Tally app review nerdwallet

Carrying a balance can be costly in the long-run: Thanks to exorbitant interest rates — the average APR is close to 17 percent — you could end up owing thousands of dollars in interest if you don't pay off your card in full. One San-Francisco start-up, Tallywants to make your interest rate lower and your credit cards cheaper. Here's how the app works: If you get approved for a "Tally credit line" — you need to have at least a FICO credit score to qualify — Tally will pay off your high-interest cards and then charge you a lower interest rate on the same balance.

Your new rate is determined after Tally looks at your credit history. It's like getting a personal loan, but from an app. After adding your credit cards to the app, Tally runs a credit score check to see if you're eligible for a Tally credit line. Here's what the interface looks like:. By borrowing money from banks in bulk, Tally can "pass savings on to our users that wouldn't typically be available to them," says CEO Jason Brown.

The app is free to download and makes money like a typical credit card company does: by charging interest. But that amount is guaranteed to be less than what you would pay your credit card, so Tally only makes money if it saves you money with a lower APR. Tally also automatically sends payments for you, meaning you'll never have to worry about late fees. That's the benefit for consumers who don't carry a credit card balance: If you have trouble keeping track of several credit cards and find yourself paying late fees, Tally will manage them for you by automatically paying your bills.

Tally Reviews

The goal is to separate the burden of credit cards from the benefits, says Brown: Consumers still get the rewards that come with using credit cards, but they don't have to worry about payments, late fees and penalties. And he hopes the latest feature, Tally Advisor, will help debt-ridden consumers even more. Tally Advisor, which launched in Augustis an automated debt manager that determines the fastest way to pay down your debt and takes action for you.

Brown compares it to a robo-advisor but, instead of managing your investment portfolio, it manages your debt. While a robo-advisor will ask you when you want to retire, Tally Advisor asks you when you want to be debt-free.

Based on your goal, income and monthly spending, it sets a realistic end date and then helps you get out of debt by determining the optimum amount to pay each month. Tally's algorithm constantly factors in new information and adjusts to your real time financial situation. Currently, Tally Advisor will only benefit those with debt. Brown hopes to eventually bring automation to every aspect of your financial life with Tally, but for now, "we're starting with the widest problem: debt. Since Tally built its technology and financial infrastructure from the ground up, it has to get licensed state by state.

But Brown expects the app to be available to the entire U. Like this story? Skip Navigation.Trying to decide which one of your credit cards to pay off first or pay the most on can seem like putting together a jigsaw puzzle.

Tally crunches the numbers and sends the most efficient payment to each credit card. Humans are capable of logic, but their financial decisions are often driven by emotion. Tally is a mobile app currently available for iPhone and Android that manages the process of paying down your credit cards. It figures out which cards have the highest APRs and uses a Tally line of credit with a lower APR to help you save money and pay down your credit cards faster.

Meet Tally Review – Pay Off Your Credit Cards Faster

Tally does more than just pay down your credit cards. Tally is for anyone who wants to get out of credit card debt faster and needs help keeping up with all of their credit card payments by helping you figure out which ones to pay down first. To qualify, you currently need at least a FICO score. Tally will also look at other aspects of your credit profile as part of the qualification process.

There are no origination fees for the credit line. All you pay Tally is the interest charged when the line of credit is used to pay down your credit cards Based on your credit history, your APR will be between 7. This information is accurate as of July However, you can still use the app to manage payments for all of your credit cards each month. Note: In order to get the credit card management features of Tally, you must qualify for and accept a line of credit with Tally.

Upon approval, Tally extends a line of credit to you. The amount is not unlimited and depends on your situation. The credit line is used to pay your credit cards. As long as your cards are set to "Tally Pays", you no longer make payments directly to the credit card companies yourself.

tally app review nerdwallet

Instead, you pay down your Tally line of credit, which is linked to your checking account. Using the credit line, the Tally app directs payments to the highest APR cards while lowering payments to other cards, maximizing use of funds.

At Tallywe believe credit cards should be empowering and more like a passport, not a burden, so we set out to provide a simpler, smarter way to manage them. Click here to learn more about what Tally charges. You can still use your credit cards as usual.

That will only get you into further debt and defeat the purpose of using Tally, which is to help you get your credit card debt under control and save on interest and fees. Bank, Barclays, and Wells Fargo. They are hoping to have most states added by the end of In addition to helping you eliminate your credit card debt, Tally also can help you automatically save money.Subscriber Account active since.

