Even Financial Launches Tally Line of Credit
Even Financial, an integrated financial market, announced on Tuesday (March 15) that it has partnered with Tally, a financial automation company, to bolster the company’s low-interest credit offerings.
According to the release, Tally’s services allow members to pay off debt faster, saving them money on interest and late fees. Eligible members can also access lower monthly payments through Tally’s low interest credit options.
The launch of Tally with Even also helps customers be quickly matched with the personalized Tally line of credit, allowing them to complete the process through Tally’s app.
“Tally has built a powerful, technology-based system to help people solve one of today’s biggest financial problems: paying off credit card debt,” said Phill Rosen, Founder and CEO of Even, in the press release. “We are delighted to welcome Tally’s line of credit offerings to Even’s unparalleled network of financial service providers.”
Meanwhile, Jason Huynh, vice president of credit, analytics and operations at Tally, cited the high amounts of debt many Americans owe as a positive interpretation of why the partnership is necessary.
“Americans today owe nearly $1 trillion in credit card debt,” Huynh said. “We know from our research that many want to pay off their debt but are struggling to get started. This is where Tally comes in.
“Our system combines financial automation with a low-interest line of credit to give people the help they need to get on track to paying off their credit card debt for good. We’re thrilled that our partnership with Even allows Tally to help even more people.
PYMNTS wrote that many consumers, with loan accounts with outstanding balances, manage those accounts online.
Read more: 72% of consumers manage their loan accounts online
The PYMNTS collaboration report with Finicity, a Mastercard company, found that 61% of consumers have loan accounts with outstanding balances. This encompasses many types of accounts, including car loans and those held by homebuyers and property owners.