Tally Technologies is a financial services company that helps qualified users pay down credit card debt. Founded in 2015, the California-based firm offers an app with tools such as a dashboard to view all credit card information in one spot, and a debt manager to customize a plan for paying down existing credit card debt. Borrowers who have at least a 660 credit score can tap into Tally’s line of credit to get lower interest rates on the debt they hold. Tally gives customers late-fee protection, too.
- You can organize all credit card information in one spot.
- The Tally app analyzes spending and customizes a debt management plan.
- You can access a line of credit with a lower annual percentage rate than high-interest-rate cards to help pay off balances.
- Lines of credit are for paying off debt uploaded to the Tally app.
- You must have a credit score of at least 660 to qualify.
What Is Tally Used For?
Tally is a credit card consolidation smartphone app. You can view all of your credit card balances to get a big-picture view of your overall debt on a single dashboard. The app also customizes a debt management plan. You can apply for a line of credit used exclusively to pay down higher-APR credit cards that are registered on the Tally app. You cannot use the Tally line of credit loan to make purchases or finance home improvements, for example.
How Do Tally Personal Lines of Credit Work?
Tally offers its app users a line of credit after analyzing borrowers’ credit card profiles. Tally will potentially offer you a loan with a lower APR than what you are currently paying on your credit cards. Tally lines of credit are only used to pay down existing credit card balances. Once you’re approved, Tally transfers higher APR balances to the line of credit, then makes payments on existing balances. Instead of paying each credit card bill separately, you’ll make one monthly payment to Tally instead.
What Are Tally’s Terms, Fees and Discounts?
The Tally app is free to download. Tally lines of credit have APRs ranging from 7.9% to 25.9%. Credit card balances with higher APRs are transferred to the Tally line of credit, and card issuers are paid directly by Tally. If some cards have lower APRs than the Tally line of credit, the company will make the minimum payment toward the cards’ balances until the lower rate expires. This allows you to take advantage of promotional interest rates.
Tally charges interest on the amount you borrow from your line of credit to pay off those higher-APR credit card balances. You will not pay an annual fee, or fees for origination, prepayment or balance transfers. Tally guarantees no late fees on the cards it pays from your Tally line of credit.
With the Tally app, you can select a You Pay or Tally Pays feature. If you choose Tally Pays, the company pays cards each month using the credit line. You receive one bill and repay Tally. If you specify a card as You Pay, then you are responsible for making payments to the card issuer.
How Can You Qualify for Tally?
First, download the Tally app. Then, sync all the credit cards you hold. Tally will review balances and payment history on those cards. You can qualify for a Tally personal line of credit to pay off credit card debt based on your outstanding balances, interest rates, spending behavior and credit score.
How Long Does Tally Take to Deposit Money?
If you are approved for a Tally line of credit, the company shifts higher-APR credit card balances to the loan. Tally automatically pays those monthly statements using your line of credit, which is deposited into the Tally account you set up on your app.
What Credit Score Do You Need to Use Tally?
To qualify for a Tally line of credit to pay off credit card debt, you need a 660 credit score. Tally also looks at other factors, including:
- Existing credit card balances
- Credit card interest rates
- Payment history
- Spending behavior
Is Tally Reputable?
Tally is not accredited by the Better Business Bureau. Tally’s app is well-rated on the Apple App Store and Google Play store.
As for customer support, Tally’s team is available Monday to Friday, 8 a.m. to 5 p.m. Pacific Time. However, the company recommends emailing email@example.com for help.
What Is the Tally Application Process Like?
Tally’s application is more of a sign-up process that occurs after you download the smartphone app. You’ll answer some personal questions and upload your credit card information. Then, Tally will analyze credit card balances, interest rates, spending behavior and payment history. Tally pulls your credit score to ensure that you meet the minimum requirement of 660. The sign-up process takes about 10 minutes.
What Are Some Additional Features of Tally?
Tally Advisor automates your debt payments, and the company calls it a “robo-advisor for credit card debt” because it provides a customized plan for how to pay off cards based on monthly spending activity.
Tally Credit Card Manager is an app-based dashboard that allows you to view all of your credit cards in one place. You add credit cards to the app and get a full snapshot of your finances.
Tally Is Best for:
- People who want to consolidate their credit cards
- Individuals who want to do a better job managing debt
- Those who like using technology such as an app to view credit card balances and make payments
- People who have at least a 660 credit score
FAQs About Tally
Q. Does Tally hurt your credit score?
A. When approving lines of credit, Tally performs a soft credit check, which will not impact your score. Your credit score could get hurt if you select You Pay rather than Tally Pays and you fail to make an on-time monthly payment to the card issuer. Ultimately, your credit card score could improve using Tally if you pay down credit card balances and reduce your credit utilization rate.
Q. How does Tally make money?
A. Tally does not charge for its app, and there is no annual fee. Tally makes money by charging interest on money borrowed from its line of credit.
Q. Is the Tally app worth it?
A. If you have outstanding credit card balances and are having a tough time managing debt, the Tally app can collect your credit card information in one spot and analyze your spending. You can use debt management tools and set a goal date for paying off balances, and Tally will set up payments that align with that goal.