Tally

Manage & Pay Off Credit Card Debt Faster

13 followers

Manage & Pay Off Credit Card Debt Faster

13 followers

Finance

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Budgeting apps

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Credit score tools

Tally Technologies, Inc. The company's smartphone app helps its users pay down their credit card debt, based on an analysis of their personal financial profiles and a new line of credit it provides with a lower interest rate.

Launch tags:iOS•Fintech•Tech

Launch Team

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Promoted

@jason_brown2 Still struggling with what is the real benefit of opening a Tally LOC? I'm assuming that Tally LOC customers are banked, have a "better" credit score, and have regular income that is sufficient to cover living expenses, debt payments, and minimum payments on credit card balances. They have access to funds that cost less than a Tally LOC. >>Do people with the $$ to pay for cc payments rack up fees because they...forget/don't bother to pay? How common is this? Stigma around it?

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9yr ago

Tally

Maker

@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!

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9yr ago

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

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9yr ago

@jason_brown2 How does Tally maintain a payment account connection without storing usernames and passwords? Why is APR = interest rate for the LOC?

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9yr ago

Tally

Maker

@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.)

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9yr ago

@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.

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9yr ago

@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.

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9yr ago

Product Hunt

Hunter

Very interesting approach to finance automation. Tally aggregates your credit cards to make it easy to monitor your balance, interest rates, etc. The team raised $17M from Shasta and Cowboy VC before today's public launch. Big swings. 😊

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9yr ago

The Twenty Minute VC

@rrhoover working with founders as hardworking and ambitious as @jason_brown2 and @jasperplatz, going after a huge consumer pain point, is what makes the venture business such a thrill.

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9yr ago

Huge fan of @jason_brown2 and the team at Tally for 2 years of hard work, foundational infrastructure and regulatory work to bring this ambitious service to consumers! So excited to support a service bringing peace of mind to millions with anxiety over credit card debt.

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9yr ago

Tally

Maker

@joanneyuanyuan thanks Joanne! It has been an awesome journey.

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9yr ago

i'm confused. is this like prism: a place to streamline bill paying? or what are the competitive advantages?

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8yr ago

Hyper

Absolutely love this and could not be more excited for the future ahead for Tally! Such a special product and team!

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9yr ago

Birch 2.0

I think it's an interesting service and people who are looking to pay down debt can benefit from lower interest rates. Design is beautiful and didn't run into any glaring onboarding issues, but I wish I would have known pre signing up (and maybe I missed it) that the only way the app is functional is by actually opening a line of credit. So you're aware, at that point I had to email support to delete my account because it didn't provide and further value to me. And even though I've built an app that asks users for banking credentials, I was honestly a bit terrified to provide my login + my credit card numbers. I'd be keen to hear how onboarding goes with cold users, it seems like there's a relatively big challenge of getting someone to: 1) Provide all of their credit & debit card numbers 2) Provide all of their bank logins 3) Open up a line of credit

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9yr ago

Tally

Maker

Hi @alexcohenbirch, We’re sorry it wasn’t clear up front that you need a Tally credit line. We’ve tried to make it clear before you enter any information but it sounds like we can improve that experience. The Tally line isn’t just for consolidation though; it allows us to do things like guarantee that our users will never pay a credit card late fee (there are $11B in late fees every year in the US). The best part is it doesn’t negatively impact your credit. In fact many of our users report that Tally improves their credit score which is a win win. We understand that we ask for a lot of personal information. Security is our number one priority. Usernames and passwords are never stored, your information is transmitted using SSL and all personal information is encrypted using bank-level security. We built the product with security in its DNA. But yes, users do need to trust us which is a challenge in many businesses. I can’t share our conversion metrics, for obvious reasons, but generally people are willing to share information to gain the benefits of Tally.

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9yr ago

Birch 2.0

@jason_brown2 Understood. It may have just been my skimming/misinterpretation of the product. There's definitely a big market for debt pay and I think you guys have one of the more compelling products versus a generic savings app which either moves money into a savings account or recommends a 0% balance transfer card. Which leads me to a few other questions: 1) How long does it typically take someone to pay off their debt? If it's sub 13 months and your target market is near prime + consumers, what's the advantage of Tally vs a 0% introductory card and a good debt payoff plan? 2) In the event of a breach and fraudulent charges due to me inputting my physical card numbers, does using Tally void me of fraudulent protection from my bank? I know with usernames/passwords it typically does. I don't mean to be overly negative, so I will say, the design is absolutely gorgeous!

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9yr ago

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