OttoPay Review – Personalized Advice to Help You Pay Off Your Debt

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If you’re struggling to keep up with your payments toward these kinds of credit accounts, OttoPay claims it can help you dig yourself out of debt. This comprehensive OttoPay review will help you determine whether it’s worth trying.

Woman's hand holding a phone that displays the Otto debt management website

What is OttoPay?

OttoPay (or Otto to its close friends) is a debt management platform designed to help consumers organize their credit accounts, pay off their balances more efficiently, and improve their credit scores. Here are some of its primary features:

Debt Centralization: OttoPay can pull all the debt information connected to your credit profile and let you view each account through a single dashboard. Fortunately, there’s no hard credit check involved, so your score won’t suffer from signing up.

Debt Strategization: OttoPay can recommend a personalized debt repayment strategy optimized for your goals. That may include becoming debt-free more quickly, saving as much as possible in interest charges, or prioritizing certain types of credit accounts.

Debt Automation: OttoPay lets you make payments directly to each of your linked debt accounts through its dashboard. You can also schedule automatic payments in accordance with your personalized debt repayment strategy.

Credit Monitoring: OttoPay offers credit monitoring services to those who sign up for a premium subscription. That includes providing you with your latest credit score, an analysis of your debts and scoring factors, and tools to simulate your score under different circumstances.

Take control of your debt >>> Get started with Otto for FREE

How Does OttoPay Work?

Woman's hand holding a phone that shows how Otto works

OttoPay doesn’t have a mobile app available for download yet, so you have to visit its website to get started. From there, you can create an account with your phone number and verify your identity.

The process is pretty straightforward and involves sharing details like your name, date of birth, address, and Social Security Number (SSN). You’ll also need to confirm a code sent to your phone number and answer personal security questions about your debts.

Once OttoPay has confirmed that you are who you say you are, it’ll automatically link your outstanding debts to your profile using Method. This only requires a soft credit check, not a hard inquiry. That means it won’t affect your credit score.

Currently, OttoPay is capable of retrieving information like current balances, upcoming due dates, and minimum payments for the following types of debts:

  • Credit cards
  • Auto loans
  • Student loans
  • Personal loans
  • Mortgages
  • Medical debts

These will all be visible in your OttoPay dashboard, and the balances should update in real-time with your spending and repayment activities. OttoPay also claims that buy-now, pay-later accounts will soon be available for linking.

Once you’ve completed this step, you’ll be able to set up a debt repayment strategy. First, that involves setting a monthly payment amount you’re confident you can afford to put toward your outstanding balances.

Ideally, it should be at least enough to cover your minimum payments. However, you can set the amount lower than that if you lack the cash flow. Then, OttoPay will typically assign you one of the following debt repayment strategies:

  • Snowball method: This involves making the minimum payments on all your accounts and devoting the rest of your debt budget to the one with the lowest balance. It helps you pay off your first account the fastest, which some people find highly motivating.
  • Avalanche method: This involves making minimum payments on all your accounts and devoting the rest of your debt budget to the one with the highest interest rate. It leads to the lowest interest costs and gets you out of debt the fastest.

Whether you select one of these repayment plans or something more unique, you can compare your projected interest costs and time-in-debt to what it would be with other approaches through your dashboard.

In addition, you can always adjust your monthly payment goal and debt repayment strategy if your financial circumstances change.

Finally, you can choose to execute your payment plan manually or automatically. In either case, your payments go directly to your creditor. OttoPay never holds any money, so you don’t have to worry about additional fees or delays.

Pay off your debt faster >>> Get started with Otto for FREE

How Much Does OttoPay Cost?

Woman's hand holding a phone that shows Otto let's you pick your own price for Otto+

Currently, it’s free to sign up for OttoPay’s basic services. That includes the tools that allow you to track, organize, and pay off your debts according to a personalized repayment strategy.

