tally review
Updated September 30, 2021

Tally Review: The Easy Way to Pay Your Credit Card Debt


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How much credit card debt do you have? Credit card debt is on the rise and the average American household is trying to address a debt amount of 8,284 dollars on the average. This is an increase of two percent in comparison to the 2017 credit card debt level. According to researchers, the current credit card debt load is only 177 dollars away from being unsustainable.

Did You Know? The most troublesome aspect of debt accumulation is that today, it’s reaching its highest level since the time of the Great Recession. Working to pay off some or all of your credit card debt is essential for regaining your financial autonomy. Unfortunately, struggling to reach a zero balance is a massive challenge for many people. If you’re one of these individuals, you may be looking for tools and programs that will give you a head start.

Tally advertises itself as such an opportunity. This is an automated debt manager that is supposed to help you pay down balance faster. Is this really the case? The following Tally review will help you find out.

How Does Tally Work?

Tally works in a relatively simple way. To get started, you have to scan your cards and add them to your account. Next, you’ll apply for a line of Tally credit that will cover all of your existing credit card debt. The automated Tally process helps you manage payments. According to the official presentation, Tally will also decrease interest rates and fees by making timely payments to your cards.

Good to Know: First, your high ARP balance will be transferred to your Tally line of credit. It doesn’t really matter if you’re dealing with a bank or a store credit card. Tally will keep automatic track of the payments to make sure the monthly installments occur in a timely manner.


Main Features

Tally has four main features you can use to pay off credit card debt and refrain from accumulating new amounts.

Credit Card Manager

With this tool, you can keep track of different credit card payments. The credit card manager handles both bank and store credit cards and there’s no limit to the number you can have listed in your account. Through the use of the Tally line of credit, you can make just one payment to Tally. The credit card manager will “distribute” the payments to all of your credit cards in need of management.

Debt Manager

A debt manager is the next tool at your disposal. You will get monthly payment recommendations that are based on your behavior and your spending habits. You can also set a timeline by which you’d like to be debt-free. Tally will make the calculations and repayment suggestions needed to accomplish the goal.

Late Fee Protection

All cards you register in your account will be automatically enrolled in the Tally late fee protection program. The debt manager tracks due dates and the minimum payment requirements for each card. If you haven’t made a payment, Tally will make the payment on your behalf by using its line of credit. 

Line of Credit

Once you download the Tally app and add your cards, your credit profile will be analyzed to determine if you could be offered a line of credit. The Tally line of credit comes with a lower ARP than what you’re currently paying. This line of credit will be used to pay off your existing credit card debt.

Your higher ARP balances will be transferred to the Tally line of credit first. The payments will be made on your behalf to help you save money while you are paying credit card debt off.

Tally Pays vs. You Pay

To make the Tally review even more comprehensive, we’ve dug down even deeper in terms of features. There are two primary debt payment options with Tally. You can choose between them and here’s what each entails.

Tally Pays

If you choose this option, Tally will manage and complete the credit card balance payments on your behalf. To use this feature, you will need to qualify for the Tally line of credit.

Once you’re approved and the automatic payments start, you will receive one bill for all of the credit cards that Tally is managing.

You Pay

As the name suggests, this is an option in which you manage your credit card payments. Tally will give you reminders for an upcoming payment deadline a couple of days before the monthly instalment is due. In order to use this option, you have to link a checking account to Tally. When you do, you can manage the payments through the app. To enlist in You Pay, choose the respective tab in the app upon signing up. You will be automatically enrolled in the Tally late fee protection program as an added bonus.

Who Can Benefit from Tally?

Does Tally really work? The premise is simple enough and it’s been tested for effectiveness through multiple developments in the past. Now that you know that Tally is an effective debt repayment automation tool, it’s time to determine whether the app is the right choice for you.

Pro Tip: The app is a good choice for anyone who wants to get out of credit card debt.

Good to Know: When you use smart opportunities like Tally, you can easily figure out what debt to focus on repaying first. Even if you’re making timely payments, you can still benefit from Tally. The app is a great choice for payment management.

Tally Qualification Requirements

You will have to meet a couple of qualification requirements in order to join the program. For a start, you need a credit score of 660 or more (FICO) to get approved. Several other aspects of your credit profile will also be examined during the application process. This is a soft credit check, meaning that it isn’t going to affect your credit score negatively.

