Tally offers a low-interest line of credit
- transfers all of your credit card balances to your new line of credit
- pays your creditors every month on your behalf
- you will only need to make a single payment to Tally
- you will be able to save on interest payments
Easy application processes, access to immediate credit, and lucrative redeemable points on purchases make credit cards a very sought-after form of a revolving line of credit worldwide. What some people might not understand, though, is that credit cards are not meant for regular spending.
Credit cards are a form of revolving loan that usually comes with a very high interest rate. If you keep using one, you could end up paying much more than you originally borrowed. TheBalance estimated that nearly 50 percent of Americans are left with only $250 after paying monthly bills and regular spending. At present, the average household debt in the US is over $5,000 and an estimated 56 percent of Americans aren’t prepared for a $1,000 emergency with savings.
As the near future of the US economy continues to appear bleak with record COVID-19 infections since the beginning of 2022, uncertainty looms over job opportunities and a solid foundation of steady income.
While many Americans are changing lifestyles and exploring multiple avenues of additional income, losing your money to high interest payments during these harrowing times doesn’t really make sense. Being able to reduce your effective credit card APRs could help you repay credit card debt earlier without straining your monthly budget.
AI-powered App That Converts Your Credit Cards Into a Low-Interest Line of Credit
A lightweight app called Tally offers a low-interest line of credit starting at 7.9 percent for those who have a credit score of 660 and above. Tally goes for a soft pull on your credit report to understand if you are eligible.
When you opt for their line of credit, Tally will transfer all of your credit card balances to your new line of credit and pay your creditors every month on your behalf. So instead of paying multiple creditors, you will only need to make a single payment to Tally. In turn, you will be able to save on interest payments. Tally’s debt repayment follows the Avalanche method that prioritizes high-interest credit cards with large outstanding balances while paying the monthly minimums for low-interest cards.
Say Goodbye to Certain Fees When You Sign Up
Credit cards always come with steep late payment fees that directly impact your credit score. Tally doesn’t charge any origination fees, late fees, or over-limit fees if you exhaust their line of credit for personal use.
If you use Tally’s revolving line of credit, you’ll automatically benefit from their Late Fees Protection program, where Tally will pay on your behalf if you miss a monthly payment deadline.
Even after you finally repay your debt, you may still choose to keep Tally’s low-interest line of credit for use. Moreover, Tally’s AI bots will analyze your credit card balances, interest rates, and payment deadlines to create a smart debt repayment plan with a projected debt-free date based on their recommended monthly repayment schedule.