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Posted by / 16-Feb-2020 17:32

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It keeps the difference, minus any losses that it has to cover and whatever it needs to run its business. After all, personal loans are available to people with great credit from established banks like Sun Trust, whose interest rates start at a mere 4.99 percent if you pay off the loan fast enough. Brown contends that the two products are not comparable.The business model won’t work, however, unless the loans Tally gives to consumers cost less than the interest rate their card companies are charging. Personal loans are generally for a fixed length of time, but Tally’s line of credit is open-ended, like a credit card.(Credit card issuers have been doing this for decades now.) Mr.Brown boils it down like this: Tally gets money for one price (from the investors who buy that bundle) and sells it (to consumers) at a higher price.Then, he imagined his boss stopping by his cubicle for a word.“‘We don’t have any of that Lending Club paper, do we, son? “The right answer is, ‘No, sir, we don’t.’”If Tally can’t eventually sell its securities, it will probably not last long. Brown said, it has large financial commitments from both Silicon Valley Bank and a high-net-worth family that is an experienced purchaser of such securities.“All we’re doing is shifting accounts from Chase” — or another bank — “into a different pool that has the exact same risk profile, and giving institutional investors access to that,” he said.After they sold that company, their search for a new project led them to ask why people with great credit did not get rewarded with better interest rates on their credit cards.Tally makes its credit lines available to customers with at least a 660 FICO credit score, though you will need one that’s a lot higher to receive its best annual percentage rate, which is 7.9 percent.

Adelson imagined himself as an analyst at an insurance company who helps figure out which asset-backed securities to buy.But should consumers and others whom the company needs to succeed actually trust it?First, a question: If car loan rates for people with good credit are often below 5 percent and mortgage rates are below 4 percent, why do consumers generally pay 15 or 20 percent annually to borrow money from credit card issuers? According to Marc Sacher, executive vice president at the Auriemma Consulting Group, that baseline interest rate is not the whole story for consumers with good credit.But Tally’s problem is that it is starting up at the exact moment when a similar lender, Lending Club, is in deep trouble with regulators and the financiers who make its business possible.Tally could save plenty of people hundreds of dollars in interest and fees a year.

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David Robertson, publisher of the payments industry newsletter The Nilson Report, points to another factor.