One final thing to keep in mind is that Tally isn’t currently available in all parts of the US.

Pro Tip: To benefit from Tally, you’ll need to be located in one of the following areas – Arkansas, California, Colorado, Connecticut, Washington DC, Florida, Illinois, Idaho, Iowa, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Mexico, New Jersey, New York, Ohio, Oregon, Oklahoma, Pennsylvania, South Carolina, South Dakota, Texas, Utah, Washington and Wisconsin.

If you don’t live in one of these states, you can still download Tally. You will be notified when Tally becomes available in your area.

Tally Fees and Charges

In our Tally review, we’ll have to focus on the cost of using the app. To go for complete automation instead of managing payments on your own, you will have to qualify for the Tally credit line. The Tally credit line ARP will be calculated on the basis of your credit history.

Your ARP will be in the range from 7.9 to 19.9 percent per year.

Good to Know: The Tally monetization method is easy to understand – the app makes money by charging an interest rate on the amount that you borrow through the line of credit. Good news, however- Tally does not have administrative or processing fees. You don’t have to pay anything extra for starting your account, transferring funds or being late with payments.

The Pros and Cons of Using Tally

If you do a bit of online research, you will quickly come across numerous Tally reviews that pinpoint the pros and the cons of the app. Our Tally review will summarize the key benefits and shortcomings, giving you an adequate idea about the specifics of the app.

Tally Pros

Let’s start this portion of the Tally review on a positive note. The number has various great features, the most important ones being:

Debt Consolidation and Automation

Handling multiple credit card payments can be a nightmare, especially if you’re not that financially-disciplined. Tally offers debt consolidation and automation.

Pro Tip: If you’re offered the Tally line of credit, you will need to make a single payment each month. Tally will pay off credit card debt on your behalf so that you don’t have to deal with individual accounts.

Late Fee Protection

The late fee protection is probably one of the coolest Tally features. You probably know already how much a late payment could cost you. Through the use of the Tally tools, you’ll never be late with payments again (regardless of your current financial standing).

No Fees and Additional Charges

The Tally interest rate is the only additional fee/charge you’ll have to deal with. There are no origination, transfer or late fees with Tally. If you miss a payment, you’re not going to be charged extra, either.

You Can Pay Off Balance Faster and Save Money

Ultimately, this is the goal you’re trying to accomplish. Just like many other Americans, you’re probably finding it difficult to manage debt on your own. The Tally debt manager analyzes your finances and offers a solution that will help you pay credit card debt faster and save a serious amount of money in the process.

Tally Shortcomings

There are only a few ways in which Tally misses the mark. To make the Tally review unbiased and comprehensive, we’ve pinpointed the following disadvantages.

Strict Qualification Criteria

If you have a bad credit score, you will not qualify for inclusion in the Tally program. Even if you do, the interest rate you’ll have to pay on your Tally line of credit is probably going to be higher than what someone with a good credit score will have to pay.

Limited Availability

At the time of writing, Tally is not available in all parts of the US.

Some People Find It Difficult to Use

The principle of debt consolidation has been around for some time already. Most people are familiar with what consolidation apps do and they enjoy the benefits of having to make a single credit card monthly payment. Still, various Tally reviews pinpoint issues users have had with the premise and the use of the app. There have been some reports of the Tally line of credit failing to cover all of your debt. If this is the case, you’ll find it difficult to understand exactly how Tally saves you money.

Tally Review: Final Verdict

Tally is an excellent choice for most people who are struggling with financial management. If you have been struggling with credit card debt and you failed reaching that zero balance, you should definitely give Tally a try.

Pro Tip: Before opting for the Tally line of credit, check the ARP you’re being offered. If it’s the highest one (19.9 percent), you’re not going to save money by using the app. Those who qualify for better interest rates, however, can save money on their credit card debt through consolidation. Tally has a neat premise and it will help you manage debt better.

How do you manage debt? What’s the approach that has proven to be most effective?

Let us know in the comments whether you’ve used Tally or if you rely on an alternative.


Logan Allec, CPA

Logan is a practicing CPA and founder of Choice Tax Relief and Money Done Right. After spending nearly a decade in the corporate world helping big businesses save money, he launched his blog with the goal of helping everyday Americans earn, save, and invest more money. Learn more about Logan.

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4 years ago

Does Tally cover personal line of credit too or is it just credit cards?