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About SpringCoin

SpringCoin is the fastest, easiest and most cost-effective way to get out of debt. SpingCoin’s advanced software delivers the most successful, personalized debt relief solutions by analyzing thousands of consumer debt cases and repayment programs. The company’s innovative software also negotiates...

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  • paul's Profile Image

    By paul, Aug 14th 2012

    Editor Rating

    SpringCoin aims to change the credit-counseling industry by offering Web-based, personalized debt-reduction plans, automated negotiation letters to send to creditors, and access to expert advice.

    SpringCoin, which is built upon the popular Yodlee account aggregation platform used in many personal-financial-management (PFM) tools, was founded in 2012 . Kevin Yu, one of the company’s co-founders, is a certified credit counselor.

    At first glance, SpringCoin looks like any other system that collects and organizes your accounts. If you connect your credit and banking accounts, SpringCoin will give you an easily understood overview of your finances. But if that’s all you’re looking for, there are loads of free PFMs available.

    Rather, SpringCoin works best for people with debt problems. In exchange for paying an $8 monthly charge for the basic plan, customers will get a personalized “debt snowball “plan, a debt repayment method made popular by personal-finance guru Dave Ramsey.
    For folks with serious debt issues, SpringCoin offers a $35 a month plan that creates personalized letters you can use to negotiate debt settlements with your creditors.

    Pros Cons
    Connects accounts seamlessly Does not offer credit reports
    Negotiation assistance with creditors No mobile versions
    No inappropriate ads or spam Fees

    Accessibility

    SpringCoin is a Web-based application. There are no apps available for tablets or mobile phones, although the company has said it intends to offer them in the future. The log-in process is simple and intuitive -- much more so than the processes at many banks. That may concern security-minded folks. So creating a long, complex, non-intuitive password is a must.

    Functionality/UX

    We give SpringCoin credit for having a clean, friendly and intuitive interface. The site offers a clutter-free dashboard that shows your accounts, offers personalized goals, and displays a chart indicating your progress toward becoming debt-free.

    Unlike many other players in the space, SpringCoin seems to have no difficulty in adding accounts. The depth of the information that SpringCoin pulls, however, is limited. For credit-card accounts, for example, SpringCoin did not list available credit and did not show most recent payments. Nor could we pay our credit cards through SpringCoin.

    Another shortcoming is that SpringCoin does not have an FAQ section. Rather, SpringCoin wants you to enter your question in a dialog box. Answers are promised within four hours on Mondays through Saturdays, from 9 a.m. to 8 p.m. Eastern Time.

    Breadth

    We had no trouble getting SpringCoin to find and aggregate our accounts. However, the system pulled in less information than some competitors -- one glaring shortcoming was that credit limits and availability were not visible. More troubling was that SpringCoin apparently pulls data from Experian credit reports. But the report itself -- and our credit score -- were not visible through the SpringCoin dashboard.

    In addition, SpringCoin did not show all data on recent payments to creditors. The payment section of the dashboard correctly showed that we had made payments to a Citi credit card account. But a credit-card account with Chase and a student loan with ACS did not appear in the payments section, although the accounts were linked to SpringCoin and appeared in the overview section.

    In order to confirm that SpringCoin’s numbers reflected recent transactions, we had to log in to those accounts’ websites separately and compare outstanding-balance figures.

    Guidance/Credit counseling

    If you need help with your debt, SpringCoin is likely the best option available. Unlike its competitors, SpringCoin is designed to foster negotiations with your creditors.

    The company offers personalized letters that you can send to creditors to negotiate lower payments, better rates, etc.

    Education

    SpringCoin creates a series of personalized goals for its users. Some of those goals are simple actions aimed at changing your spending habits, i.e. “Avoid buying coffee at coffee stores,” in other words, spend $1 at the deli, rather than $2 at Starbucks.

    Other “goals” are educational in nature. For example, we were urged to “Complete this quiz about the sources of debt.” That quiz involved a handful of far-too-easy questions and one misspelled word. We deliberately answered some of the questions incorrectly and got a 60% score. Disappointingly, SpringCoin did not tell us which questions we got wrong, nor did it point us toward an explanation.

    Other “goals” require users to open articles about finance on the SpringCoin Website. We didn’t find anything incorrect or misleading in those articles. But we also didn’t find anything particularly sophisticated. Despite this, we were pleased with the educational functions of SpringCoin. That’s because unlike other players in the space, SpringCoin did not try to sell us loan consolidation services or other credit cards as the answer to our debt problems.

    Other reviews of Spring Coin can be found at here and here.

    The Breakdown

    Accessibility
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    Functionality
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    Breadth
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    Guidance
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    Education
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