However, OttoPay requires a paid subscription to access what it refers to as its Otto+ premium features which, includes some additional tools, such as extra credit monitoring features, daily updates to all of your data, 24/7 support, and (unspecified) cash-back rewards.  The Otto+ subscription also gets you personalized recommendations on how to most effectively pay down your debt faster, such as by making more frequent payments or telling you which credit card bill is most worth sending a few extra bucks to.

Otto+ has a ‘pay what you want model’ with $8/month set as the recommended subscription price and $6/month set as the minimum.  You can cancel Otto+ whenever you want, which would downgrade you back to the free version of OttoPay.

The Otto+ paydown planner could help you generate some substantial savings, especially if you’re juggling quite a few credit card balances and loans.  However, the rest of the features fail to impress and if you’re to get a handle on your debt you probably don’t need yet another recurring subscription charge that’s easy to forget about.  For most folks, the free plan will probably suit your needs.

Take advantage of Otto’s free features >>> Get started with Otto

Otto Promo Code

Want to give Otto+ a try? Use the promo code GET50 to receive 50% off the first 6 months of your subscription. That brings the price down to just $3 a month, which could help you generate some extra savings.

Is OttoPay Legit?

OttoPay is a legitimate business, but it’s also a very new one. Max Klein founded the company only a few years ago, in 2021. As a result, it has a relatively light digital footprint and almost no online reviews from previous customers.

That makes it challenging to analyze the average user’s experience in detail. However, we can confirm that their customer support isn’t where it needs to be. The website doesn’t even have a help or FAQ page yet.

In addition, there’s no way to contact a representative other than to send OttoPay an email. There’s no phone number to call and no online chat. As a result, it may take days to get help with any technical issues you encounter, which are common with new apps.

All that said, you can rest assured that OttoPay is legit. It’s received significant contributions from investors, including Kindred Ventures, 645 Ventures, Canaan Partners, and TwelveBelow. 

In its first round of funding, OttoPay received $4.5 million from these companies and a group of angel investors who believe in its potential. It’s currently seeking another round of funding, which will help it grow and improve its systems.

As a result, it may be a good idea to hold off on signing up for OttoPay for now. Give it a year or two to mature, and check back once it’s more well-established.

Check out Otto’s free features >>> Get started with Otto

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OttoPay has the potential to be highly beneficial to those who struggle with organizing their debt repayment strategy. It can save you from tracking your various credit accounts and payment dates by hand, which is risky and tedious.

However, the company is still very new, and it shows. While some of the free features are helpful and nifty, the Otto+ plan doesn’t yet seem ready for primetime and isn’t worth paying for.  You may want to use an alternative service provider, at least until OttoPay has had time to develop (though the promo code GET50 gets you 50% off of your subscription, bringing the price down to just $3/month).

Fortunately, there are plenty of other options out there. Here are some of the best ones to consider:

  • Cleo: Though it’s primarily a cash advance app, Cleo also includes high-quality budgeting software that can help you pay off your debts. It also has a sassy AI assistant that spices up the user interface and can guide you toward healthier financial habits. Cleo analyzes your finances and can call out when you’ve made positive or challenging spending choices. She’s funny as heck (though definitely not the word she’d use) so you might actually pay attention to her advice.
  • Tally: This app works similarly to OttoPay, allowing you to manage multiple debts from a single dashboard, though it only works for credit cards. However, Tally also offers qualified customers a line of credit they can use to consolidate their credit cards into one debt with a lower interest rate.
  • Debt Payoff Planner: This app provides most of the same services as OttoPay, including debt organization and repayment optimization. However, Debt Payoff Planner has been in business since 2015. It’s won multiple awards since then and has better-established support systems.
  • Bright Money: If you’re looking for debt management help that goes beyond analysis and reporting, Bright Money might be the one for one. Sure, it will recommends the fastest way to get debt free and create an automated spending plan for you. But Bright goes a step further, and can provide with a revolving line of credit with a relatively low interest rate to help you refinance your most expensive credit card debt and save by reducing your interest charges.

While you don’t need a debt repayment app to manage your credit accounts, it can make the repayment process much easier and sometimes a few strategy tweaks can help you get to debt free months sooner and save hundreds of dollars of interest along the way.

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