Tally reviews 2022

Feature: What Tally can do for you
Pay Off Debt Tally
1. Tally will make debt payments seamless
You might not notice it when you’re trying to pay off your credit debt, but you’re always focused. Debt can lead to stress, and stress can lead to bad decisions.
Now, that’s not a good way to drain your mental energy, is it? Make tools to alleviate such situations, and that’s where Tally comes in.
In case you miss out, Tally makes paying off debt a breeze. The way it works for you is very simple: Tally calculates and figures out exactly what you should do to pay off your debt as quickly as possible. Tally does this in one of two ways. The first goes through an option called Tally Pays, while the other is called You Pay.
Tally payment
This option is self-explanatory. If you choose this payment method, Tally will process the payment for you.
Usually, it does this by using your line of credit to pay off your credit debt at a higher interest rate first. Tally pays the minimum amount for cards with an interest rate lower than your line of credit.
With this option, Tally will send you a bill that includes all payments for the period, the minimum payment, and interest on your credit limit. Tally automatically distributes this bill to your credit card in the most economical way possible.
Using this method, debt repayment is greatly simplified. Instead of worrying about multiple payments, you just have to remember to make one payment: the one that will go to Tally.
Tally takes care of all the hard parts: it decides which credit cards to pay first, making sure you don’t miss any due dates, etc.
Plus, you can also save money if your credit card has a higher interest rate than what Tally is offering you (which is usually the case).
If you choose to pull the payment trigger yourself, you can select “You Pay”. With this, Tally will send you reminders before your credit payment deadline. You can then pay this fee using Tally’s linked checking account, or you can pay through your card issuer’s website as usual.
If you choose You Pay, you’re actually using Tally as a place to manage your credit card, but not necessarily to its full potential. However, if you’re not willing to fully trust a third party to pay you, this is a good middle ground.
Any options you think you need to use are up to you. If you later decide to use Tally Pay for some cards, but you prefer the You Pay option for others, it’s worth noting that Tally lets you choose either option for each card.
2. Tally saves you money
tally statistics
When you have debt on multiple credit cards, figuring out which one to pay off first can be challenging.
There are two well-known debt repayment strategies, stacking and snowballing. The latter works by working through your debt list to pay off the debt with the lowest balance first, then work your way up to the highest balance.
This method is tempting because it lets you pay off debt quickly; however, if the credit card with the smallest balance doesn’t have the highest interest rate, it will cost you more than the stacking method.
The stacking method, also known as the debt avalanche method, focuses on interest rates rather than balances. With it, pay off the debt with the highest interest first, and then pay off the debt with the lowest interest.
This is the method Tally uses, and the most mathematically sound way to pay off debt.
3. Tally has free later protection
On most accounts, late fees are as high as $36. For obvious reasons, paying late fees is not a smart financial move. If for some reason you find yourself paying late fees in the past, or you just want to avoid doing so in the future, Tally will help you.
Tally’s credit line automatically pays you out if you don’t have enough balance when your payment is due. You’ll still have to pay back Tally later, but it’ll usually have a lower interest rate than your credit card. Plus, it saves you on late fees.
4. Tally will not negatively affect your credit score
For some people, their credit score is a prized possession, and so should you.
A high credit score can give you access to benefits you wouldn’t otherwise get. In the case of Tally, as mentioned above, your credit score determines your credit limit and Tally’s interest rate. If you know your credit score (preferably!), rest assured that Tally will not negatively affect your credit score.
When applying for a personal loan or balance transfer credit card, lenders often conduct strict checks. A hard check or deadlift can lower your credit score by a few points.
On the other hand, soft checks (as Tally does) will not negatively affect your credit score. Additionally, using tally effectively will help you lower your debt and thus reduce your credit utilization, which is the biggest factor in determining your credit score (low credit utilization means higher credit score).
So Tally doesn’t actually affect your score negatively, but positively!
5. Tally keeps your account safe (at least on the account side)
If you’re concerned about the security of your credit card and bank accounts associated with Tally, you shouldn’t. Tally utilizes bank-grade encryption to keep users safe.
Even scanning your card early in the setup process is 256-bit SSL encrypted.
So as long as you take standard safety precautions, you don’t have to worry about any safety issues with Tally.