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    Home»Technology»11 Pros and Cons of the Tally App
    Technology

    11 Pros and Cons of the Tally App

    Shradha BhattaBy Shradha BhattaNovember 4, 2022
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    It is okay if you are trying to cope with debt. You’re not alone.

    If you have dared to get out of debt by yourself and things keep getting nastier, you might need assistance. Today, numerous financial tools are available to help you get out of debt and provide better orientation (and peace of mind!).

    A tally app is an excellent tool for developing a strategy and gaining access to the tools necessary to transform your debt-ridden lifestyle into one that is fiscally sound, mentally stable, and optimistic for the future.

    tally app
    Tally app

    Tally is dedicated to assisting individuals in paying off their debts as quickly and inexpensively as possible. Its solutions help to streamline financial management, mainly through debt settlement and providing a more user-friendly interface for people to pay off their debts.

    Tally claims that after five years of using the company’s debt consolidation tools, its members save an average of $4,185 in interest payments.

    Table of Contents

    • Tally app pros
      • 1. Plan for faster loan payments and Save Money
      • 2. Late Fee Protection
      • 3. Line Of Credit
      • 4. Option To Use Credit Line Multiple Times
      • 5. You Pay
      • 6. Safe And Secure Application
    • Tally app Cons
      • 1. Not Free
      • 2. Not Widely Available
      • 3. Credit Score Limit
      • 4. Credit Cards And Store Cards Only
      • 5. Temptation To Rack Up More Debt
    • Summary (pros and cons of the tally app)
    • Commonly Asked Questions about Tally App
      • Who Should Use Tally?
      • Who Shouldn’t Use Tally?
      • What Credit Score Do You Need To Use Tally?
      • How Can You Qualify For Tally?

    Tally app pros

    The Tally app has many advantages that can help you save money, but like any other application, it has some drawbacks. Here are some ways Tally can assist you in getting your finances back on track.

    1. Plan for faster loan payments and Save Money

    This is the highest purpose you are attempting to achieve. After all, like many other Americans and fellow Earthians, you probably are struggling to manage your debt on your own!

    The Tally debt manager analyzes your finances and recommends a solution. The app will assist you in paying off credit card debt faster while saving significant money.

    You can distribute any credit card bills to a Tally credit line once you are approved for one. The lower annual interest rate will save you money on interest fees, allowing you faster debt payments. What a deal!

    comparison of tally with others
    Use of tally on interest calculation

    2. Late Fee Protection

    Nothing is more infuriating than being billed late fees. The tally app will review all of your credit cards once a month. It pays the minimum amount due on time if your credit line is in good shape.

    Tally uses your line of credit amount for payments if you do not make them consciously. However, you can always revoke the automatic payment protocol if you prefer.

    3. Line Of Credit

    The main advantage of Tally is its lines of credit. Tally promises lines of credit to suitable candidates to help them pay off their debts faster and with fewer fees. Accepting a line of credit loan allows Tally to pay off your credit card balances.

    Tally will prioritize the cards based on the highest APR balances. Even if Tally pays off multiple credit cards for you, you will only have to make a single payment to Tally every month.

    4. Option To Use Credit Line Multiple Times

    interest calculator in tally
    Interest calculator feature of the tally app

    You may be able to make more Tally credit as you use the application, which you can then use to pay off more credit card debt.

    Remember that you have unlimited access to the Tally credit limit line. However, there is a cost for this, and it could be significant depending on the APR on your credit line.

    5. You Pay

    The Tally App’s “You Pay” function enables you to send your payments due to the card issuer on your own. This functionality also sends you due-date notifications for credit card debt payments to keep it all in one place.

    Even if you make your payments with your funds, Tally will keep updating your account as payment is made. This gives you a complete picture of how your debt management efforts progress.

    And, if you choose to make your repayment explicitly with the credit card company, Tally App may take a few days to update the payment.

    6. Safe And Secure Application

    with tally without tally
    Loan percentage saved with Tally.

    The tally application is bank-level encrypted. As a result, you will not be concerned about unprotected information being exposed to random people.

    Tally uses a secure socket layer with SSL encryption and does not retain personal information like passwords. They will also not sell or share your data without your permission.

