Undebt

Undebt is a mobile app for effortless debt tracking and management. The app helps recent graduates and individuals with multiple debts, track debts and offers a personalized repayment plan, saving them money on interest along the way.

Client

Academic Project

March 2023

Scope

UX/UI Design

Visual Design

Team

Sai Charan Kankipati (UX Designer)

Vishwa Thesiya (UX/Industrial Designer)

Rebecca Benjamin(Copywriter/Graphic Designer)

App screenshots of Undebt, a debt tracker mobile app

Context: How did it all start?

Helping young professionals become financially stable
one debt at a time!

Three design students collaborated to tackle financial instability among young employees and recent grads, focusing on debt management. Our aim: design a mobile app for tracking debts, creating repayment plans, and achieving financial independence.

My Role

I handle Visual design for the app and work with the team to understand user needs and identify market gaps through competitive analysis.

What is the "Problem"?

Recent graduates entering the workforce often face the burden of repaying loans taken out for education or living expenses during college. While there are numerous resources available for tracking and planning expenses, there's a noticeable lack of user-friendly tools, free from technical jargon, to effectively manage debts or credit card bills. This gap in accessible solutions is what we aim to tackle.

Is it an important problem to solve?

Many young professional's dream of higher education...

The total outstanding student loan debt in the United States exceeded $1.7 trillion as of 2021, according to the Federal Reserve.

but without proper plan their dreams turns into bane + financial stress!

Turning to high-interest payday loans or other forms of alternative lending due to financial difficulties can lead to a cycle of debt if borrowers are unable to repay these loans promptly, resulting in even higher interest charges and fees. Morever, Debt can contribute to financial stress, impacting job performance and overall well-being.

User Challenges

Understanding the financial struggles of students and recent grads is vital. So, we talked to fellow students on our campus. We wanted to hear their thoughts firsthand. Their insights shed light on the following challenges they face.

Manual Debt Tracking:

Tracking debts manually, leading to repetitive calculations and memory strain.

Losing Track of total debts:

With numerous debts, individuals lose track, leading to financial disarray.

Multiple Payment Apps:

Juggling multiple payment apps complicates financial management.

Absence of Debt Records:

Absence of debt records, leaving them unaware of interest rates.

Hindered Savings:

Hindered savings due to continuous interest payments without future planning.

Market Analysis

We set out to explore available tools online for any platform (mobile or desktop) to see how others are finding solutions to these problems but to our surprise we found out that there are not many tools available and available few have the following user pain-points:

Lack of Mobile-Friendly;
Dedicated Platforms:

Existing repayment calculators primarily cater to desktop users, with only a few options available for mobile devices. However, there is a distinct absence of dedicated platforms tailored specifically for debt repayment.

Confusing
User Interface:

Many tools ask for specific repayment amounts upfront instead of guiding users through based on their financial details. This approach can startle users who expect more intuitive guidance.

Inability to Differentiate between
Debt types:

Existing tools often struggle to discern between various debt types, such as personal loans and credit card balances. This leads to generic repayment plans that don't address each debt appropriately, leaving users without tailored solutions.

Our Solution

Considering the challenges and insights we've gathered, we've created Undebt, a mobile app designed to simplify debt repayment and foster savings effortlessly.

Mobile App Overview

Navigation overview of Undebt mobile app

Create Financial Profile

Undebt simplifies onboarding, ensuring data accuracy for personalized financial solutions.

Capture income and expenses to gauge debt repayment capacity.

Automatically allocate funds for emergency savings from each paycheck. Adjustable by users.

Simplified setup, no confusing technicalities.

Add Debts

Create, update, and manage debt accounts with ease.

Easily create, remove, and manage debt accounts, with the ability to update repayment plans effortlessly.

All-in-one platform: add, track, receive reminders, or enable Autopay.

Seamlessly handle various debt types, get tailored repayment plans, and prioritize payments automatically.

Repayments made easy.

Personalized Repayment recommendations in your pocket.

Receive tailored repayment plans and compare options for optimal choices.

Savings-first mindset in repayment plans to minimize interest and achieve debt freedom faster.

Effortlessly add and update debt accounts on the go, with the ability to switch between Repayment plan types at any time.