© 2023 Tally Technologies, Inc.
Tally Technologies, Inc. (NMLS # 1492782 NMLS Consumer Access, [See Licenses]). Lines of credit issued by Cross River Bank, Member FDIC, or Tally Technologies, Inc. ("Tally"), as noted in your line of credit agreement. Lines of credit not available in all states.
Loans made by Tally pursuant to California FLL license or other state laws.
TO REPORT A PROBLEM OR COMPLAINT WITH THIS LENDER, YOU MAY WRITE OR CALL Customer Service, P.O. Box 411165, San Francisco, CA 94141, [email protected], (866) 508-2559
New Mexico Only: This lender is licensed and regulated by the New Mexico Regulation and Licensing Department, Financial Institutions Division, P.O. Box 25101, 2550 Cerrillos Road, Santa Fe, New Mexico 87504.
To report any unresolved problems or complaints, contact the division by telephone at (505) 476-4885 or visit the website https://www.rld.nm.gov/financial-institutions/.
*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 APR (which is the same as your interest rate) will be between 7.9% - 29.99% per year and credit lines will be between $2,000 - $20,000. The APR will vary with the market based in the Prime Rate.
Privacy Policy—Terms & Conditions—Accessibility
1Get out of credit card debt faster - Average Tally member line of credit APR (20.49%) and credit card APR's (25.99%) calculated in September 2023 for member accounts active during October 1, 2022 - May 1, 2023. With a lower APR, your payments can reduce the loan balance faster.
3Individual 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.
4Late Fee Protection – With a Tally line of credit, late fee protection is available on linked credit cards for users who are current on their account, in good standing, and have provided accurate credit card and bank account information.
As an expert in personal finance and financial technology, I've closely examined the provided text from Tally Technologies, Inc., and I'm well-versed in the concepts related to lines of credit, APR (Annual Percentage Rate), credit history, and financial regulations.
Firstly, let's delve into the key concepts mentioned in the article:
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Lines of Credit: Tally Technologies, Inc. offers lines of credit to individuals. A line of credit is a flexible borrowing arrangement that allows users to borrow up to a specified limit. It's a financial product that provides users with the ability to borrow funds as needed, and interest is only charged on the amount borrowed.
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APR (Annual Percentage Rate): The APR is a critical component when evaluating the cost of borrowing. It represents the annualized cost of borrowing, including both interest and fees expressed as a percentage. In the context of Tally, the APR for its lines of credit ranges between 7.9% and 29.99% per year. This rate is influenced by the individual's credit history and is subject to market fluctuations based on the Prime Rate.
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Credit History: The text emphasizes that eligibility for a Tally line of credit is contingent on the individual's credit history. The APR offered is directly tied to the creditworthiness of the applicant. A positive credit history generally leads to a lower APR, while a less favorable credit history may result in a higher APR.
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Financial Regulation: The mention of licenses and regulations, such as the California FLL license and oversight by the New Mexico Regulation and Licensing Department, indicates that Tally Technologies, Inc. operates within the framework of financial regulations. This ensures compliance with state laws and consumer protection measures.
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Privacy Policy and Terms & Conditions: The text references the Privacy Policy and Terms & Conditions, highlighting the importance of users being aware of the terms governing their use of Tally's services. Privacy policies typically detail how user data is collected, used, and protected.
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Late Fee Protection: Tally offers late fee protection on linked credit cards for users who meet specific criteria, including being current on their account, in good standing, and providing accurate credit card and bank account information. This feature can be beneficial in preventing additional charges for late payments.
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Interest Savings and Debt Reduction: Tally promotes the idea of helping users get out of credit card debt faster by offering a lower APR compared to credit card APRs. The text mentions average Tally member line of credit APR (20.49%) compared to credit card APRs (25.99%) and calculates interest savings based on payments made by Tally on behalf of its users.
In conclusion, the information provided by Tally Technologies, Inc. revolves around offering a financial product – the line of credit – with a focus on helping individuals manage credit card debt more effectively through lower APRs, late fee protection, and potential interest savings. The company operates within the regulatory framework and emphasizes transparency through its Privacy Policy and Terms & Conditions.
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