Tally Review

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 an 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.

How does Tally work?

If eligible (more on that below), Tally gives you a line of credit to help pay off your high-interest debt.

If your credit cards have a higher APR, all your credit card balances are transferred to your Tally line of credit.

Instead of paying the credit card companies directly, you pay down your Tally line of credit. This saves you money on interest and helps you pay down debt up to 2x faster.^[1]

They offer lines of credit starting at $3,000 and up to $20,000.

How to qualify for a Tally Credit Line

Tally will look at the following info to determine if you're eligible for a line of credit:

• Credit score: You'll need a minimum score of 660 for Tally Basic or 580 for Tally+.
  
• Credit history
  
• Employment status
  
• Property status

Tally does not have a minimum income requirement.

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
You can transfer any credit card balances to a Tally credit line when you qualify. 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 card's 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.

Cons

Minimum Credit Score Of 660 for Tally Basic
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.

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Personal Loans: Borrow Between $5k-$100k

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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.

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.

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?

Tally offers two different tiers of service:

Tally Basic
Price: Free (currently available only for iOS users)

This level includes access to Tally's debt payoff and planning features. With Tally Basic, you get a low-interest line of credit (if approved) that will help you pay off debt faster and with less interest.

Tally+
Price: $25/month or $300/year; however, you pay no upfront cost. This fee is prepaid little-by-little from your credit line.

Tally+ offers better discounts and a larger line of credit. You earn discount credits each month on your principal balance. After 12 months of earned credits, your effective APR is lowered by an average of 4%.^[2]

Tally doesn't charge any of the following for their lines of credit:

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

You will pay interest on the line of credit. Your APR depends on your credit score and qualifying factors. Your rate may also fluctuate with the prime rate, as credit card interest rates often do.

Tally+ typically requires a minimum credit score of 580.

How to Sign Up

Using Tally is simple. Start with the following steps:

1. Download the Tally app
   
2. Securely connect your credit card accounts to the Tally app
   
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.

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 date. 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.

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Personal Loans

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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.

References