Hey everyone excited to be on Product Hunt today! Thanks to @erictwillis for hunting us!
I'm Nate, one of the cofounders of Qoins. One issue that's always at the back of my mind is the amount of debt that I have to pay back. Between student loans, a car loan and credit cards, it sometimes feels like I'll never get everything paid off.
We built Qoins to tackle this problem. Think of us like Acorns or Digit, but for paying off debt. We round up spare change from your everyday transactions and apply them directly towards paying off your debt. For example, buying a $5.35 sandwich will send $0.65 towards paying off student loans, credit cards, and more! By using Qoins and having additional payments go out every month, you can become debt-free months or years early!
We support Instant Verfication for the top US banks, and we'll have access to thousands more banks within the next month or two.
Please feel free to ask any questions!
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I have always been on the fence about "round-up-to-savings" apps, but I love this approach.
The following, taken from Qoins Terms of Service, could/should be outlined on the main page or where otherwise appropriate:
Qoins may charge fees in conjunction with the use of the Service. These fees will be deducted from the user's Qoins balance, amd not charged to the user's bank account. Fees include:
$1.00 per month, for use of the service. This fee will only be deducted during months in which the user sends at least one transfer.
$5.00 for each failed ACH transfer from the user's bank account to Qoins. If the user has multiple or frequent failed ACH payments, we reserve the right to terminate their use of the Service.
@vinnie_termini Thanks for the kind words and the feedback! We'll work on making that a little more transparent.
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@vinnie_termini Yes I definitely agree. I went through signing up and setting everything up without that being made apparent to me. I'm sure it was somewhere but I shouldn't have to search for something like that. It can be perceived as poor taste/taking advantage.
This is a great idea! Can you clarify whether or not direct payments are made from Qoin to a credit card account, for example? I know in many round-up apps users have to transfer money back out to checking accounts in order to pay off debt
@lena_merih_madenci Yes! Qoins makes payments directly to your lender for you. Once you link your information, you don't have to lift a finger if you don't want to!
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@nwashjr2 That's amazing! I can't wait to use this and tell all my friends :)
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Wow. I'm disappointed that this isn't getting more upvotes/traction. I think this is a strong NEED (and I don't use that word lightly) in under-served communities. Kudos @nwashjr2
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