Partner Solutions - Demand
The fact that getting access to (and then paying off) credit has long been a challenge for hard working Americans has been a core driver behind Even Financial’s mission to build our category-leading embedded finance marketplace.
Consumer lending for the purpose of refinancing high-interest debt, however, is not strictly limited to traditional personal loans. As our new partner Tally highlights, line of credit products are an emerging alternative for consumers looking to responsibly borrow funds. For the unfamiliar, you can think of a line of credit as a hybrid between a personal loan and a credit card, in which borrowers can “draw” from an account (up to the credit limit) on an as-needed basis. They then pay back what they owe in accordance with a monthly billing cycle, similar to a credit card.
According to Tally, Americans today owe almost $1 trillion in credit card debt collectively and the average household with credit card debt holds a balance of roughly $7,000. Tally believes that, given the opportunity, many Americans want to aggressively pay down their debt, which they did during the pandemic given the uncertainty and economic shutdown. However, now that pandemic relief programs have ended and people have returned to pre-pandemic spending habits, getting out of debt will likely become harder to do for many.
Enter Tally, which is designed to help its members pay off their debt faster and save them money on interest and late fees. Using Tally, members can lower their monthly payments with Tally’s low-interest line of credit, if eligible. Since 2015, the company has saved consumers millions of dollars on credit card interest charges and late fees, by analyzing users’ financial profiles to determine the smartest and fastest way to alleviate their debt.
“Tally has built a powerful tech-enabled solution to help people solve one of the biggest financial problems today: paying off credit card debt for good,” said Phill Rosen, Founder and CEO of Even. “We’re thrilled to welcome Tally’s line of credit offerings to Even’s unparalleled network of financial services providers.”
The launch of Tally on the Even platform enables consumers to get matched with Tally’s custom, low-interest line of credit accounts of up to $25,000 in just a few minutes. Consistent with most financial services providers available on the Even marketplace, Tally has a fully digital, seamless application process. After getting matched, eligible consumers complete the process through the Tally app with no out-of-pocket costs.
For more about Even’s partnership with Tally, read our full press release.
Disclaimer: The material provided on this site is not intended to provide legal, investment, or financial advice or to indicate the suitability of any Even Financial product or service to your unique circumstances. For specific advice about your unique circumstances, you may wish to consult a qualified professional. Any information or statistical data sourced by Even Financial through hyperlinks, from third-party websites, are provided for informational purposes only. While Even Financial finds these sources to be accurate, it does not endorse or guarantee any third-party content.
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