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Tally line of credit review

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Can this app help you pay off and manage your credit card debt?

  • Best for managing ongoing credit card debt.
  • Pick something else if you want to fully consolidate and pay off your credit cards.

$20,000

Max. Loan Amount

7.9% to 25.9%

APR

660

Min. Credit Score

Details

Product NameTally line of credit
Min. Loan Amount$2,000
Max. Loan Amount$20,000
APR7.9% to 25.9%
Interest Rate TypeVariable
Min. Credit Score660
Check my rate

Expert review

Anna Serio

Review by


Anna Serio is a trusted loans expert who's published more than 950 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.

Expert review

Tally’s line of credit is best for individuals with strong credit who are struggling to pay off multiple credit cards. The app allows you to manage your monthly credit card payments all in one place. And if you sign up for its Tally Pays option, it makes your credit card payments for you, so you’ll never have to pay another late fee. Its Tally Advisor feature also helps you come up with a strategy to pay off your credit cards faster and save the most on interest.

However, you’ll need to live in Washington, DC or one of the 30 states it services to qualify. And you need to have a FICO score of at least 660 to meet its minimum credit requirements. It also might not be ideal if you have more than $20,000 in debt — where its credit line maxes out. In that case, you might want to consider taking out a personal loan for debt consolidation instead.

Rates as of November 5, 2019.

WATCH: our one-minute take

What exactly is Tally?

Tally is a debt management app that provides several services — all of which require qualifying for its line of credit designed to help you manage your credit card debt. But it’s not your typical debt consolidation loan. You can continue using and paying off your credit cards while Tally manages your monthly payments. It’s also a revolving line of credit, so there’s no fixed term or set monthly repayments.

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How does Tally work?

Tally fully pays down your credit card balances each month. If your credit limit is too low to cover all of your high-interest balances, its algorithm prioritizes which balances to pay down first. Along with trying to pay down your high-interest balances, Tally also helps handle your credit card monthly payments.

In return, Tally charges one minimum monthly repayment on its line of credit. Since many credit cards come with APRs higher than a Tally line of credit, this can help you save on interest. Tally also makes recommendations on how much you should pay each month to get out of credit card debt faster.

How much does Tally cost?

Tally lines of credit range from from $2,000 to $20,000. It charges variable rates ranging from 7.9% to 25.9% — and like your credit card, these will fluctuate based on the prime rate.

Using the Tally app is free, and it doesn’t charge any maintenance, account, late payment, over-limit or prepayment fees. The only cost you’re responsible for paying is the interest on your Tally line of credit.

You’re only required to make minimum payments on your line of credit. But to really pay off your debt, use the calculator below to estimate how much it might cost to pay down your principal.

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How it works

The credit limit and rates you qualify for depend on your credit history. While Tally expects you to have some debt, you will need to have good credit to be eligible. This may not mean you get the lowest rates. High income, minimal debt and excellent credit may help you score an APR lower than your credit card providers offer so you can save more money on interest.

What do I need to qualify?

To qualify for a Tally line of credit, you need to meet the following criteria:

  • At least a 660 credit score
  • Live in an eligible state
  • Own an eligible credit card

Where is Tally available?

While Tally has plans to expand across the US, residents of these states won’t be eligible:

  • Alabama
  • Alaska
  • Delaware
  • Hawaii
  • Indiana
  • Kansas
  • Kentucky
  • Maine
  • Mississippi
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • North Carolina
  • North Dakota
  • Rhode Island
  • Vermont
  • Virginia
  • West Virginia
  • Wyoming

Which credit cards are eligible?

Tally currently supports most cards from the following banks and retailers:

  • Amazon Store
  • American Eagle
  • American Express
  • Bank of America
  • Barclays
  • Best Buy
  • Capital One
  • Chase
  • Citi
  • Discover
  • Fifth Third Bank
  • First Bankcard
  • Home Depot
  • Macy’s
  • PNC Bank
  • Sears
  • TJMaxx
  • Target
  • US Bank
  • Walmart
  • Wells Fargo

What information do I need to apply?

You’ll need to provide some basic information about yourself and your credit score. In addition, you should have all your credit cards on hand — or at least have their numbers ready to enter.

