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How Tally reduces credit card debt

 guides

 1 minute read

Published: Fri Sep 09 2022

By Kathryn Dutile

What is Tally and how does it work?

Tally is a lender focused on helping people struggling with credit cards. Tally works to help people save on late fees and often lowers the interest rate of credit cards. Tally can help consolidate your credit cards into one payment managed through their app.

How does Tally work?

Tally works in the following five steps:

  Step 1: Account set-up

  Enter your name, address, birthday, income, and phone number. Tally will run a credit check using the information given. You will also link your existing credit cards.

  Step 2: Eligibility for credit line

  Tally checks eligibility for a line of credit. Generally, users must have a credit score above 580 to qualify for a line of credit.

  Step 3: Download the app

  Download the Tally app to your phone.

  Step 4: Tally pays off your credit cards

  Tally will pay off your credit card debt if you qualify for a line of credit.

  Step 5: Pay Tally back once per month

  Using the app, you will be set up with a once-a-month payment plan to pay back the line of credit. Tally also gives discounts for those keeping up with their Tally payment plan.

Tally pricing

Tally’s app is free to download, although Tally has a $300 annual fee spread across your monthly payment. They also earn on the interest on your line of credit.

Tally pros and cons

Pros

  • Simplifies remembering to pay back multiple credit card balances into one monthly payment, which avoids late fees
  • If you qualify for a line of credit, this may be at a lower interest rate than your current credit cards

Cons

  • Must have a credit score above 580
  • It only focuses on credit card debt and ignores student, personal, and auto loans
  • Manually need to connect credit cards
  • Tally is one lender - you could find a lower rate elsewhere. It’s always good to shop!

Is Tally right for you?

If credit cards are your primary source of financial stress, and your main challenge in dealing with it is the hassle of juggling multiple cards, then Tally may be a good option. Tally should reduce the interest on your existing credit cards and simplify remembering multiple payment dates.

If you need help with more than just credit cards, you might want to give Solve Finance’s Debt Optimizer a try. The Debt Optimizer can help you consolidate your credit cards, personal, and student loans. We also look for potential opportunities to lower the cost of your mortgage and auto loans. And most importantly, we shop across lenders for the best price possible.

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