Tally app review

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Tally+ Express Line of Credit

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Our verdict

Our verdict

Tally mobile app offers a credit line up to $30,000 for credit card debt consolidation, and it can make your credit card payments for you. It offers customized debt payoff strategies based on your information to get out of debt faster at a lower cost. Plus, you can use the app without the credit line. Additional features include credit card management and late fee protection. Rates and fees on the Tally+ line of credit rates are low enough to help most credit card holders save on the interest. But this product is best for those with balances across multiple credit cards, and the best perks aren't free.

Pros

• Offers personalized payoff strategies to choose from
• Three membership levels
• Can pay your credit cards off automatically for you

Cons

• Tally+ membership is $300 per year
• Not available in Nevada, Vermont and West Virginia

3.7

★★★★★

Finder rating

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Max. Loan Amount

$30,000

APR

7.99% to 29.99%

Minimum credit score

580

What makes Tally shine

Tally calls itself a “debt-fighting” app with an activity monitor, offering customized debt payoff strategies based on your card information. You register your cards with Tally and the app monitors your balances, rates and due dates for you.

The key feature with this app is the ability to get a line of credit (LOC) up to $30,000 that is used to pay off your credit cards immediately that you’ve registered with the app. Then, you repay Tally using the app. Rates on the LOC will range from 7.99% to 29.99%, depending on your eligibility.

Tally states that the average Tally members credit line APR is 14.99%, based on active member accounts from January 2021 to March 2022.

Few fees

Tally doesn’t charge origination fees, prepayment penalties, late fees, balance transfer fees or over-limit fees. Tally states that some of its products don’t require an annual fee — but some do, so watch out for that.

Autopay features and late fee protection

Tally offers multiple features you can use to stay on top of your credit cards balances and help reduce debt.

• Safe Min Pay — A feature that you can add to any of your linked cards. It allows Tally to automatically pay your card’s monthly minimum payment, if you have the available funds. But make sure that you don’t already have autopay set up with your financial institution, or you could deal with double payments each month.
• Late Fee Protection — If you’re enrolled in the Tally+ membership, Tally scans your registered credit cards to see if you’ve made a payment for the month, and if you haven’t, Tally makes the payment for you to help you avoid late fees. You will have to repay Tally by your next Tally due date. Any cards that you have registered with the Tally app are automatically enrolled with Late Fee Protection. It’s an optional feature that can be disabled.
• Debt payoff strategy — As a Tally member, you have a choice from one of three debt payoff strategies — snowball, avalanche or credit score factors — with support to help you stay on track with the plan. You may also make changes to the debt payoff plan anytime.

3 membership options available

You don’t need to get a credit line to use the Tally app. Without a LOC, you’re in the first tier, called Tally membership, which involves no annual fees or membership costs.

If you qualify for the credit line, you can either choose the free Tally Basic membership or the paid Tally+ membership. Tally+ has additional features, like access to a larger LOC and late payment protection.

The Tally app itself is free and you don’t need a credit line to access some of its tools, but you’ll have to pay to gain access to the sweetest features.

Where Tally falls short

While Tally advertises no prepayment penalties, origination fees and so on, the highest membership tier isn’t cheap.

If you want to go with the Tally+ membership — which requires a credit line — it’s a steep $300 annual fee. The $300 fee is pulled out of your LOC automatically, so there’s technically no upfront cost. You pay back some of the fee each month, which equates to $25 per month.

And you may also have an annual fee for the LOC that’s separate from the $300 annual fee.

Features and memberships a tad confusing

While researching this review, we found it a little difficult to separate the perks of each membership tier and locate clear-cut requirements for the credit lines. We dug through Tally’s extensive FAQ section for answers, and while we did find some answers, it could have been more clearly laid out on the site.

We also would have liked clearer names for the member tiers, as they’re all too similar: Tally Membership, Tally Basic Membership and Tally+. It wasn’t immediately clear what the differences were between these tiers, either. And the Tally+ membership used to be Tally+ Express, causing further confusion.

Tally loan details

Tally offers variable rates on revolving credit lines.

How to qualify for Tally

Tally states that most borrowers need a minimum credit score of 580 to qualify for the credit line. Tally doesn’t go into much detail in terms of other requirements needed to qualify, aside from these basic requirements:

• Credit score above 580
• Have at least one eligible credit card
• No recent bankruptcies or delinquencies

Even if you don’t qualify for the LOC, there are still tools you can use within the app.

How to apply

Start on Tally’s website or download the app. Then follow these steps:

1. Create a Tally account and fill out a credit line application.
2. Review offers, if eligible.
3. Accept loan terms.
4. Follow repayment plan and use app features.

How Tally compares to other lenders

Tally+ Express Line of Credit

★★★★★

Finder rating 3.7 / 5

Go to site

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APR

7.99% to 29.99%

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Loan term

No data available

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Loan amount

$2,000 to $30,000

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Minimum credit score

580

Bankrate

★★★★★

Finder rating 4.3 / 5

Go to site

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APR

4.98% to 35.99%

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Loan term

Up to 12 years

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Loan amount

$1,500 to $100,000

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Minimum credit score

Poor to excellent credit

Upgrade personal loans

★★★★★

Finder rating 4 / 5

Go to site

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APR

7.96% to 35.97%

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Loan term

2 to 7 years

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Loan amount

$1,000 to $50,000

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Minimum credit score

620

Tally reviews and complaints

Tally has been in business for the last seven years. In recent years, Tally’s overall ratings and reviews have drastically improved and have many more reviews to reference. In 2021, Tally held a D rating with the Better Business Bureau — as of 2023, it’s up to a B rating.

Tally has mostly positive reviews on Trustpilot, with 74% 5-star ratings. The majority of users cite a positive experience, praising the app for its quick and easy setup, debt management tools and credit line.

Negative reviews commonly report not getting a good interest rate on their credit line, poor customer service and complaints about the app not supporting their credit cards.

We also took a look at app store reviews, with the App store giving Tally 4.5 stars and Google Play ranking it at 3.3 stars. App reviews vary widely, but most users cite a positive experience with setup, ease of use and decent functionality.

Is Tally legit?

Yes, Tally is a legitimate debt management app. Since 2015, Tally claims to have helped users save millions of dollars on credit card interest and late fees.

Tally has also won a few awards, like the Smart Money Award by Real Simple in 2020, and made it in Forbes’ Fintech 50 & Next Billion Dollar Company list in 2020. Fortune also listed Tally on its Best Workplaces in the Bay Area in 2022.