If you’ve been a college or university study you know just how impacting a student loan can be on your finances. The amount you have to repay sometimes seems horrendous and at times seems like you won’t get to the end of it. I’ve finished university over 10 years ago and yet I have still got a study loan that I’m paying off. It’s a long road ahead for me and millions of people who decided to have a college or university education.
In struggling times like this, those people have the added stress of wondering how they’ll pay off the debt that haunts their dreams. Luckily there’s an app that allows you to keep a steady repayment plan in action without being invasive.’
SLOAN is built for student repayments and allow the borrower to manage loan, pay off our debts and even save. It’s the “first app ever that blends payment solutions and charitable giving to efficiently manage student loans and create a personalised repayment system.” The app allows a number of different payment methods such as digital wallets, crypto and money between bank accounts. SLOAN also allows the borrower to set up and receive contributions from family and friends and they are at ease knowing the money they pay goes directly to the loan. Effectively helping to decrease the loan little by little. You can save money by rounding up your debit and credit card purchases.
You can track and manage up to about 30 loans within the app. You can organise which loan you will pay off first. SLOAN allows you to pay different amount on different loans, so what you can afford. All the transactions within the app are fast and secure. The app also have a student loan calculator that allows you to check interest rates and payment plans to see if you would be able to pay off your loan faster.
One of the best things about SLOAN is probably the SLOAN community and being part of it make eligible for crowdfunding. You can crowdfund and get the community to help you pay off your loan even quicker. The money that is given goes directly towards the loan and it cannot be withdrawn.
SLOAN options are amazing and you can even get help paying off the loan with an Employee Benefits Plan. There’s the peer-to-peer option as well that allows you to receive one-off donations. So, instead of getting paid cash, you can direct them to put that money towards the loan payment.
SLOAN is available on App Store and soon to be available on Google Play Store.