The Tally app allows individuals to avoid credit card late fees and get a lower APR. To sign up for the service, the user is asked to scan her credit cards into the app and agree to a soft credit check. If approved, Tally pays off the high-interest cards using a new Tally line of credit with a lower rate.The credit line is a revolving account, which functions like the credit limit on a credit card, and is available to customers with at least a 660 FICO credit score.
Every month, Tally pays each credit card on the user's behalf and then the user makes one monthly minimum payment to Tally. Since Tally’s APRs are less than standard credit card APRs, users can save money on interest and have lower monthly payments.
Tally earns revenue when a user carries a balance. Since the company does not charge any fees such as balance-transfer, annual, prepayment, late- or insufficient-funds fees, the company only generates revenue when a user's Tally APR is less than his or her credit card APR.
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