Can this app help you pay off and manage your credit card debt?
| Product Name | Tally Line of Credit |
|---|---|
| Min. Loan Amount | $2,000 |
| Max. Loan Amount | $20,000 |
| APR | 7.9% to 19.9% |
| Interest Rate Type | Variable |
| Requirements | Have 660+ credit score, pass a soft credit check, live in an eligible state and have a credit card that Tally supports. |
- Have a credit score over 660.
- Live in an eligible state.
- Have a credit card that Tally supports.
Rates as of April 8, 2019
What exactly is Tally?
Tally is a debt management app that provides several services, all of which require qualifying for and accepting a line of credit that is used to help you manage your credit card debt. Its credit limits run from $2,000 to $20,000 with rates ranging from 7.9% to 19.9% APR (varies with the Prime Rate). The credit limit and rates you qualify for depend on your credit history.
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.
How does a Tally line of credit work?
A Tally line of credit works by fully paying down your credit card balances with a Tally Line of Credit with variable APRs that between 7.9% to 19.9%. 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 paying down your high-interest balances, Tally helps handle your credit card monthly payments. You can sign up for Tally Pays, which lets the app automatically make minimum monthly payments on your credit cards two days before they’re due using your line of credit. Or, you can sign up for You Pay and manually make payments through the app from your checking account. You still need to qualify for a line of credit if you want to use You Pay.
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.
What are the benefits of a Tally line of credit?
In addition to helping you save on interest and allowing you to make one monthly payment for all of your cards, Tally offers the following benefits:
- Continue to use your cards. You can use your cards as you normally would with a Tally line of credit.
- No fees. Tally allows you to go over your limit to cover the monthly minimum repayments on your credit cards without over-limit fees. You also won’t be charged fees for repaying early or late payments.
- Revolving credit. Your Tally line of credit balance renews as you pay it off and doesn’t have an end date.
- Tally Advisor. Tally’s automated debt manager recommends how much to pay each month to reduce your credit card debt and save more on interest.
What should I watch out for?
Though Tally has plenty of benefits, there are a few potential drawbacks that you should be aware of:
- Not available in all states. Tally is currently only available in 30 states, though it has plans to expand.
- Doesn’t support all cards. It only works with credit cards from a limited number of banks.
- Can’t consolidate more than $20,000 at once. While Tally with balances over $20,000 are able to benefit from the app, a personal loan might be a better solution if you want to consolidate a larger balance all at once.
Compare more personal loan providers
What do users say?
Tally gets mostly positive reviews from its users as of April 2019. On iTunes, it scores an average 4.5 out of 5 stars based on over 5,600 reviews. Google Play users give it a slightly lower 3.6 out of 5 stars, based on over 950 reviews.
The main complaints were from users who didn’t have a high enough credit score to qualify. A few were also annoyed that they couldn’t upload all of their high-interest credit cards. However, the majority were happy with how easy it was to sign up and save on their credit card rates.
Am I eligible?
To qualify for a Tally line of credit, you must:
- Have a credit score over 660.
- Live in an eligible state.
- Have a credit card that Tally supports.
Simply meeting these minimum requirements might not be enough to get approved for a Tally line of credit — other factors go into the underwriting process as well, such as your credit history.
Eligible credit cards
Tally currently supports most cards from the following banks:
- 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
Eligible states
While Tally is currently only available in the following states, it has plans to expand:
- Arkansas
- California
- Colorado
- Connecticut
- Florida
- Georgia
- Idaho
- Illinois
- Iowa
- Louisiana
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Missouri
- Montana
- New Jersey
- New York
- New Mexico
- Ohio
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Washington
- Washington, DC
- Wisconsin
How do I sign up?
- Using your phone, click the Go to Site button on this page and download the app.
- Watch the video to learn more about how it works or click Let’s Get Started.
- Swipe left to preview the process, until you get to the first part of the application. Enter your first and last name and click Continue.
- Create an account by entering your email and password. Click Continue again.
- Select your estimated credit score range and click Continue.
- Double-check that Tally works with your credit cards by clicking Which cards do we support? Then click Let’s Go.
- Either scan your credit card or enter your card numbers manually to add a card.
Wait for Tally to run a soft credit check and review your card balances. If you’re eligible, it should tell you what rates and credit limit you qualify for. If you accept, follow the directions to agree and sign up. The whole process can take as little as 10 minutes.
I got a Tally line of credit. Now what?
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.
If you want to have your cards paid down and avoid late fees, sign up for Tally Pays. Tally Pays allows the app to pay at least the minimum amount due on your cards to try to save you money on interest and fees. The payment setting automatically covers your minimum monthly payments two business days before they’re due. If you choose this option, Tally recommends that you turn off automatic payments on these cards.
Want to choose how much you pay each month? Sign up for You Pay instead. You can make payments from your checking account directly to your cards through the Tally app.
With both options, 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 the You Pay payment preferences for specific cards.
Bottom line
A Tally line of credit can help you save on interest, make it easier to get out of credit card debt and simplify your repayments. But it’s not available everywhere and isn’t an ideal solution for anyone who’s struggling with a large debt load. Those who are might want to instead consider a personal loan for debt consolidation.
Read our guide to learn more about how personal lines of credit work and compare your options.
Frequently asked questions
Pictures: meettally.com
