The meteoric rise in convenient mobile payment options has exacerbated spending. These options have led to increased credit card debt, which can prove too big of a hassle.
Tally can probably free you from these shackles and offer you a way out of financial instability. But what is Tally, and can it really help you escape credit card debt the way it claims to? How does Tally work?
This Tally app review targets all such questions and determines once and for all if Tally is worth it.
Android version: download here
IOS version: download here
What is Tally?
Tally is an up-and-coming app that consolidates users’ credit cards into only one low-interest line of credit, allowing them to make one hassle-free payment and save on fees and interest.
This company has been in the market since 2015 and has accumulated a bundle of praise from users who have managed their credit card debt through its functions.
| App Stores | Reviews | Rating |
| Apple’s App Store | 17,000 | 4.5/5 |
| Trustpilot | 2,400 | 4.4/5 |
| Google Play Store | 5,000+ | 3.4/5 |
So is Tally a good option? The users say yes!
Tally supports several different innovative features, all of which work to solidify the company’s core objective: allowing people to save money and speed them out of the shackles of debt. According to the company’s estimates, an average member can save up to $4,185 over five years using the app.Tally App Review at a Glance
| Credit Line Amount | $2,000 to $25,000 |
| Funding Time After Approval | Immediate |
| Fees | Tally+ membership fee: $25 per month or $300 per year |
| APR | 7.90% – 29.99% |
| Minimum Credit Score | 580 |
| Tally State Availability | Not available in West Virginia, Nevada, or Vermont |
| Tally + State Availability | Not available in New Jersey or Illinois |
How Does Tally Work?
The app’s working is relatively simple. Once you sign up, the company reviews your credit history to determine your eligibility for a line of credit. If approved, you receive a fixed line of credit that automatically pays off your credit cards.
But instead of paying those cards back every month, you pay Tally back, which typically costs you less money because of Tally’s lower rates.
For reference, instead of paying back 20.99%, 18.49%, and 17.99% on three different credit cards in your use, Tally eases things for you by evaluating your credit and calculating if they can extend you a lower-interest deal that saves money. As a result, the APR you pay with Tally is between 7.90% and 29.99%.
So if you ask, “Is Tally legit?” The answer is yes!
Memberships with Tally
Tally memberships come in three varying packages:
Core Membership
The Core Membership is applicable to only those users who do not get approved for a line of credit. Members in such a situation can still access and minimally use the features that can help them devise a plan to manage their credit card debt.
Basic Membership
The Basic Membership is an introductory membership that offers users a line of credit. Basic members can also consolidate all of their various card payments into one seamless bill known as Tally Pays.
In such a situation, the app automatically makes your payments in time and determines via precise calculations how it helps you save interest charges by tackling cards with the highest APR.
This membership also comes with a handy Late Fee Protection Tool that takes care of your payments if you have yet to make them a few days before they are due.
Tally+ Membership
The Tally+ membership costs $300 per year but offers two efficient options that make it considerably more attractive than the Basic Membership. Not only do Tally+ members get a larger line of credit, but they are also eligible for an APR discount.
The larger line of credit allows them to make a considerable difference in their credit debt if they are managing a gigantic debt sum. Regarding the APR discount, Tally+ members who make 12 consecutive minimum payments can have their average APR lowered by 4% points.
How Much Does Tally Cost in Total?
As discussed before, Tally has two paid versions: Tally Basic and Tally+. The Tally Basic version is free and gives users a low APR and access to a credit line.
Tally+ members, in contrast, have a $2,000 to $25,000 credit limit. Since it is typical for users to have a credit limit between $8,000 and $10,000, you should opt for Tally+ if you need to pay back a supersized debt through Tally.
However, the benefits of Tally+ come with a cost: users have to make a $300 annual or $25 monthly payment.
Does Tally work for you? You can answer that by calculating if the potential savings you can get through Tally+ surpass the amount you will pay in fees.
Tally’s Terms and Conditions and Related Fees
Users on Tally do not have to pay any over-limit fees, origination fees, late fees, or balance transfer fees. They only have to pay interest on their line of credit, with their APR varying depending on their credit and current market conditions.
These innovative features also save users from late fees on their credit cards. But users have to pay Tally back for any interest accrued before the next payment is due.
Tally+ members pay $300 per annum, with the charge coming directly from their credit line, not their checking account.
Comparing Tally With Other Lenders
| Features | Tally | Happy Money | Upgrade |
| Estimated APR | 7.90-29.99% | 7.99-29.99% | 7.96-35.97% |
| Loan Term | N/A | 2 to 5 years | 2 to 7 years |
| Loan Amount | $2,000-$25,000 | $5,000-$40,000 | $1,000-$50,000 |
| Minimum Credit Score | 580 | 640 | 560 |
Pros and Cons of the Tally App
Let’s look at the pros and cons of the Tally app to weigh its ups and downs and determine if Tally is the right fit for your financial situation.
✅ Pros
- Transparent approach to the calculation of potential savings.
- No balance transfer fees, origination fees, or late fees.
- Consolidation of all bills into a seamless and confusion-free monthly payment.
- Features that help users manage their debt up to two times faster and save several thousand dollars in interest.
- Automated payments to save users from late fees charged by credit card issuers.
❌Cons
- $300 annual fee to unlock a larger line of credit and get more significant discounts on APR through Tally+.
- Geographical restrictions: credit lines not available in Wyoming, Maine, West Virginia, Montana, Vermont, and Nevada.
- Not designed to help users avoid more debt in the future: it is only helpful for managing existing debt. Users may need to use another budgeting tool to avoid falling into the shackles of debt again.
- A minimum 660 credit score is necessary for more extensive credit lines, even when the company works with Scores As Low As 580
The Bottom Line
Tally shines amongst the glimmer of various get-out-of-debt-fast financing options. With a consumer-friendly approach, it helps users manage their credit cards and escape debt while saving thousands in interest.
Now that you know everything through this Tally App review, it’s time to rethink your financial situation, consider all your options, inform yourself of the best way to budget, and change your life!
