Tally - Helping you pay and organize your credit cards

Thanks @charleyma! We have lots on the roadmap but nothing we can share just yet :)

@kkdub As of now, we do require all users to qualify for and open a line of credit. The Tally line can save users a lot of money depending on their situation but there are lots of other benefits. For example if we detect you're about to miss a payment, or if you might be in danger of a costly overdraft on your checking account, we'll step in and make minimum payments for you. Because we don't charge any transfer fees, we think it's a much fairer option than paying for overdraft protection or trying to play the balance transfer game. While you don't have to have a perfect credit score to qualify, right now you do need to have good or excellent credit. I can't share all the criteria that go into our model, but we do use FICO as an input. As for the costs, downloading the app is free, and many of our users use the line in such a way that they never pay fees or interest to us. But, as described above, you do have to qualify for the line.

@jason_brown2 Sorry you had to answer this twice. In the FAQ & intro on the site, check the material addressing what Tally can do for me if it won't save me $. That's probably where I got the idea that one could use tools w/o formally having a lending relationship. Also should add somewhere that if people aren't approved for LOC, they won't be able to use the tool. The app v application is a distinction that few companies have successfully made _in app_. If this is the only hiccup, you're in great shape!

@kkdub like most modern finance apps, we with work with partners that provide secure connections to banks. Your credentials are securely transmitted via SSL without ever being stored by our system. Why is APR = interest rate for the LOC? This is true because we don't charge any fees. Depending on your credit history, your APR (which is the same as your interest rate) will be between 7.9% - 19.9% per year. And similar to credit card APRs, it will vary with the market based on the Prime Rate. (This information is accurate as of June 2017.)

@jason_brown2 The "no fee" part of the offering isa critical part of the message -- it's the one that I am most excited about. There ARE a zillion offerings that will refi your debt and relieve you of the evil credit card fees 👹 but they have their own "fees." Finserv biz must be profitable, but risk mgmt properly done allows it to be transparent in a way that few other industries can offer.

@jason_brown2 Probably want to say more about credentials or less on web page. Or you'll have a million of us like oooooh how did you do this mahgic tell us.

Hi @thomas_howard1 regulations differ widely state by state. At Tally, we made a decision early on to remain independent and get our lending licenses state by state vs. "renting a charter." While we realize this is a slower route, we felt it was important that we have complete control over our user's experiences.

@jason_brown2 ah ok, do the regulations only apply to the line of credit? It would be super useful to just see some actionable insights around optimizing my cards on their own!

@thomas_howard1 yes, the regulations apply to the line of credit which is required for now, but love the feedback. We have some other things in the works!

Thanks @mccataldo! Our investors have been great. We appreciate the PH community. We've gotten a lot of great feedback.

Thanks @lukegundy! We will keep you posted.

@kkdub sorry, I didn't see this before I responded above. To give you an idea there are $11B in late fees every year in the US or about 12 every second. It is a common misconception that only people with low credit have credit card balances. Check out blog.meettally.com for more information!

@jason_brown2 How often do people with good credit and credit card balances get late fees? That's the equation I'm getting at.