Tally Online Service
Updated: Feb 11
What is Tally?
Tally is a mobile app for both iPhone and Android that extends a line of credit to approved members and uses that money to pay down credit card debt. Tally does more than that though. You can consider Tally your own personal debt manager.
Tally looks at your linked credit cards and finds the cards with the highest APR. Using the Tally line of credit with a lower APR, Tally pays down the higher interest card first. This method, the stacking method of debt repayment with the bonus of a line of credit, helps you save money and enables you to pay down your debt more quickly.
Tally can also take over the responsibility of making your credit card payments for you. If you’ve had a problem making at least the minimum payment on time, this feature will make sure you avoid late fees.
How Tally Works!
Using Tally is like having a personal assistant who makes your credit card payments for you. Each month you make a payment to Tally and Tally uses that money and your Tally credit line to make your credit card payments at least two days before the due dates.
Tally will prioritize paying your credit card with the highest interest rate first. For credit cards with a lower APR than the APR on your Tally credit line, the app will just make the minimum monthly payment.
Tally offers lines of credit ranging from $2,000 up to $20,000. The interest rates depend on your credit score and range from 7.9% to 25.9%. This sounds similar to taking out a personal loan for debt consolidation, but a line of credit works differently than a personal loan. When you get a personal loan, you get the money in one payment. You can then use it to pay off credit card debt or anything else. Each month you pay back the loan in a fixed amount.
What Tally offers is a revolving line of credit. A line of credit allows the borrower to use the money as needed, and there isn’t a fixed payment due each month, the payment depends on how much of the line of credit is being used.
How to get started!
Click HERE to download their app for both Andriod and IOS.