Tally App Review – Simplify Your Finances
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Fast Facts
Purpose:
Helps manage and make credit card payments
Cost:
$0; $300 for Tally+
Products:
Line of credit, late fee protection
APR:
7.90% to 29.99%
One of the biggest monthly stressors I face is remembering when my credit card and other debt payments are due. I imagine that most Americans can relate to this feeling. Sure, there are ways that you can try to keep track of it all on your own. For example, I have a list of debts and subscriptions that I check on the first day of every month. This has helped me avoid late fees for the most part, but it’s still not a perfect system. If you are looking for a new way to manage your debts, looking into personal finance apps might be a good option.
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What is The Tally App?
The Tally App is a financial mobile app designed to give consumers another option for paying off their credit cards. When you use the app, Tally will analyze your debts and provide a plan you can follow. The app will do its best to help you get out of debt quicker and save money on fees.
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How does Tally work?
To start with Tally, you can visit the website or download the mobile app. The first step is to check your rate.
Once you’ve clicked on this button, you’ll be brought to the next process step. First, you have to sign-up for an account.
After you’ve created your account, you’ll need to provide your home address. Tally is required by federal law to get this information to help prevent fraud and other illegal activities.
Then you’ll need to give Tally additional information, including your birth date and mobile phone number. You can also choose the permissions you want to give Tally when contacting you via phone. You’ll also need to provide your annual income as part of the application process.
You’ll need to allow the company to run a credit check to see if you qualify for Tally's products. This soft credit check does not affect your credit score.
In my experience, the credit check was very quick. Within a minute, I could move on to the next process step. Tally will let you know if you qualify and list the next steps that you’ll go through if you decide to continue.
The final step of the application process is to link the credit cards you want help paying off. Tally supports many top credit card issuers, including American Express, Bank of America, Capital One, Chase, and more.
After you’ve linked your cards, Tally can analyze them to create your payoff plan. There is no obligation to accept Tally’s plan, and you’ll be able to review your offer before you make a decision.
How much does Tally cost?
It’s free to download the Tally app and submit an application. Tally also has a paid version called Tally+, with a $300 annual fee. The annual fee is removed from your credit line, so you have no additional out-of-pocket cost.
When you use a Tally product, you must consider your annual percentage rate (APR) or interest rate. The rate will be based on your credit history, and Tally will let you know what rate you qualify for. Like many other loans, Tally’s interest rates are based on the prime rate. You can expect your interest rate to be between 7.90% - 29.99%.
Tally features
Credit card manager
Tally can not only help you save money, but it can help by acting as your credit card debt manager as well. This is because Tally allows you to connect your credit cards to your account to view them in the same place. By connecting your credit cards, Tally can track the balance and due dates of all your credit cards. This will allow it to organize your finances to get you out of debt sooner.
Line of credit
Tally’s main feature is its personal lines of credit. To help you pay off your debts quicker and with fewer fees, Tally offers lines of credit to qualified applicants. Accepting a line of credit loan allows Tally to pay down your existing credit card balances. Based on the higher APR balances, Tally will decide which cards to pay off first. You’ll only make a single monthly payment to Tally, even if Tally is paying off multiple credit cards for you.
Savings on interest fees
Tally’s main goal is to help borrowers pay less in credit card interest fees. To do this, it offers a lower APR on your Tally line of credit than you would find with most credit cards. By using Tally, you can start paying less interest charges immediately.
Balance transfers
Some credit cards offer balance transfers, but most charge balance transfer fees. Tally allows you to transfer your credit card balances to your Tally line of credit so you can consolidate all of your credit card debts in one place. Even better, Tally does not charge any fees to transfer your balances. There are no debt payoff limits, either, so you can reuse your Tally line of credit for future credit card debt if needed.
Late fee protection
Late fees can be a headache for credit cardholders. Fortunately, Tally enrolls each credit card you register with your account in its late fee protection. Tally is responsible for checking your credit card accounts each month to ensure you’ve satisfied your minimum payment amounts. If Tally finds that a card has not met that amount, it will make the minimum payment using your Tally line of credit. If you’ve already used your entire line of credit for the month, Tally will advance you the money for your minimum payment amounts as long as your account is in good standing. You’ll simply pay that back with your next monthly payment to Tally.
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Who is Tally best for?
People who are paying off high-interest credit cards
Tally may be a good option if you’re working toward paying off the balances on your high-interest credit cards. You can check your rates first to ensure you would be paying less with Tally than you currently are on your cards.
People who want help organizing and managing their credit card payments
In addition to helping you save on interest payments, Tally can make keeping all your cards in one place easier. By letting Tally monitor your cards and make payments on your behalf, you can avoid the human error of missing a payment and being charged a late fee.
People who want a revolving line of credit to help pay off debts
Some people may take a personal loan to repay credit card debts. Tally allows you to have access to a revolving credit line. You can think of it in the same way as your credit cards — as you repay Tally, you’ll have more available credit that you can use to pay down your cards.
Who shouldn’t use Tally?
