Most Tally users keep on asking this question – “Does The Tally App Really Work?” This is what you’ll find out in today’s article as you carefully consider this article below.
Moreover, what do you think the Tally app is? The Tally app was founded in 2015 by Jason Brown & Jasper Platz. Meanwhile, Tally is a debt automation app that aids users in managing different credit cards in a single place.
Tally’s goal is to offer assistance in a form of simplifying debt management & make the debt repayment process much easier for users to apply.
Tally users on the platform also have access to Tally Advisor, which the company also calls the “Robo advisor for your debt”.
Just like how a Robo advisor recommends an investment strategy in accordance with your risk tolerance & goals, the same way applies to a Tally advisor tool, which analyzes your credit card debt & goals to recommend a payoff plan that pulls you out of the debt.
Regardless of Tally’s debt management & advising tool, the company also offers a credit line to consolidate high-interest credit cards & aid you in saving more money to repay debts faster.
Does The Tally App Really Work? Yes, the Tally app works well, but how? See the following section below & find out more about how the Tally app works once you get the app.
How Does The Tally App Really Work
The Tally App is free to download but to enjoy the app’s features & services it offers, you have to qualify for its credit line – that functions as a debt consolidation loan.
To qualify, you need a minimum credit score of 660. And during the process, Tally performs a soft pull, which would not have any effect on your credit score.
And then, the app analyses your debt balances & APRs to find out the best strategy that could help you pay off the debt. Tally’s App credit line APRs range from 7.90% to 29.99% – a previous range marked on June 11, 2021.
Once you qualify for Tally’s credit line, your high-interest debt will be transferred to the new credit line from Tally.
And then, if you eventually link credit cards to the app that have a low-interest rate than Tally’s credit line, the company will pay minimum payments on those cards.
Also, you have an option to turn off the automatic minimum payment feature. And then Tally will remind you with a notification to pay that bill, and you’ll make a credit card payment in the app or directly with the card issuer.
Every month, you’ll get a statement from Tally with a minimum payment due. And the minimum payment seems to be the interest on Tally’s credit line – which is the amount that Tally pays out to different card issuers that month, in addition to 1% of your Tally credit line balance.
The point here is for you to be completely debt-free, which involves paying off your Tally credit line. Tally users on the platform view an estimated lifetime savings of $5,300 – a result of using its debt payment system, in accordance with a new Tally strategy.
What do you think users like about Tally, and what could Tally possibly improve? See below, and find out.
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Benefits of the Tally App – Pros & Cons
- Debt Consolidation
- No Hard Inquiry
- Affordable Fees
- Operates with Major brands
- Credit Score Requirement to qualify for Tally credit line – 660
- Availability – Tally is restricted in some states – over 30 states, but few are left out
- Membership Fee – $300 annual fee for Tally + Express membership
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Frequently Asked Questions about the Tally App
Is the Tally app legit?
YES, Tally seems to be a legitimate financial service company, which is registered with NMLS Customer Access.
It covers users’ personal information & is transferred using SSL encryption. This means that the company won’t share out information without permission from the owner.
Does Tally impact your credit score?
Tally performs a soft credit check to approve the credit line, based on the representative. And such a soft check should not have any impact on your credit score.
How does Tally make money?
Tally places interest charges on its credit lines – which range from 7.90% to 29.99% APR within June 11, 2021). Apart from the Interests, there is no annual fee, origination fee, prepayment fee, balance transfer fee, or even an over-the-limit fee.
How do I Sign up for Tally?
To sign up for an account on Tally, follow the outline below:
- Download the app via this LINK
- Create an account
- Qualify for a line of Credit
- Finally, add your credit cards
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