Qoins

Qoins Has Shut Down

Qoins ceased operations in June 2023. The app has been removed from both the App Store and Google Play. If you’re looking for a round-up debt payoff app, see our alternatives below.

What Happened?

Qoins was a debt payoff app that rounded up your everyday purchases to the nearest dollar and directed the spare change toward your debt. It also offered a unique employer matching program where participating companies matched a portion of your round-up contributions.

The app shut down in June 2023 after experiencing ongoing operational difficulties. Prior to closing, many users had already reported problems with banking connections, delayed payments, and difficulty withdrawing funds from their Qoins accounts. During the shutdown period, some users reported trouble recovering their remaining balances.

Founded in 2016, Qoins had helped members pay off over $30 million in collective debt before closing. The company had raised funding through Republic crowdfunding earlier in its history.

What to Use Instead

If you liked the round-up concept, Changed offers a similar approach — rounding up purchases and directing spare change toward debt. Changed has expanded beyond student loans to support all debt types and is still actively maintained.

For a more comprehensive debt payoff strategy, Ascent offers multiple payoff strategies, progress tracking, and a projected debt-free date. Or try our free Debt Snowball Calculator or Avalanche Calculator to build a payoff plan right now.

Lessons Learned

Qoins is a reminder to be cautious with fintech apps that hold your money. Before trusting an app with access to your bank account:

• Research the company’s stability. Check recent reviews and social media for signs of trouble.
• Don’t let large balances accumulate. If an app holds funds before disbursing, make sure payments are going out regularly.
• Have a backup plan. Know how to contact your debt servicers directly if an intermediary app goes down.