October 19, 2019

Tally Review

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Tally promises to get you out of debt and save you money while doing it. Read this review to see if this is a debt management advisor that lives up to its claims.

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What Is Tally?

Tally is a free app that combines automated debt assistance and a line of credit to help individuals get out of debt.

Think of Tally as the middleman between you and your credit card companies. It can help you:

  • Pay debts faster
  • Save money on interest
  • Avoid late fees
  • Manage your credit cards

It continuously analyzes your credit card accounts to make sure your bill is paid on time. It also helps you figure out which cards should be paid first.

Balances on your existing credit cards will be transferred to your Tally line of credit if they have a higher APR. This will help you save money on interest and will help you pay off your debt quicker.

Who Would Benefit from Tally?
Tally is best suited for individuals who struggle to get out of credit card debt. If you find it difficult to successfully pay off multiple cards with different balances, Tally may be right for you.

Pros

Tally Does the Number Crunching For You
Tally will look at each card balance to figure out the optimal payment amount to make on each and which one to pay off first.

Save Money With A Lower APR
When you qualify, you can transfer any credit card balances to a Tally credit line. Assuming the APR is lower, that means you'll save on interest charges to pay off your debt faster.

No Overlimit Fees
If you use your entire Tally credit line, Tally will still pay your credit cards' minimum payments without charging additional fees.

In exchange, they require you to pay the amount they paid back plus interest by your next Tally credit line due date.

Secure System
Tally uses SSL encryption and doesn't store your usernames or passwords. They also never sell or share your personal information without your approval.

Late Fee Protection
If your credit line is in good standing, Tally will check all credit cards before their due date to make sure the minimum payments have been made.

If you didn't make a payment, Tally uses funds from your credit line to make the minimum payment. If you prefer not to have this protection, you can cancel it in your preferences.

You can contact Tally's customer support by emailing support@meettally.com or by calling (866)-50-TALLY Monday - Friday, 8AM to 5 PM PST.

Cons

Minimum Credit Score Of 660
You'll need a decent credit history for approval. A few late payments or excessive credit card debt can cause your score to drop below this limit.

Not Beneficial For All Users
Tally only comes in handy for consumers who have high APRs on their credit cards. If you have promo rates or low APRs, you won't be saving any money on interest.

Tally only operates in Arkansas, California, Colorado, Connecticut, Washington, D.C., Florida, Georgia, Illinois, Idaho, Iowa, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Mexico, New Jersey, New York, Ohio, Oregon, Oklahoma, Pennsylvania, South Carolina, South Dakota, Texas, Utah, Washington, and Wisconsin.

If you don't live in one of the above states, you can't take advantage of their service.

Tally's Features

Debt Advisor
Tally Debt Advisor works as your automated assistant to determine the best monthly payments to make. With your payments optimized, you may be able to get out of debt faster.

Tally Pays
Tally offers a credit line to pay off your existing debt. You can make one payment rather than sending multiple payments to each creditor. Repayment must be made with your next monthly payment.

With Tally Pays, you don't have to worry about late or over-the-limit fees.

Credit Manager
This tracks your APRs, due dates, and balances. It helps prevent the confusion of managing multiple cards from different issuers on your own.

You Pay
When choosing You Pay, you are required to send the payments to your credit cards on your own. Tally still sends you reminders of your due dates. You can also pay your credit cards through the Tally app to keep everything in one place.

Disable Tally's Late Fee Protection to make payments on your own. But if Tally can't register that you made your payment within a few days of the due date, they may send another payment on your behalf to avoid a late fee.

This will become a duplicate payment, and you would then owe Tally the amount they paid.

Tally Debt Advisor
Tally Advisor customizes your recommendations based on how you use your credit cards and your desired goals. You enter the date you want to be debt free and Tally Advisor tells you how to make that happen.

Their algorithm calculates the perfect strategy to pay your debts off faster than just making the minimum payments.

What Does Tally Cost?

The Tally app is free to download and use. Tally also doesn't charge any of the following:

  • Annual Fee
  • Prepayment Fees
  • Origination Fee
  • Balance Transfer Fee
  • Late Fees
  • Over-the-Limit Fees

You will pay interest on the line of credit. The APR can range between 7.9% and 25.9%. Your rate may also fluctuate with the prime rate, as credit card interest rates often do.

The actual rate you receive depends on your credit score and qualifying factors. Keep reading to see how to qualify.

How to Sign Up

Using Tally is simple. Start with the following steps:

  1. Download the Tally app
  2. Scan your credit cards
  3. Enter your personal information for the line of credit approval

Once you get approved, you can let Tally make your payments for you and save money on credit card interest and late payments.

In most cases, you need a credit score of at least 660 to secure a Tally credit line. They also look at others factors, including:
  • Credit card balances
  • Interest rates
  • Spending history

How It Compares

Tally's main competition is a personal loan. Consumers with a credit score of at least 660 may also be eligible for a personal loan from their bank or an online lender.

A personal loan typically offers:

Lump Sum Payment
A personal loan eliminates all or most of your credit card debt at once. This may help your credit score increase faster as your credit utilization rate declines quickly.

Fixed Interest Rates
While Tally's interest rates fluctuate with the market, personal loans typically offer a fixed interest rate for the term of the loan.

Fixed Payoff Date
If you make your payments on time, you'll know when your loan is paid off. With Tally, you may have an estimated payoff debt. But if plans change or you use your credit cards in the interim, the date changes.

Fixed Credit Line
Unlike your Tally credit line, a personal loan gives you one lump sum of money. Once you spend it, it's gone. Tally's credit line is available as long as you have an open account and you make your payments on time.

If you plan on using your credit cards after paying them off, the open credit line may be a better choice.

Bottom Line

If you feel like you are in over your head in credit card debt, Tally can be a good solution. It essentially takes over your credit card management and pays the cards automatically.

You'll still owe monthly payments, but it becomes one monthly payment to Tally with lower interest rates.

However, if you don't carry credit card balances or have low APRs, you may be better off managing the debt yourself or consolidating it with a personal loan.

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About CreditDonkey®
CreditDonkey is a stock broker comparison website. We publish data-driven analysis to help you save money & make savvy decisions.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

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CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You should consult your own professional advisors for such advice.