Setting up small (and usually online) businesses have been all the rage during the pandemic. However, not everybody has a significant amount of savings to put up and keep daily operations going for months. Owners will have to take out debts like unsecured working capital loans and credit lines.

If you’re a fledgling entrepreneur, handling multiple and varied debts simultaneously can become an overwhelming task. Finding the best debt payoff app or tool can make managing your business loans easier and help save money in the long run.

Here are our top picks for debt payoff apps and tools in the market. Although these are designed for individuals, small business owners can greatly benefit from them since their finances are minimal compared to global conglomerates.

Debt Payoff Planner (Android, iOS)

Debt Payoff Planner is considered one of the best debt payoff apps by users and experts. It’s an app for users who wish to manually update the numbers instead of linking their bank accounts with the app. Its main objective is to give you an in-depth and optimal plan of paying off your debts by outlining how much you should pay each month with each debt.

This app allows you to choose your debt payoff strategy, whether it’s the debt avalanche method, debt snowball method, or a customised one. It will show the respective outcomes of each method and calculate how long you’ll be debt-free.

You can easily view your current debt position, predicted figures such as monthly payments, interest payments, and total payments, and eventually your progress. It likewise compares how soon you’ll be able to pay your debts if you make additional payments beyond the minimum.

Debt Manager (iOS)

Another great debt payoff app created especially for Apple users is Debt Manager. With its clean and intuitive interface, along with handy tips and guides, you’ll be able to organise all your debts and pay them off much easier.

This app highly suggests the debt snowball method as your debt reduction strategy, but you can choose two other methods or customise your own. You can also input an unlimited number of debts, which is great for businesses reliant on multiple credit lines/facilities and working capital loans.

Debt Manager generates graphs and interactive reports to help you track and analyse your progress and payments. It can help you create alternative scenarios if there’s a change in interest rates or monthly payments.

Lastly, you’ll never miss a payment since the app notifies you of impending due dates. (Web)

Business owners can choose to manage their debts using tools on the Internet rather than smartphone apps. is arguably the most popular debt payoff tool around the web.

Like many debt payoff apps and tools, champions the debt snowball method. However, you can choose from six other payment strategies or create your own. It will generate multiple plans and help you select the best one.

Additionally, you can choose a different payoff plan for an unlimited number of debts. Users can link their loan accounts with the website and easily track their debts with its user-friendly interface. You’ll be able to view the payment histories, predicted payoff dates, and other relevant statistics.

If you want to try out their service before creating an account, which will save your information, you can always use their free calculator. Input your debt information manually, choose your preferred debt reduction strategy, and view the website’s suggested debt payoff plan. (Web) is a web-based debt payoff tool that is unparalleled in simplicity and straightforwardness. Anyone can use it, but creating an account will save your information for future use.

Unlike its predecessors on this list, will only generate a payment plan based on only two methods: the debt snowball method and the debt avalanche method. You’ll manually input details of your debt information and compare which method suits your preferences more.

This web tool will calculate your total payments and give a date when you’ll pay off your debts completely. You can track your progress with its charts and even view each debt alongside each other.

Relying on a debt payoff app or tool for your small business will assist you in religiously tracking and paying off every credit and loan as they come and go. Remember, however, that these are mere tools to aid your business’ financial journey. The most important thing is to cultivate and stick to good financial habits.