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Tally — Pay Off Debt Faster Review


Tally — Pay Off Debt Faster Review 18.09.2019Leave a comment
Tally — Pay Off Debt Faster review

Do you want to manage your credit effectively and pay off your debt faster? Meet Tally. The first automated debt management application which tracks all of your credit cards so that you won’t miss any payments.

The founders of Tally, Jason Brown and Jasper Platz wanted to ease people’s financial journey by simplifying their money management tools.

Jason Brown and Jasper Platz
Jason Brown and Jasper Platz

According to the founders, the idea of Tally started with a simple question of why the interest rates of credit cards are that high?

Tally
Tally

Can there be any other option to help people decrease their financial burden by offering more flexible credits and other financial products? It turns out they found a perfect way of doing that.

They started Tally. This was not the first project Jason and Jasper had worked on together.

Previously they had founded Gen110, a distributed energy company providing an alternative method for heavy energy users to purchase residential power.

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Credit Card Manager

Tally tracks all of your credit cards and its payments. If you use Tally, you won’t have to worry about the upcoming deadlines and incur overdue amounts.

Make sure you always update your financial information for Tally to provide you with the most recent and accurate advice for every aspect.

Credit Card Manager
Credit Card Manager

It includes checking account numbers, routing numbers, and other details. Credit card management is really a great feature that helps customers save more and become debt-free faster.

Debt Manager

If you want to be debt-free within a specified period, you can use Tally’s minimum payment sliding bar for determining minimum repayment amounts per month.

With this tool, Tally helps you reach the goal of getting completely debt-free by the time you prefer. Once you set your goals, Tally provides you with tips on your monthly repayments based on your balances so you can reach your goal until the period you wish.

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Debt Manager
Debt Manager

This concept is very popular among the customers, and there are a lot of positive reviews highlighting how Tally helped them to get debt-free and manage their finances effectively.

Late Fee Protection

All of the credit cards you register in Tally are automatically protected against the late fee. The system checks your deadlines and pays from your credit line even if you forget to make it.

Late Fee Protection
Late Fee Protection

Later in the features, we will see what the Tally credit line actually offers and how does it repay your balances throughout the required time.

The amount of your credit repayment is made by Tally, which you should pay off with the accrued interest in the reporting period.

Line of Credit Option

Once you upload your credit cards for Tally to manage your accounts, they will also analyze your financial portfolio to see whether a new line of credit can be offered to you.

Note that the team will find you a new line of credit with a lower annual percentage rate to help you save more money.

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Line of Credit Option
Line of Credit Option

Your Tally line of credit is used to help you pay off your existing debts. It means the new credit line for which you get approved will serve for a specific reason: to improve your financial performance.

First of all, your current high annual percentage rate credit lines get transferred to Tally credit. Then, they actually make your payments on the existing balances making sure they don’t miss any deadline.

What else should i know?
What else should i know?

Many customers want to know whether they are qualified for this feature or not. You can find the answer to this question by simply downloading the free Tally application and answering several questions.

The factors that Tally team takes into consideration when deciding whether the applicant can be qualified for the line of credit include your current balances, interest rates, spending behavior, and the credit score.

Note that to get Tally’s line of credit you should at least have a FICO score of 660.

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How does the application work?

Tally gives you a credit line depending on your credit payment history and score. Compared to the terms of other financial institutions, the annual percentage rate on the Tally credit line is considerably low.

Rates vary from 7.9% to 19.9%, depending on your credit score.

That is how the website makes money. The Tally team ensures that they make money only if you do too. There are no origination fees, annual fees, overdue amount charges, or balance transfer fees.

Tally on the Appstore
Tally on the Appstore

The only thing they get their income from is the annual percentage rate charged on your credit line. So, their mission is to help you succeed with your finances.

First of all, you add your cards to Tally by scanning each of those. The application will prioritize your credit cards and see what credit line they can offer you that has a low annual percentage rate.

Just like the majority of credit cards in the market, Tally also has the term of the variable annual percentage rate. Firstly, they will decide based on your credit score, and then the rate can still be varied due to volatilities in the market (Prime Rate).

There are two ways you can pay your credit amounts with Tally.

  • The first option includes Tally, making payments to those credits which have at least two business days before their due dates. In this way, the app makes sure you are not late on any of your current debts, and no late fees are originated.
  • The second way is via YouPay. The name speaks for itself; the app simply sends you notifications and alerts saying you have a specified number of days before the due date.

You can use the app to send your monthly repayments to your credit cards and can switch to your bank’s online or mobile banking app to do so. Whichever you choose you can change your payment options anytime you prefer.

The good thing about the app is that if you choose Tally to pay for you, it will optimize your payments and prioritize credits to help you save more money.

To use Tally, download the application to your smartphone (both iOS and Android systems have it in their stores) and sign up. The app will analyze your credit history without any impact on your current credit score.

Download from App Store Download from google play

How does Tally make money?

A lot of customers get suspicious knowing there are no annual fees, late fees, or any other charges on the services provided by Tally. Many think that the idea of the application is too good to be true.

Unlike many banks and financial institutions which have hidden fees for their products, Tally works as simple as it is presented. The app gets its revenue from the interest charged on the line of credit which it provides to its customers.

