Tally: Accounting Software of Choice for Credit Card Debts

Tally The Accounting Software of Choice for Credit Card Debts

If you own multiple credit cards and have to manage payments of all these cards monthly, you may need to remember to pay any of your cards on time. It may cost you a drop in your credit scores in the long run. Well, Tally is here to help you in this regard. Tally streamlines your credit card payments with its debt management dashboard. The software algorithm determines the best way to tackle your credit card balances, which allows you to pay them faster. To learn more about Tally, read the article in detail.

Tally The Accounting Software of Choice for Credit Card Debts

What is Tally?

Tally is a debt automation app that helps users manage multiple credit cards in one go. Tally was founded by Jason Brown and Jasper Platz in 2015, emphasizing simplifying debt management and easy repayment processes.

The users of Tally also get access to a Robo-advisor known as Tally Advisor. It recommends strategies for different investments which depend on your financial situation. It also analyzes credit card debt and helps you plan to pay off your debts.

Is Tally Safe?

Tally utilizes SSL encryption and keeps your personal information safe. The company claims that it does not store any of your bank data or share it with anyone without your permission. If you intend to simplify credit card payments and manage timely payments, Tally is your go-to. It is because Tally consolidates all your credit card expenses in one place and pays on your behalf, where you pay to Tally.

How does Tally work?

When one signs up with Tally, it reviews the credit history of the individual, which determines eligibility for a line of credit. If your details are accepted, you get a set of credit that pays off your credit card debts.

You must pay back to Tally rather than your credit card company. The payment rates are comparatively lower than conventional credit cards. For membership, Tally offers three packages for everyone, which are discussed below.

How to Join Tally?

All you need to do to allow Tally to do its work is provide some of your details. The details include your data as well as your credit card information. Below is the process of how you can join Tally.

  • Download the Tally app from Apple Store or Google Play Store.
  • Enter your email address and generate a password.
  • Mention all basic information such as contact number, address, and monthly income.
  • Allow the app to do a soft credit check. Note that it won’t affect your credit score.
  • If the credit check is approved, it displays your credit line amount on the screen within the app.
  • Scan your credit cards to add them to the app. It will then analyze and connect to your credit cards.
  • After you accept the terms and conditions, link your bank account with the Tally app.
  • Now Tally is ready to pay your credit card balances with high APR.

Features Tally Offers

Tally Advisor

What is a Tally advisor? A robot analyzer analyzes your credit cards, highlighting pending payments. Moreover, it guides you on which payments might help you get out of credit card debt quickly. It acts as a debt manager to help meet your goals.

Late Fee Protection

It enables you to avoid late credit card fee payments. Your linked credit cards are scanned monthly to ensure timely payments are made. If you reach the limit of the Tally credit line, it offers you an advance to avoid a late fee, and the amount is stacked up on your next statement.

Debt Consolidation

Managing multiple credit cards often creates confusion in tracking all payments. It might lead to late payment of any of your credit cards. Tally helps consolidate all your debts into one place and helps make payments timely on lower interest rates to save money.

Core Membership

Core membership is specially catered for individuals not eligible for a line of credit. You can still access features to help manage credit card debts of your conventional credit cards.

Basic Membership

The basic membership plan is an introductory one that offers you a line of credit. Moreover, one can consolidate all their credit card payments in one place, referred to as Tally Pays. 

The app is integrated in a manner that pays off your bills automatically on time. It also calculates the interest charges saved every month by tackling the card with the highest annual percentage rate (APR).

Tally+

Tally+ offers you a larger line of credit, which makes it more compelling than the basic option. The larger line of credit offers you the benefit of qualifying for APR discounts. The package, however, costs $300 per year.

Tally’s Terms and Fees

The services Tally offers, such as transfer fees, late fees, or over-limit fees, are not charged by the company. All you pay to the company is the interest on your cards. Moreover, variable APR also implies that it depends on the market conditions and varies accordingly.

The company earns and manages its expenses from these variable APRs only. If you are a Tally+ member, you pay $300 annually, renewing automatically yearly. However, you can also downgrade the membership at your own will.

Pros and Cons

Before using the Tally app, you should review its pros and cons. You can weigh these points to determine whether the Tally app is the right choice for you.

PROSCONS
No joining or late fee or transfer fee.Doesn’t help avoid debts in the future.
One can get out of debt faster than usual.For a bigger line of credit, the minimum credit score required is 660
It helps consolidate all bills in one place.To access a larger line of credit, one has to pay $300 annually.
Automated payments to prevent late fees.Doesn’t help avoid debts in future.

Reviews For Tally

Tally has been rated 4.3 out of 5 online on review platforms. We have consolidated a few reviews below. It will help you understand its pros and cons better. Above all, you don’t have to jump to other websites to search for reviews for Tally.

Tally Review
Tally Review
Tally Review
Tally Review

Conclusion

Tally is a transparent medium in the world full of getting out of debt fast offers. It has no hidden charges and offers a consumer-friendly approach to help people struggling with credit card loans. Tally could be a low-cost solution depending on how much loan you carry. However, once you get rid of the loans or existing credit card debts, it is wise to educate oneself to avoid falling back into the pit of debts and overspending. Visit somquest to learn more.

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