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Tally

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LAST UPDATED: January 25th, 2021

Tally is a credit card and debt management app available to download for free, but to fully take advantage of its services, you will need to open a Tally line of credit. In order to do this, a FICO credit score of around 660 is usually required. Tally performs a soft credit check to see if you are eligible, so your credit score will not be hurt during the process.

Once you are signed up with Tally, you can consolidate all of your credit cards into the app, and Tally will make your on-time payments for you. All you have to do is pay Tally back on your personalized payment plan, and Tally handles the rest.

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The Good

  • Debt Recovery Help
  • Build Better Habits
  • Transparency
  • Low APR
  • Debt Calculator

Debt Recovery Help

Tally’s main purpose is to help those with credit card debt pay down the debt faster and save money on interest in the long term. The company does this by consolidating all of your credit lines into one app and making your credit card payments for you. Then, you pay Tally through the credit line that you are required to open with the company. Tally will work out a payment schedule that works for you while making sure your credit payments are on time, thus saving you money on interest.

Build Better Habits

Tally is designed to help you build better habits when it comes to your credit. Because it consolidates all of your credit accounts into one place and allows you to make one payment per month instead of multiple, you can set up a schedule for yourself and not have to worry about different accounts, payment dates, etc.

Transparency

Tally’s website clearly states that it makes money only by charging interest on the money you borrow from Tally. Essentially, the company only makes money if it saves you money, which for a company that deals with credit cards, is pretty unique.

Low APR

Tally was founded on the belief that APR should be low. In fact, prior to starting the company, its founders realized that APRs in the credit card industry were often so high and detracting from the perks of having a credit card. Thus, Tally vows to always keep its APR low when you open a line of credit with the company.

Debt Calculator

Tally’s online debt calculator can help you discover in minutes just how much you could be saving by utilizing Tally’s services.

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The Bad

  • Have to Open Tally Line of Credit
  • Not Available in All States
  • Not for Everyone

Have to Open Tally Line of Credit

The way that Tally is set up requires that you open a line of credit with the company. This line of credit is then used by Tally to make payments on your other lines of credit, and then all you have to do is pay Tally back directly. However, you don’t have the option to use Tally’s services without opening this new line of credit, which may be a drawback to people who already feel they have too many lines of credit to deal with.

Not Available in All States

Tally is available in some states, but not in all of them. The company continues to regularly expand its coverage to more states, but you will need to check Tally’s website to see if you live in 1 of the about 30 states that it currently services.

Not for Everyone

If you are a good-standing credit card user who is always on time with your payments, Tally can’t help you save any money. You can still use the Tally app to keep track of all your credit lines in one place, and enjoy Tally’s late fee protection, but you won’t be able to utilize the full purpose of Tally if you are already making all your credit card payments in full.

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The Bottom Line

Tally seems like a great way to manage multiple lines of credit, and is made for people who are struggling to make on-time payments and suffering from high interest rates. If you don’t fit in this category, then Tally probably isn’t the right finance management platform for you.

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