Pillar is a finance app that you can download on your smart phone. You can use it to file your taxes, make extra money and refinance your student loans. You can even use this app to pay your student loan debt off early. Debt repayment apps have been around for several years. However, Pillar stands out from the rest of the apps.
Pillar helps you pay off your debt analyzing your income. It also takes note of your spending patterns. The app claims that people who use this app can pay off their student loans off four years earlier. It also helps people save up to $6,200.
Michael Bloch is the CEO of Student Loan Hero. He stated that this app is great for people who are going through a major life transition. For example, if you work overtime or get a raise, then Pillar can help you figure out what you can do with the extra money.
You can download the app on your iOS or Android device. It does not let you borrow any money. You also cannot use this app to refinance your student loans. The purpose of the app is to help you pay down your debt more quickly by organizing your finances.
Michael knows what it is like to deal with student loan debt. His wife had $300,000 in student loan debt when she graduated from law school. He went to business school and had planned to take out $250,000 in debt. They did not know how they were going to manage their debts. They decided to use Pillar.
They now have an easier time managing their debts. The only con that comes along with using Pillar is that you may have to wait. After you are off the waiting list, you will be connected to a student loan servicer.
Dil Bole Oberoi
