Even Financial, an embedded finance market, announced Tuesday (March 15) that it has partnered with Tally, a financial automation company, in order to boost the company’s low-interest credit offerings.
Per the release, Tally’s services let members pay off their debt faster, saving them money on interest and late fees. Eligible members can also access lower monthly payments with Tally’s lower-interest credit options.
Tally’s launch with Even also helps customers to get matched with the custom Tally credit line quickly, allowing them to complete the process via Tally’s app.
“Tally has built a powerful tech-enabled system to help people solve one of the biggest financial problems today: paying off credit card debt,” Phill Rosen, founder and CEO of Even, said in the release. “We’re thrilled to welcome Tally’s line of credit offerings to Even’s unparalleled network of financial services 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 spin on 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 down their debt but struggle to get started. That’s 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 pay off their credit card debt for good. We’re thrilled that our partnership with Even will allow Tally to help even more people.”
PYMNTS wrote that a lot of consumers, with loan accounts featuring outstanding balances, have been managing those accounts online.
The PYMNTS collaboration report with Finicity, a Mastercard company, found that 61% of consumers have loan accounts with outstanding balances. That encompasses numerous types of accounts, including auto loans and those held by homebuyers and landowners.