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When it comes to paying off high-interest credit card debt, there are plenty of options and strategies to consider. Some people also choose to consolidate debt using financial products like a home equity loan or home equity line of credit HELOCboth of which tend to offer low APRs since your debt is secured by the value of your home. Then there's Tallya newer financial app that aims to help consumers pay down their high-interest credit card debt in a brand-new way.

tally app review nerdwallet

Tally can also extend you a line of credit at a lower interest rate than you're being charged elsewhere, and the app lets you make a single payment each month, which Tally distributes to your creditors in whatever way reduces your interest costs.

Keep reading to learn more about how this app works and how it compares to other debt consolidation options. Once you sign up for an account and link your credit cards, Tally monitors your balances, credit card interest rates, and due dates on your behalf. Tally then takes over your credit cards and bills if you opt for the "Tally Pays" option, making sure you never miss a payment. It also calculates the smartest way to help you save money on interest across all your credit cards and your Tally line of credit.

If you want to continue paying your credit card bills yourself, Tally also allows that option, although they will still send you reminders that tell you when your payment is due and how much you should pay toward each of your cards. Tally is a free mobile appmeaning you won't pay any fees to get started. With that being said, you'll need to apply for Tally and a Tally line of credit in order to start using the benefits.

Tally lines of credit come with an APR between 7. Also note that Tally comes with no annual fee, no origination fees, no balance transfer fees, no late fees, and no prepayment fees.

tally app review nerdwallet

Generally speaking, it makes money from interest charges on the line of credit it extends you in order to consolidate some of your debts. On the user end, you'll save money when Tally is able to offer you a lower interest rate than what you're getting from your credit cards. Tally also uses an algorithm to make sure every dollar of your monthly payment is smartly allocated to maximize interest savings.

If you're ready to get out of debt and you want to save money on interest along the way, you may be considering an alternative option like Tally. After all, Tally is not just "another loan" that can help you rack up more debt over time. Instead, Tally extends a line of credit that's meant to consolidate some of your highest-interest debts. And, at the end of the day, Tally only makes money when it's able to save you money with a lower interest rate. Still, there are definitely some pros and consider.Are you in a position where you hold multiple credit cards, but you often find it challenging to stay on top of your repayments?

If so, then it is well worth considering the merits of the Tally App. In a nutshell, Tally allows you to obtain a line of credit — with the amount based on your current credit score and size of your outstanding debts. This will initially look to target cards with a higher APR, and ensure that minimum repayments are never missed.

If this sounds like something that might benefit you, then be sure to read our comprehensive Tally App review. In its most basic form, Tally is a FinTech application that aims to manage your credit card debts in an automated manner. Instead of having to make four individual payments, Tally App can execute this on your behalf. However, the benefits of Tally App go far and beyond just making automated payments.

tally app review nerdwallet

As such, it will seek to target cards that come with the highest APR rate first, and at the very least, ensure that your minimum repayments are never missed. Crucially, Tally App achieves this by offering you a line of credit.

This operates in a similar nature to a traditional overdraft, albeit, the credit can only be used to settle credit card repayments. This means that Tally App will execute your repayments from the line of credit you have in place, which you will then need to pay back to the provider.

Whether or not this benefits you will, of course, depend on the APR that your Tally line of credit comes with. In an ideal world, you will be able to obtain a lower APR than what your credit cards currently offer. This will have the much-desired effect of reducing the amount of interest you pay in the long-run, and allow you to become debt-free much sooner.

However, this might not always be the case, meaning that your line of credit might come at a higher rate of APR than one or more of your outstanding cards. If it does, then Tally App will only look to pay the monthly minimum to ensure that a late payment does not occur. So now that you have a rough idea of what Tally App actually is, in the next section we are going to look at eligibility.

Before going any further, it is crucial to assess whether or not you are eligible to use Tally App. Although it plans to add more in the near future, this is a slight draw-back. As you will need to apply for a line of credit in order to use Tally App, you will also need to ensure that your credit score is in good standing.

You can use a free platform like Credit Karma if you need yo check your credit score. Take note, Tally App will look at a range of other factors when assessing your creditworthiness. This is likely to include your income, the size of your debts, your history with making repayments, whether you own your home, and more. Most importantly, your cards need to be supported by the Tally App, as not all providers are. At the time of writing, Tally App supports credit cards and store cards from the following mainstream providers.

If you meet the minimum requirements outlined above, then you should be eligible for a line of credit with Tally App.

