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Tally app review 2021

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

Pros

  • Offers personalized payoff strategies
  • Gives you one monthly bill
  • Member discounts for on-time payments
  • Check rates without affecting your credit
Cons

  • $300 annual fee on line of credit
  • $4.99 monthly fee for debt management
  • No line of credit over $30,000
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Our take on Tally

Tally offers a line of credit and debt management service to help users get out of credit card debt. But it’s more than just a debt consolidation product. Tally offers features that help you avoid late fees and overdrafts, and has payment strategies to get out of debt faster, at a lower cost.

Rates and fees on the Tally+ Express line of credit rates are low enough to help most credit card holders save on the interest. In the best cases, savings are high enough to make up for the $300 annual fee. Even the $4.99 monthly fee that comes with Tally could be worth it if you’re not sure how to find the right debt payment plan.

But it’s worth considering other debt consolidation options before you sign up. I’ve reviewed several debt consolidation loans that offer lower interest rates, fewer fees and higher maximum loan amounts. These generally don’t offer perks like debt payment strategies you’ll find with Tally — and may be more difficult to qualify for.

Details

Min. Loan Amount$2,000
Max. Loan Amount$30,000
APR7.9% to 29.99%
Interest Rate TypeVariable
Min. Credit Score660

Tally is an automated debt payoff app

Tally is an app that offers two products to help you get out of credit card debt: a debt management service called Tally, and a line of credit called Tally+ Express.

Previously, Tally offered a product called Tally+ — a line of credit with no annual fees, but fewer discounts than Tally+ Express offers. Tally+ is no longer available.

Tally takes the work out of creating a debt payoff plan

Tally’s credit card management service helps you choose a debt payoff plan that fits your priorities and then automates your credit card payments. To use Tally, all you need to do is upload your credit card and bank information to the app.

After you’ve added your information, you’ll have the option to pick your debt payoff strategy depending on your personal goals. 

  • The avalanche method prioritizes accounts with the highest interest rates first, for the most savings.
  • The snowball method prioritizes accounts with lowest balances for quick wins to keep you motivated.
  • The credit score factors method prioritizes accounts with the highest credit utilization ratio, to help improve your credit score quickly.

After you select your plan, Tally does the rest of the work by automatically paying down your credit cards each month. You’ll be able to track your progress through the Tally app.

Tally+ Express includes a line of credit for lower rates

Tally+ Express works like Tally with more features, like access to a line of credit and late payment protection. Here’s what to expect from Tally+ Express.

  • Tally+ Express uses the line of credit to automatically pay off up to $30,000 of your credit card debt, so you can take advantage of lower interest rates.
  • The Tally+ Express line of credit is revolving, meaning that you can add more credit card debt to the credit line as you pay it down.
  • Tally rewards on-time payments with discounts to keep you motivated.
  • Tally automatically makes minimum credit card payments you’ve missed to help you avoid late fees.
  • If you max out your Tally line of credit but are in danger of late fees, the app advances you the minimum monthly payment and adds it to your next Tally payment at no extra charge.

Tally+ Express beats your credit card rates — if you qualify

Tally won't approve you for a Tally+ Express line of credit unless you qualify for a lower rate than you're currently paying on your credit cards. If you're ineligible for a lower rate, the app will suggest using the debt management app instead. Here's how much both products cost.

  • Tally charges a $4.99 monthly fee for the basic debt management app. But you’ll still pay the same interest rates your credit card providers offer.
  • The Tally+ Express rates range from 7.9% to 29.99% APR. Like credit cards, rates are variable and change based on the Wall Street Journal Prime rate.
  • The Tally+ Express APR includes a $300 annual fee — equivalent to $25 a month — which it adds to your line of credit rather than charging upfront.

Tally also offers rate discounts if you pay the minimum on your Tally line of credit every month for 12 months. The average discount is 4%, according to Tally's website.

How to get a low rate

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. Just qualifying may not mean you get the lowest rates. High income, minimal debt and excellent credit can help you score an APR that's lower than what your credit card providers offer — so you can save more money on interest.

Other debt consolidation products may have fewer fees and higher limits

Here’s how Tally compares to two similar debt consolidation loans, Payoff and SoFi.

Like Tally, Payoff’s personal loans are specifically designed to pay off credit card debt. It has a higher maximum loan amount and slightly lower rates than Tally offers. But it’s far from automated, can take up to five days receive your funds. And it's a loan, so it isn't revolving.

SoFi personal loans come with some of the lowest rates available and no fees — though it's generally more difficult to qualify for than Tally+ Express. It offers much higher loan amounts than Tally. And while it doesn’t offer debt payoff strategies or late fee protection, it has several member perks including rate discounts and financial planning.

3 eligibility requirements for Tally+ Express

Anyone can qualify for Tally by signing up and connecting their credit card accounts. But to qualify for a Tally+ Express line of credit, you must meet three minimum requirements.

  1. Personal credit score of 660
  2. Not a resident of Montana, Nevada or West Virginia
  3. Have at least one eligible credit card

Tally works with most bank and retail credit card providers. You can check to make sure your credit card qualifies on the Tally website — or when you sign up.

Tally reviews are mostly positive

BBB accreditedNo
BBB ratingD-
BBB customer reviews1 out of 5 stars, based on 1 customer reviews
BBB customer complaints3
Trustpilot score4.4 out of 5 stars, based on 144 customer reviews
App Store score4.5 out of 5 stars, based on 15,476 customer reviews
Google Play score3.8 out of 5 stars, based on 4,182 customer reviews
Customer reviews verified as of12 July 2021

Tally customers leave mostly positive reviews — though there are a few complaints.

  • Positive reviews come from customers who say they’ve saved money and improved their credit scores by using the app.
  • Negative reviews mainly come from users who are disappointed that Tally doesn’t support all of their credit cards.

Some users are also uneasy about how automated the debt payoff program is, even though they like the app overall. If you’re the kind of person who wants to have absolute control over how you pay off your credit cards, Tally might not be for you.

How to sign up

You can sign up for Tally by creating an account on the Tally website and downloading the app. Once you’re logged in, connect your credit cards and wait for Tally to run a soft credit pull that doesn’t affect your credit score. 

If you’re eligible for Tally+ Express, you’ll have the option to sign up for the line of credit. Otherwise, continue to pick your debt repayment plan and start automating your payments.

Tally+ Express users are required to make a minimum monthly payment toward their line of credit after signing up. Typically these are due one month after you activate your account

Tally is a legitimate debt payoff app and lender

Tally CEO Jason Brown created the app after watching his family struggle with financial decisions during his childhood, hoping to create an easier solution to get out of debt. Since its founding in 2015, the app has won accolades from publications such as Business Insider and Forbes. Tally CEO Jason Brown even made an appearance on Against The Rules podcast, hosted by Moneyball author Michael Lewis.

But it gets a D- rating from the Better Business Bureau (BBB) because it received three complaints but failed to respond to one, and because it's been in business a relatively short amount of time.

Not sure about Tally? See how it compares to our picks for the best debt consolidation loans and the best balance transfer credit cards before you sign up.

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