What makes Tally shine
Tally calls itself a “debt-fighting” app with an activity monitor, offering customized debt payoff strategies based on your card information. You register your cards with Tally and the app monitors your balances, rates and due dates for you.
The key feature with this app is the ability to get a line of credit (LOC) up to $20,000 that is used to pay off your credit cards immediately that you’ve registered with the app. Then, you repay Tally using the app. Rates on the LOC will range from 7.9% to 29.99%, depending on your eligibility.
Tally states that the average Tally members credit line APR is 14.99%, based on active member accounts from January 2021 to March 2022.
Few fees
Tally doesn’t charge origination fees, prepayment penalties, late fees, balance transfer fees or over-limit fees. Tally states that some of its products don’t require an annual fee — but some do, so watch out for that.
Autopay features and late fee protection
Tally offers multiple features you can use to stay on top of your credit cards balances and help reduce debt.
- Safe Min Pay — A feature that you can add to any of your linked cards. It allows Tally to automatically pay your card’s monthly minimum payment, if you have the available funds. But make sure that you don’t already have autopay set up with your financial institution, or you could deal with double payments each month.
- Late Fee Protection — If you’re enrolled in the Tally+ membership, Tally scans your registered credit cards to see if you’ve made a payment for the month, and if you haven’t, Tally makes the payment for you to help you avoid late fees. You will have to repay Tally by your next Tally due date. Any cards that you have registered with the Tally app are automatically enrolled with Late Fee Protection. It’s an optional feature that can be disabled.
- Debt payoff strategy — As a Tally member, you have a choice from one of three debt payoff strategies — snowball, avalanche or credit score factors — with support to help you stay on track with the plan. You may also make changes to the debt payoff plan anytime.
3 membership options available
You don’t need to get a credit line to use the Tally app. Without a LOC, you’re in the first tier, called Tally membership, which involves no annual fees or membership costs.
If you qualify for the credit line, you can either choose the free Tally Basic membership or the paid Tally+ membership. Tally+ has additional features, like access to a larger LOC and late payment protection.
The Tally app itself is free and you don’t need a credit line to access some of its tools, but you’ll have to pay to gain access to the sweetest features.
| Tally membership (no LOC) | $0 | Ability to connect checking accounts for debt payoff and planning features, and option to set up automatic payments with payment reminders on linked accounts. |
| Tally Basic Membership | $0 | Same perks as Tally membership. Use the revolving line of credit to consolidate debt with no monthly fees. |
| Tally+ | $300 per year, prepaid from your credit line | Same perks as Tally membership. Access to a larger credit line and rate discounts if you pay the minimum on your Tally line of credit every month for 12 months. The average discount is 4%, according to its site. |
Where Tally falls short
While Tally advertises no prepayment penalties, origination fees and so on, the highest membership tier isn’t cheap.
If you want to go with the Tally+ membership — which requires a credit line — it’s a steep $300 annual fee. The $300 fee is pulled out of your LOC automatically, so there’s technically no upfront cost. You pay back some of the fee each month, which equates to $25 per month.
And you may also have an annual fee for the LOC that’s separate from the $300 annual fee.
Features and memberships a tad confusing
While researching this review, we found it a little difficult to separate the perks of each membership tier and locate clear-cut requirements for the credit lines. We dug through Tally’s extensive FAQ section for answers, and while we did find some answers, it could have been more clearly laid out on the site.
We also would have liked clearer names for the member tiers, as they’re all too similar: Tally Membership, Tally Basic Membership and Tally+. It wasn’t immediately clear what the differences were between these tiers, either. And the Tally+ membership used to be Tally+ Express, causing further confusion.
Tally loan details
Tally offers variable rates on revolving credit lines.
| Minimum credit score | 660 |
| APR | Variable rate of 7.90% to 29.99% |
| Loan amounts | $2,000 to $20,000 |
| Approval turnaround | Same day |
| Availability | Not available in NV, VT and WV |
| Fees | - $300 annual Tally+ membership
- Line of credit may come with annual fee
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How to qualify for Tally
Tally states that most borrowers need a minimum credit score of 580 to qualify for the credit line. Tally doesn’t go into much detail in terms of other requirements needed to qualify, aside from these basic requirements:
- Credit score above 660
- Have at least one eligible credit card
- No recent bankruptcies or delinquencies
Even if you don’t qualify for the LOC, there are still tools you can use within the app.
How to apply
Start on Tally’s website or download the app. Then follow these steps:
- Create a Tally account and fill out a credit line application.
- Review offers, if eligible.
- Accept loan terms.
- Follow repayment plan and use app features.
How Tally compares to other lenders
Tally reviews and complaints
| BBB accredited |
No |
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| BBB rating |
B |
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| BBB customer reviews |
1.22 out of 5 stars, based on 9 customer reviews
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| Trustpilot Score |
4.3 out of 5 stars, based on 2,908 customer reviews.
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| Customer reviews verified as of |
10 January 2023 |
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Tally has been in business for the last seven years. In recent years, Tally’s overall ratings and reviews have drastically improved and have many more reviews to reference. In 2021, Tally held a D rating with the Better Business Bureau — as of 2023, it’s up to a B rating.
Tally has mostly positive reviews on Trustpilot, with 74% 5-star ratings. The majority of users cite a positive experience, praising the app for its quick and easy setup, debt management tools and credit line.
Negative reviews commonly report not getting a good interest rate on their credit line, poor customer service and complaints about the app not supporting their credit cards.
We also took a look at app store reviews, with the App store giving Tally 4.5 stars and Google Play ranking it at 3.3 stars. App reviews vary widely, but most users cite a positive experience with setup, ease of use and decent functionality.
Is Tally legit?
Yes, Tally is a legitimate debt management app. Since 2015, Tally claims to have helped users save millions of dollars on credit card interest and late fees.
Tally has also won a few awards, like the Smart Money Award by Real Simple in 2020, and made it in Forbes’ Fintech 50 & Next Billion Dollar Company list in 2020. Fortune also listed Tally on its Best Workplaces in the Bay Area in 2022.
