Qoins App Compare?
There are tons of money management, savings, and debt help apps out there. From Prism to Qapital, the options are out there. So, when you’re trying to find the best app to save money, Qoins is not your only choice.
Another one to consider is the Debt Payoff Planner. This app is a good alternative to consider if you want to come up with a more detailed plan to eliminate your debt. It is also 100% free. You can compare different debt payoff methods to figure out which one is best for you.
However, where Qoins wins out is in its automated features. Debt Payoff Planner is best if you’d rather set your own payment rules and be more actively involved in your debt management program, while Qoins takes the lead if you’d rather take a backseat to the process.
Another app to consider is Mint. Mint will allow you to connect all of your financial accounts so that you can monitor income and expenses (including things like student loans). It’s widely regarded as one of the best budgeting apps out there, but it doesn’t have the debt repayment features of Qoins.
Is the Qoins App Safe and Legit?
If you are looking for a hands-off approach to managing your debt and paying off your bills, the Qoins app is the way to go. Although it’s not free and doesn’t offer many of the same features that you’ll find on other money management apps, this is a program that is safe to use – and totally legit.
Plus, it’s a good fit for all kinds of people who want to get on the road to financial freedom and independence – without having to think too much (or too hard!) about it.
