Tally Technologies, Inc. (NMLS # 1492782 NMLS Consumer Access , SC License , MO License). (“Tally”), as noted in your line of credit agreement. Lines of credit not available in all states.
The stated estimates reflect potential time to pay off debt for an appreciable number (at least 10%) of Tally+ line of credit users
To get the benefits of a Tally line of credit, you must qualify for and accept a Tally line of credit. Based on your credit history, the e as your interest rate) will be between 7.90% – % per year. The APR will vary with the market based on the Prime Rate. Annual fees range from $0 – $300.
1 Up To 2x Faster with Tally+ – 50% of Tally+ members can get out of debt about 3 years, or 41%, faster with Tally+. We calculated the estimates in , based on Tally’s records for borrowers who enrolled in Tally from . For each borrower we used: (a) their average APR weighted by their initial credit card balances and APRs; (b) an average monthly payment of 3% of their credit card balance(s); and (c) average monthly credit card transactions of 0.8% of their credit card balance(s). We assumed the borrower received Tally+ discount credit every month. Actual pay-off rates will vary based on factors such as each user’s credit card APRs, the total payments made, and additional credit card charges.
2 Can save $4,185 in 5 years with Tally+ – We calculated the savings estimates in based on Tally’s records for borrowers who enrolled in Tally from . We calculated the interest users would pay if they had received and accepted a Tally+ line of credit and compared that to the interest they would pay without Tally until their credit card balances are fully repaid. For each borrower we used: (a) their average APR weighted by their initial credit card balances and APRs; (b) an average monthly payment of 3% of their credit card balance(s); (c) average monthly credit card transactions of 0.8% of their credit card balance(s). We assumed the borrower received Tally+ discount credit every month and we deducted annual fees from any potential savings. Actual savings will vary based on factors such as each user’s credit card APRs, the total payments made, and additional credit card charges.
3 Individual Savings Claims – We calculated each customer’s interest savings based on payments Tally made on their behalf to their credit cards with a higher APR than their Tally line of credit. We compared the total daily interest that would have accrued with and without Tally based on the difference between their credit card APR and the APR for their Tally line of credit. We excluded payments made to cover minimum payments to cards with a lower APR than Tally or to cards that were in a grace period at the time of payment.
We compared how long it would take for a user to pay off their credit card debt if they had received and accepted a Tally+ line of credit and compared that to how long it would take for a blog link user to pay off their credit card debt without Tally
4 Late Fee Protection – With a Tally line of credit, late fee protection is available on linked credits cards for users who are current on their account, in good standing, and have provided accurate credit card and bank account information.
5 Tally+ Member Discount – Tally+ Member Discount: With Tally+ you get discount credits applied to your Tally principal balance each month effectively lowering your annual interest. Tally+ members who pay at least the Tally minimum on time each month receive the discount.