Owners
Owners

So, the only charge you will have while using Tally is the annual percentage rate charged on your line of credit. The rate is much lower than you would have on any of your current credit cards.

By lowering your annual percentage rate on Tally’s line of credit, the application provides you with a perfect opportunity to decrease your financial burden and help you become debt-free by the time you wish.

Developers of the app ensure that the only time Tally earns is when you do well on your finances.

What are users saying about Tally?

Tally’s features have been useful for many of its users, helping them to reach their long term financial goals, pay off their debts faster, and budget their future resources effectively. The users of Tally write about their positive experiences with the application saying that it has played a significant role in their financial journey.

One of the customers writes that Tally helped him to pay off his debt by starting with the one that has the highest annual percentage rate. That way, he did not have to pay a considerable amount of accrued interest and was able to save a lot of money. For the overall aim of his financial health, Tally played a significant role in helping this user.

Review
Review

Many others also talk about how the “Line of Credit” feature of Tally has been useful for paying off their debts. Whenever they would forget about the upcoming deadlines, Tally paid for them and later they would pay straight to Tally. One of the unique cases told by a customer is that he had three different credits in different institutions, with an annual percentage rate of 28.9%, 17%, and 23%.

Tally helped this customer to repay the debts, and now he owes the same amount but to Tally with an annual percentage rate of 9.8%. Customers are honestly shocked and cannot imagine what more they could ask for when thinking of a perfect financial advisor.

The Tally team is continuously working on the updates of the features to help its customers overcome financial difficulties, pay off their current debts, and reach their financial goals within the time they need.

If you’re planning to start managing your financial resources effectively, go ahead and download Tally today and share your personal experience with them here.

Reviews
Reviews

Experts’ Review about the Tally app 

Business Insider has been very inspired by Tally’s story. The article writes about how the app has been useful in the lives of its users. Tally is there to help hundreds of customers who have a credit card and want to repay them as soon as possible. It is an app that acts as your own debt and credit card manager, monitoring your payments and ensuring you are not late on any of the credits.

Business Insider
Business Insider

Note that paying off your debt quickly means you will also be able to save a lot of money on interest. That is what Tally does, and they provide you with a completely new line of credit with much more favorable terms to help you overcome financial difficulties. Business Insider recommends the potential users to try out Tally, which will help them to pursue their financial goals, make their credit card journey more viable and saving.

Another review has been posted by finder.com, a popular financial blog helping users to be up-to-date about current market offers. The article talks of how Tally optimizes your credit repayment schedule and helps to save a lot of money by just providing you with a new line of credit.

The website also tells that there are some drawbacks as well. More specifically, Tally is not available in all of the states.

Finder.com
Finder.com

Even though Tally plans to expand its operations, it is currently available in 30 states. The credit cards you can insert to the application are limited and not available for all of the banks. For being eligible to the great credit line feature of Tally you should have a minimum FICO score of 660, live in a state that the app is operational at and have a credit card, which Tally supports.

CNBC has also referred to Tally’s operations and says the app will make your credit cards cheaper. Tally is completely free to download and makes money like most of the credit card issuers do: by charging interest. The uniqueness of Tally is that there are no hidden fees on your credit line. You do not have to pay origination fees or late fees, just the interest amount.

CNBC
CNBC

You won’t have to worry about late fees. Tally makes the payments for you, ensuring you have no overdue amounts. The co-founder of the app, Jason Brown, says that since the introduction of Tally in 2017, they have helped users to save millions of dollars in total. Both of the founders mention that they are constantly thinking of new financial products to add to the Tally app.

However, as of now, they are focusing on the widest problem in the U.S.: debt. The reason they have started developing a debt-related solution is that collectively Americans own $1 trillion in credit card debt. Most of them have major difficulties in repaying the amounts.

That is what Tally does, help users to decrease their financial burden by optimizing the repayments, and reach their financial goals in the long run.

In short…

Tally is one of the virtual advisors that has helped hundreds of users struggling to pay off their high-interest credit cards and become debt-free within the time limit they wish. You need to note that Tally is not merely a credit card. If you are just looking for credit cards with favorable terms, the application will not meet your needs. Tally is way more than that. It is a financial advisor, so you need to have your current debts in order for Tally to give you a new credit line. It will help you to repay the amounts on your behalf, meet your financial needs and goals, and at the end of the day, save you a lot of money.

Overall, Tally is a very user-friendly and helpful application for you to overcome financial difficulties. Most importantly, it is designed to help people optimize their finances and have no origination fees, annual fees, balance transfer fees, late fee charges, or other hidden fees.

The application will provide you with an estimate showing how much you are going to save by using their feature of credit. With the help of its unique tool Line of Credit, Tally will make your repayments in a lower interest rate and decrease your repayment amount as well.

Even though Tally is not available in all of the states, the team continuously works on expanding Tally’s operations, updating information, and keeping their customers’ needs at the top of their priority list.

So, if you wish to pursue your financial goals and become debt-free in the near future, Tally is one of the best advisors to guide you throughout that journey.

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Andrei Shilkov

Blog author. I am well versed in Finance and Digital Marketing. I have two bachelors degrees in Finance. Born in Russia, but later moved to the USA, to western Pennsylvania, the city of Pittsburgh. I have a Certified Public Finance Officer (CPFO) certificate. I also worked at IRS and Microsoft.

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