© 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, Support@meettally.com, (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 a seasoned financial expert with a comprehensive understanding of credit systems and financial technologies, I've closely examined the details provided in the article from Tally Technologies, Inc. The information revolves around Tally's lines of credit, issued by Cross River Bank, and the associated terms and conditions for potential borrowers. Let's delve into the key concepts presented in the text:
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Lender Information:
- The lines of credit are issued by Cross River Bank, Member FDIC, or Tally Technologies, Inc. This indicates a collaborative effort between a traditional banking institution and a financial technology company.
- Tally Technologies, Inc. holds NMLS #1492782 and provides lines of credit as specified in the credit agreement.
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Availability and Regulation:
- The lines of credit are not universally available, indicating potential state-specific regulations governing their issuance.
- The mention of licenses, such as the California FLL license, highlights compliance with state laws in the lending process.
- Specific information is provided for customers in New Mexico, indicating adherence to state-specific regulations and licensing requirements.
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Contact Information and Customer Support:
- Contact information, including a mailing address in San Francisco, an email address (Support@meettally.com), and a phone number ((866) 508-2559), is provided for customer service.
- Regulatory contact details for New Mexico customers are also supplied, demonstrating transparency and accessibility.
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Qualification and Terms of Credit:
- Eligibility for a Tally line of credit requires qualification, emphasizing responsible lending practices.
- The Annual Percentage Rate (APR), equivalent to the interest rate, is disclosed, with a range of 7.9% - 29.99% per year. This is based on the individual's credit history and is tied to the Prime Rate, showcasing a variable rate.
- Credit lines offered range from $2,000 to $20,000, catering to different financial needs.
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Comparative Analysis:
- The article provides a comparison of the APRs between Tally member line of credit (20.49%) and credit card APRs (25.99%) calculated in September 2023. This aims to highlight potential savings for Tally members.
- The emphasis on a lower APR suggests that Tally members can reduce their loan balance faster, especially when compared to credit card APRs.
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Individual Savings Claims and Late Fee Protection:
- Tally makes individual savings claims based on interest savings calculated from payments made on behalf of customers to their credit cards. This is contingent on the difference between credit card APR and Tally line of credit APR.
- Late fee protection is offered to users meeting certain criteria, emphasizing user benefits beyond interest rates.
In conclusion, Tally Technologies, Inc. appears to provide a financial solution aimed at helping users manage and reduce credit card debt through a flexible line of credit with transparent terms, competitive APRs, and additional benefits such as late fee protection. The information presented reflects a commitment to regulatory compliance, customer support, and financial education.
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