[{"@context":"https:\/\/schema.org\/","@type":"Article","@id":"https:\/\/moneydoneright.com\/personal-finance\/credit\/tally-review\/#Article","mainEntityOfPage":"https:\/\/moneydoneright.com\/personal-finance\/credit\/tally-review\/","headline":"Tally Review: The Easy Way to Pay Your Credit Card Debt","name":"Tally Review: The Easy Way to Pay Your Credit Card Debt","description":"How much credit card debt do you have? Credit card debt is on the rise...","datePublished":"2019-02-21","dateModified":"2025-05-03","author":{"@type":"Person","@id":"https:\/\/moneydoneright.com\/author\/logan-allec\/#Person","name":"Logan Allec, CPA","url":"https:\/\/moneydoneright.com\/author\/logan-allec\/","identifier":4,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/6e74dd0453a5871d1dcfde6d40d9494765ca8bfdb01927cefee4564d4bee9075?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/6e74dd0453a5871d1dcfde6d40d9494765ca8bfdb01927cefee4564d4bee9075?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Money Done Right","logo":{"@type":"ImageObject","@id":"https:\/\/moneydoneright.com\/wp-content\/uploads\/Money-Done-Right-Personal-Finance-and-Investing-Blog.png","url":"https:\/\/moneydoneright.com\/wp-content\/uploads\/Money-Done-Right-Personal-Finance-and-Investing-Blog.png","width":488,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/moneydoneright.com\/wp-content\/uploads\/2019\/02\/Tally-Review.jpg","url":"https:\/\/moneydoneright.com\/wp-content\/uploads\/2019\/02\/Tally-Review.jpg","height":667,"width":1000},"url":"https:\/\/moneydoneright.com\/personal-finance\/credit\/tally-review\/","commentCount":"1","comment":[{"@type":"Comment","@id":"https:\/\/moneydoneright.com\/personal-finance\/credit\/tally-review\/#Comment1","dateCreated":"2019-07-17 13:20:12","description":"Does Tally cover personal line of credit too or is it just credit cards?","author":{"@type":"Person","name":"Faith","url":""}}],"about":["Credit"],"wordCount":1916,"articleBody":"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\u2019s 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\u2019re 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.Table of ContentsToggleHow Does Tally Work?Main FeaturesTally Pays vs. You PayWho Can Benefit from Tally?Tally Qualification RequirementsTally Fees and ChargesThe Pros and Cons of Using TallyTally Review: Final VerdictHow 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\u2019ll 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\u2019t really matter if you\u2019re 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 FeaturesTally has four main features you can use to pay off credit card debt and refrain from accumulating new amounts.Credit Card ManagerWith this tool, you can keep track of different credit card payments. The credit card manager handles both bank and store credit cards and there\u2019s 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 \u201cdistribute\u201d the payments to all of your credit cards in need of management.Debt ManagerA 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\u2019d like to be debt-free. Tally will make the calculations and repayment suggestions needed to accomplish the goal.Late Fee ProtectionAll 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\u2019t made a payment, Tally will make the payment on your behalf by using its line of credit. Line of CreditOnce 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\u2019re 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 PayTo make the Tally review even more comprehensive, we\u2019ve dug down even deeper in terms of features. There are two primary debt payment options with Tally. You can choose between them and here\u2019s what each entails.Tally PaysIf 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\u2019re approved and the automatic payments start, you will receive one bill for all of the credit cards that Tally is managing.You PayAs 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\u2019s been tested for effectiveness through multiple developments in the past. Now that you know that Tally is an effective debt repayment automation tool, it\u2019s 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\u2019re making timely payments, you can still benefit from Tally. The app is a great choice for payment management.Tally Qualification RequirementsYou 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\u2019t going to affect your credit score negatively.One final thing to keep in mind is that Tally isn\u2019t currently available in all parts of the US.Pro Tip: To benefit from Tally, you\u2019ll 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\u2019t 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 ChargesIn our Tally review, we\u2019ll 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 \u2013 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\u2019t have to pay anything extra for starting your account, transferring funds or being late with payments.The Pros and Cons of Using TallyIf 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 ProsLet\u2019s 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 AutomationHandling multiple credit card payments can be a nightmare, especially if you\u2019re not that financially-disciplined. Tally offers debt consolidation and automation.Pro Tip: If you\u2019re 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\u2019t have to deal with individual accounts.Late Fee ProtectionThe 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\u2019ll never be late with payments again (regardless of your current financial standing).No Fees and Additional ChargesThe Tally interest rate is the only additional fee\/charge you\u2019ll have to deal with. There are no origination, transfer or late fees with Tally. If you miss a payment, you\u2019re not going to be charged extra, either.You Can Pay Off Balance Faster and Save MoneyUltimately, this is the goal you\u2019re trying to accomplish. Just like many other Americans, you\u2019re 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 ShortcomingsThere are only a few ways in which Tally misses the mark. To make the Tally review unbiased and comprehensive, we\u2019ve pinpointed the following disadvantages.Strict Qualification CriteriaIf you have a bad credit score, you will not qualify for inclusion in the Tally program. Even if you do, the interest rate you\u2019ll 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 AvailabilityAt the time of writing, Tally is not available in all parts of the US.Some People Find It Difficult to UseThe 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\u2019ll find it difficult to understand exactly how Tally saves you money.Tally Review: Final VerdictTally 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\u2019re being offered. If it\u2019s the highest one (19.9 percent), you\u2019re 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\u2019s the approach that has proven to be most effective?Let us know in the comments whether you\u2019ve used Tally or if you rely on an alternative."},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Personal Finance","item":"https:\/\/moneydoneright.com\/personal-finance\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"Credit","item":"https:\/\/moneydoneright.com\/personal-finance\/\/credit\/#breadcrumbitem"},{"@type":"ListItem","position":3,"name":"Tally Review: The Easy Way to Pay Your Credit Card Debt","item":"https:\/\/moneydoneright.com\/personal-finance\/credit\/tally-review\/#breadcrumbitem"}]}]