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Well, this is the strategy that the underlying algorithm uses to pay off your credit card balances effectively. In a nutshell, while the debt stacking strategy will ensure that all of your monthly repayments are met, it will look to target certain accounts first.

In the case of credit cards, this will be the card that comes with the highest interest rate, and then work its way down. As such, the debt stacking method will first ensure that the minimum balances on both the Citi and Chase cards are paid.

However, it will then look use your remaining line of credit to target the Discover card, as it comes with the most costly APR.

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Once the Discover card has had its balanced cleared in full, the debt stacking method will then target Citi, which has the next highest APR. Ultimately, this achieves two goals in particular — All of your outstanding credit cards will have the minimum monthly repayment met, and the card with the highest interest rate will be targeted until it is cleared in full.This company is not yet accredited. See reviews below to learn more or submit your own review.

Tally is an app-based business that helps you manage your debt by consolidating your monthly credit card bills into one payment with a lower APR. Tally is an app-based debt manager that helps you consolidate your credit payments at a lower annual percentage rate APR. Tally simplifies your monthly payments by establishing a line of credit and using it to pay all of your balances. You then pay one single monthly payment to Tally.

For every card registered with Tally, the app keeps track of due dates, minimum payments and APRs. The Tally app is free to download in the iOS and Android app stores, but you only receive the benefits of saving by getting a Tally line of credit.

Follow these steps to qualify for a Tally line of credit:. Tally is a credit consolidation app that helps you save money by managing your credit cards and paying balances on your behalf. If you want to simplify your credit card payments and never pay a late fee again, Tally could be right for you. A link has directed you to this review. Its location on this page may change next time you visit. Sign up to receive our free weekly newsletter.

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Does Debt Consolidation Really Do Anything?

Tally Get Started. What is tally and how does it work? Get approved for and accept your line of credit from Tally.Account Options Sign in. Top charts. New releases. Add to Wishlist.

Tally is the first automated debt manager. Tally helps makes it easier to save money, manage credit cards and pay down balances faster. Tally is only available in certain states.

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Scroll down to see where Tally is available and which credit cards Tally supports. Download Tally In under 10 minutes, Tally can help you get on the path to being debt-free. Scan your credit cards securely Tally analyzes your credit cards and crunches the numbers to find ways to help eliminate your debt and save you money. Find your savings Once you qualify, Tally gives you a line of credit with a low annual percentage rate APR.

Tally then uses the new line of credit to pay your credit cards every month. The low APR helps save you money on interest. Scroll down for important disclosures about what Tally charges. Organize your cards Tally lets you manage all your credit cards in one convenient app. Tally keeps track of the balances, interest rates and due dates for each card. All you have to do is make one monthly payment to Tally.

Plus, Tally never charges fees of any kind — no annual fees, no origination fees, no overlimit fees. Tally helps separate the burden of credit cards from the benefits. Keep using your credit cards for the perks and rewards and let Tally handle the hard work. No tricks.

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No gimmicks. Just a smarter way to manage your cards and a faster way to pay your balances.

Tally App Review: Automated Credit Card Debt Manager

To get the benefits of Tally, you must qualify for and accept a Tally line of credit. Depending on your credit history, your APR will be between 7.

This information is accurate as of March Did you know, the average American holds four credit cards? When looking in my own wallet, I see five different credit cards.

Like many Americans, I originally opened these accounts for the fun stuff like travel bonuses and benefits. The bottom line is that Americans are juggling a s-load of credit cards ——often at high interest rates.

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If you wanted to pay down your credit card debt faster, you can download the Tally iOS app now Android available soon. Or, you can continue to read our Tally review below. Tally gives you a lower interest rate and manages the hard work of deciding the optimal card payments at the optimal time.

Tally continues to manage your cards month after month as your spending goes up or down. If you pay Tally on time, Tally pays your cards on time. Tally is limited to customers who are qualified for and accept a credit line, and qualification is based on your credit profile ex. FICO score, income, etc.

The minimum FICO score is Download the iOS app here Android available soonand enter your name and email address to get started. Tally spent years building the tech and banking infrastructure to support a secure, automated debt manager app and is licensed as a lender.

Generally speaking, Tally is for anyone who likes their credit cards for the convenience and rewards but dislikes the high APRs, annoying late fees and hassle of managing multiple cards. This information is accurate as of July Click here if you wanted to try Tally for free today. We are on our phone a lot, right? Wouldn't it make sense to save money with the best money saving apps? You can use it to lower your bills, cancel unwanted subscriptions and bill negotiations.

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This app wants to make your credit cards cheaper so you can pay off debt faster

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