Pros

  • Quickly manage multiple credit card payments
  • Late payment protection
  • No fees
  • Low starting APR

Cons

  • Maximum credit limit set at a low $20,000
  • Not all credit cards supported
  • May have higher rates than your current cards
  • Good to excellent credit of 660 and up required

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Is Tally legit?

Yes, Tally is a legit service with a secure website and apps available on both Google Play and the App Store. Its privacy policy covers how your information is collected and used. While your information can never be 100% secure, Tally states that it uses standard security measures to help protect your information from hackers.

Does Tally get good customer reviews?

BBB accreditedNo
BBB ratingNot rated
Appstore score4.5 out of 5 stars, based on 13,200 customer reviews
Google play score4.3 out of 5 stars, based on 3,623 customer reviews
Customer reviews verified as of09 June 2020

While Tally gets decently high reviews from its users, many complain about problems with the app and an overall lack of functionality. However, most agree that the service Tally provides is useful and has helped them manage their credit card debt. And when there are problems, users say that its customer service team is very responsive.

How do I apply?

Before you sign up, make sure you meet Tally’s eligibility requirements. If you do, follow the steps outlined below:

  1. Using your phone, click Check my rate on this page and download the app.
  2. Watch the video to learn more about how it works or click Start Saving!
  3. Swipe left to preview the process, until you get to the first part of the application. Enter your first and last name.
  4. Create an account by entering your email and password. Click Continue.
  5. Select your estimated credit score range and click Continue.
  6. Double-check that Tally works with your credit cards, then click Let’s go.
  7. Either scan your credit card or enter your card numbers manually to add a card.

What happens after I apply?

Tally runs a soft credit check and reviews your card balances. If you’re eligible, it should tell you what rates and credit limit you qualify for. Follow the directions to agree and sign up if you’re okay with Tally’s offer. The whole process can take as little as 10 minutes.

You can use the Tally app to keep track of and manage your credit card payments. During the signup process, Tally determines the best payment preference for each of your cards, depending on its interest rate compared to your Tally APR. However, in the Tally app, you can change each of your cards’ payment preferences yourself.

Tally’s automated debt manager will recommend how much to pay each month to reduce your credit card debt and save on interest. Its monthly recommendation adjusts with changes in your spending habits or if you change the timeline for when you want to get out of debt.

You can also see how making extra repayments can help you get out of debt faster. It’s sort of like a robo-adviser for credit card debt and is ideal if you want to pay down your debt but don’t know where to start.

How do repayments work with Tally?

You can sign up for automatic payments with Tally Pays or make manual payments with You Pay. With either option, Tally automatically registers all accounts for late fee protection, where Tally makes minimum monthly payments if it notices you haven’t made your payments at least two days before they’re due. You Pay users can disable this feature in payment preferences for specific cards to avoid being charged twice.

Tally Pays

If you opt for Tally Pays, Tally automatically sends payments two days before your credit cards’ due dates. It uses this payment to cover the minimum payments on your lower interest credit cards. Then the rest of the funds are used to pay off the principal and interest on your Tally line of credit. You’re then charged one monthly bill.

While you have to make minimum monthly payments on your Tally credit line, you can pay more with no prepayment penalties. And if you happen to go over your Tally credit line limit, it doesn’t charge over-limit fees.

You Pay

Want to choose how much you pay each month? Sign up for You Pay instead. You can make your credit card payments directly through the Tally app using a linked checking account or through your credit card’s app or website.

If you pay through Tally, your account is automatically updated with the payment. But if you chose to pay through your credit card provider’s website, it can take several business days for the Tally app to update your account, which could impact your late payment protection.

Ask an expert: What’s next for Tally?

Tally CEO

Jason Brown

CEO and cofounder of Tally

We just announced that we’re doing an automated savings service that will also integrate into the credit card payment flow. This means if you do have credit card debt, it will automatically save money for you and allocate it to the right credit card.

With this, we’re trying to solve the two most common problems facing Americans: Eliminate credit card debt and build up an emergency fund. We’re starting here because these are the two bases of the pyramid of needs.


And then from there, it will be about eliminating other kinds of debt and building out bigger savings to help Americans save for larger goals.

Tally can help you save on interest while you continue to use your credit card. But if you have over $20,000 in debt, consider a personal loan for debt consolidation instead.

Frequently asked questions

Pictures: meettally.com

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