    Giving an app access to your financial information can be dangerous. Tally, on the other hand, uses bank-level cryptography for all user data. Yet, ensure you still use a secure password to protect your financial data. Tally is indeed a reliable app.

    Tally app Cons

    Now let us consider the other side of the coin to get the complete picture. This section will aid you in making the best decision possible. Here are the disadvantages of the Tally app:

    1. Not Free

    Example of the line of credit

    You will not be charged to install the app, nor will you be charged to create an account. As with any credit-based good or service, you must pay interest fees. This will only apply if and when your line of credit is used.

    This implies that you will not be liable for fees if you use You Pay and never have to use the late payment protection.

    Nevertheless, you will be charged fees if you have a remaining debt on the line of credit you use. According to Tally App, this will cost around 7.9% APR and 25.9% APR.

    There are some other hidden charges, such as one for late payments. While Tally provides Late Fee Protection, it recommends making your reimbursement a week before the due date to prevent the double payment fee.

    2. Not Widely Available

    You should know that the service is not currently available in all states. There are some geographical barriers, but the corporation hopes to broaden its facilities to all states shortly.

    Tally App is available in most US states and the District of Columbia. Tally is unavailable if you live in Montana, Nevada, Vermont, or West Virginia. Although it intends to add more in the coming years, this is a minor disadvantage.

    3. Credit Score Limit

    You will not be eligible for the Tally program if you have a low credit score. Even if you do, the interest rate on your Tally line of credit will likely be higher than what someone with a good credit score will have to stump up.

    Tally App accepts candidates with a minimum credit score of 660, near the bottom of the excellent range. Anything less than this will disqualify you. It is the first endorsement precondition. Remember that even a few late fee payments can significantly lower your credit score.

    Keep track that Tally App will consider other factors when determining your creditworthiness. This will most likely include your pay cheque, the size of your debts, your repayment capacity/history, whether you own your property, and other factors.

    These variables will also influence the APR that Tally promises you on your line of credit.

    4. Credit Cards And Store Cards Only

    One can only use Tally App’s credit line to resolve credit cards or store cards, so you must have at least one card with an outstanding amount. Above all, your cards must be endorsed by the Tally App, but sadly not all providers are.

    5. Temptation To Rack Up More Debt

    tally loan payment notifier
    Luring notification of tally interest fees

    Tally does assist you in determining the best way to pay off credit card bills, but it does not avert you from using your cards to incur additional debt. Furthermore, once you begin using Tally, you can stop using credit cards.

    Summary (pros and cons of the tally app)

    Pros
    Not Free
    Not Widely Available
    Credit Score Limit
    Credit Cards And Store Cards Only
    Temptation To Rack Up More Debt
    Line of credit
    Cons
    Not Free
    Not Widely Available
    Credit Score Limit
    Credit Cards And Store Cards Only
    Temptation To Rack Up More Debt

    Commonly Asked Questions about Tally App

    Who Should Use Tally?

    Individuals who are making payments on high-interest credit cards,
    Individuals who require assistance in maintaining and organizing their credit card payments and,
    Individuals who want a revolving credit line to help them pay off debts.

    Who Shouldn’t Use Tally?

    Individuals who are not in credit card debt,
    Individuals who are having difficulty making credit card payments and,
    Individuals whose credit cards Tally does not accept.

    What Credit Score Do You Need To Use Tally?

    Tally usually entails a credit score of 580, but this varies depending on the borrower’s credit history.

    How Can You Qualify For Tally?

    Tally does not disclose exact qualification requirements, but they verify your credit to qualify you. The best way to determine if you qualify for a Tally credit line is to sign and submit an application. Even if you are not approved, you can use Tally to instantaneously pay your credit cards and better understand your financial situation.


    Coming out of credit card debt can make a significant budgetary difference. Is the Tally app the best way to go about it?

    The tally app stands out as a straightforward option with a consumer-friendly outlook that strives to assist those who have battled with credit cards in a world full of get-out-of-debt-fast deals.

    Tally may help you save money when paying off credit card debt. However, it may not be suitable for everyone. If an individual does not own a credit card balance or has minimal APRs, managing your debt or coordinating it with a personal loan is better.

    (Last Updated on November 4, 2022)

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