People who don’t have credit card debt
Tally is designed to help consumers manage and pay off their credit card debt. If you pay off your credit cards monthly, you probably don’t need Tally to help you because you aren’t paying interest.
People who are struggling to make any credit card payments
Unfortunately, if you are unable to repay your credit cards, Tally won’t be able to help you. Tally can help you save money by offering you lower interest rates and helping you follow a strategy to pay off your debts quicker. But for Tally to do this, you need to be able to make monthly payments on your Tally line of credit.
People whose credit cards aren’t supported by Tally
Tally works with most major credit card issuers, but that doesn’t mean it can help with every credit card. If you’re considering using Tally, review the accepted cards to see if yours are on the list. If Tally does not support your cards, you must consider other debt consolidation loan options.
Pros and cons
Pros
- Tally can help you track all your eligible credit cards in one place.
- Tally offers credit card late fee protection for the cards registered with Tally to help you avoid fees from the credit card issuer for late payments.
- Using Tally, you can have a revolving line of credit that can reduce your credit card interest payments for years.
Cons
- You need good or excellent credit to qualify for a Tally line of credit.
- Tally can only help with credit card debts.
- There is a credit limit based on factors such as your income and credit score, so you may not be able to pay off some of your credit cards right off.
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Tally vs. competitors
App | Cost | Features |
Tally | Free; $300 annual fee for Tally+ | Credit card manager; line of credit; late fee protection |
Prism | Free | Bill-tracking; bill payments; financial overview |
Debt Payoff Planner | Free; Pro plan starts at $2/month | Custom payoff plans; payoff summary; resources |
Prism
Prism is a free app that lets you get a full picture of your finances in one place. To get started, all you have to do is download Prism on your device. Once you’ve connected your information, you can sit back and let Prism do your hard work.
When you use Prism, you’ll need to provide your income, paydays, and other important financial information so the app can get your full financial picture. After that, you can connect your regular bills to your account. This can include credit card bills from Chase and Bank of America. It can also include national companies like Navient and Verizon and local utility companies.
Prism uses your information to help you keep track of your finances in a single place. Prism can send alerts and due date reminders, so you don’t miss a bill. You can also pay your connected bills right through Prism for free. Additionally, Prism will keep track of your finances so you can go back and review your payment history and more in easy-to-understand graphs and lists.
Debt Payoff Planner
The Debt Payoff Planner app helps you create and stick to a plan to pay off your debt. To use the app, you must input your current debts, which can all be included in your debts section. You can access this section any time you want to review your current balance, APR, minimum payment due, and late payment made. You can also use the debts tab to track your payoff progress.
When you use Debt Payoff Planner, you can choose the strategy you want to use to pay off your debts. The app gives you a few payoff strategies, including debt avalanche and snowball methods. You can also choose the order yourself if there are certain debts you need to pay off before others.
Debt Payoff Planner also aims to keep you motivated through the payoff process. Once you’ve chosen your payoff plan, the app will give you a debt-free date. This is when all of your connected debts will be paid off if you stick to the plan. You can also use the app to browse resources about debt and other personal finance topics.
FAQs
How do I pay Tally?
If you accept a line of credit, you’ll owe Tally a monthly payment. You can add one or more checking accounts to your Tally account and use that to make your payments.
What do I need to qualify for a line of credit?
Not everyone who applies will be approved for a line of credit. Tally typically requires a FICO score of at least 580 to qualify. However, Tally also considers your credit card balances, interest rates, and spending behavior. This information will also determine your line of credit loan amount and interest rate if you qualify. You can find out if you qualify for a Tally line of credit by answering a few simple questions on the Tally app or website.
What fees does Tally charge for its credit line?
Fortunately, Tally does not charge many of the same fees as other lenders. This includes origination fees, prepayment fees, late fees, balance transfer fees, or over-limit fees. Some lines of credit come with an annual fee, but you can choose a credit line without the annual fee if you’d prefer. The Tally line of credit with an annual fee can give you access to a higher credit limit and other discounts. You need to determine which option would allow you to save the most money in the long run.
Can you use Tally without accepting a line of credit?
Yes, you can use Tally even if you don’t want a line of credit. If you’re approved for a line of credit but change your mind, you need to let Tally know that you do not want it to make any payments on your cards. You can also choose to activate your credit line later by turning on the “Tally Pays” setting for the cards you want to use the line of credit for.
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The bottom line
Tally is an app that can help you simplify your finances and get out of debt quickly. All you need to do to use the app is connect your eligible debts so that Tally can monitor them. Then, you can use Tally anytime you want to see your current balance, when your minimum payment is due, and so on.
Qualified borrowers can also use Tally to pay their bills for them. You must apply for a line of credit from Tally to do this. If you qualify, Tally will offer you a line of credit up to a certain amount, which can be used repeatedly as you pay down your debts. Tally can make monthly payments on your debts when you use the line of credit. Then, you only need to repay Tally with a single monthly payment.
Using a Tally line of credit can include lower interest rates, no fees, and more. However, you can also use the app even if you don’t qualify for or don’t want to accept a line of credit. To try out Tally and see if you qualify for a line of credit, you can download the free app and answer a few questions to get started.
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