
Sign up & start saving!
Get our weekly newsletter for the latest in money news, credit card offers + more ways to save
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Updated
The goal of Pickpocket is to help you pay off your student loans faster without having to think about it. To start, you link both your bank accounts and student loan account to the app. Then when you make a purchase, Pickpocket takes a percentage — 10% is the default — and puts it aside. Once a month, after you’ve built up at least $50 in savings, Pickpocket automatically applies it directly toward your loan principal as an extra payment. Since you don’t have to do any extra work, you’re on your way to becoming debt free faster without having to change your normal spending behavior.
Pickpocket is still in beta, which means you can’t download the app right away. However, you can request to be put on the waitlist. If you’re invited to try the Pickpocket app, you’ll get three months free. After that, you’re charged a $4.99 monthly subscription fee.
You can link a number of different spending accounts, including your debit and credit cards, to Pickpocket so that every purchase you make helps you pay down your student loans. You can add an account by navigating to the Accounts section in the app. If you want to stop Pickpocket from taking a percentage from a specific account, you can swipe left on the account to ignore it.
Since most student loans use compound interest, paying down your principal first lowers the amount of interest that can accumulate. Applying $50 here and $50 there slowly but surely decreases the amount you owe. And once your loan is smaller, your interest payments won’t be as high.
Pay your student loans even faster with these tips
Have a relative or friend who wants to help you reduce your student loans but doesn’t know how? The Pickpocket app allows you to enlist sponsors who match each payment you make. If you save up $50, your sponsor will give you another $50 — leaving you with a $100 payment toward your student loan. There’s no extra thinking or work for either of you, and you’ll pay down your student debt that much faster.
There isn’t much buzz surrounding Pickpocket. It doesn’t have a page on Trustpilot or the Better Business Bureau, nor does it have any user reviews online. This is likely because Pickpocket is still in beta and only became available in a limited capacity in February 2018. If you’re not sure about applying just yet, wait for more customers reviews. Or reach out to Pickpocket directly with any questions you may have about the app.
Pickpocket takes a number of measures to keep your information safe. Its servers are Payment Card Industry (PCI) compliant, it encrypts all user data and it regularly conducts security audits. In addition, Pickpocket never stores your financial information and sends all data through HTTPS.
If you’ve been struggling to get ahead of your student debt, then the Pickpocket app makes it easy to automate extra payments. It’s a little different than its competitors. Rather than rounding up your purchases, it takes a percentage of each purchase you make and applies it as a payment to your student loan. If you’re already regularly making extra payments, you might not need Pickpocket.
Signing up for the Pickpocket app waitlist is simple.
When you’re ready to put a larger dent in your student loan debt, Pickpocket can help. The app is designed to make extra payments mindless by automating the entire process. However, the monthly fee is a bit higher than other apps. And because it’s still in beta, you don’t have a community of reviews behind it.
As you weigh the pros and cons between different spare change apps, consider refinancing your student loan to reduce your debt even more.
Reduce your debt by around 30% after fees — but only if you can stick with the program. Here’s how.
Prepare to revamp your asset allocation and explore new investment classes.
The White House announced new changes to PPP loans, helping the smallest businesses and opening access to people with student loan defaults or nonfraudulent felony convictions.
Help your child learn to spend and save wisely with a virtual, COPPA-compliant debit card.
Fast track your savings goals with this automation and budgeting app.
Chat with your therapist via text, phone or video for $80/week with this app.
Invest in your child’s future and encourage others to do so, too. Learn about EarlyBird.
Most federal student loan borrowers now have eight more months of the interest-free payment freeze.
Save money by targeting your coverage to your largest debts.
Is it time to refinance your FHA to a conventional loan?