Table of Contents
About Tally
Life is rife with inevitabilities. Death and taxes go hand-in-hand as the only two constants that every living being faces as they walk this earth, but there are more foregone conclusions and trials that modernity places in front of us. I’m of course talking about credit card debt, the scourge that prevents many young people from finding a place to rent or live because, heaven forbid, they bought a pair of shoes that they didn’t pay off right away.
Does that seem fair to you? If you think so then I’m sure you’re a hit at parties. However, if you’re like me and you think people deserve the chance to pick themselves out of debt and improve their credit scores then you’ll love to hear about Tally. They’re a debt payoff app that can help you save $4k over the course of 7 years.
The New York Times, Forbes, Good Morning America, and CNBC, among other publications, have praised the app for its intuitive approach to credit recovery. Their 20k Instagram followers and thousands of positive customer reviews also indicate that Tally lives up to the hype.
What those kind words and big numbers don’t show is whether or not the service is right for you. Only you, dear reader, can decide that. Thankfully, this Tally review will give you all the information you need to come to that conclusion for yourself. You’ll find out about Tally’s history, how it works, who it benefits, how it can help you save money, and what customers have to say about it.
Overview of Tally
Picture Tally like another credit line, except that it’s not tied to your credit score. The basic premise is exactly that, basic. Nobody likes credit debt or seeing their credit score plummet. To help users combat both of those, Tally issues users loans. Customers then use those loans to pay off their credit card debt and improve their scores. From there, all that’s left is repaying Tally.
There’s more nuance than that to the whole operation, and I’ll get into that nuance later in this Tally review. Before that, let’s turn the clocks back to 2015 when Tally first established themselves. Jason Brown founded the company after growing up in a system that prevented people from climbing out of debt regardless of how much they broke their backs at work.
Since then, they’ve helped pay more than $1b worth of debt. The reason why that number is so large is likely for a few reasons. Firstly, it’s totally free to download and start using Tally. You shouldn’t have to pay more than you already would on your other credit cards. Next, Tally is so straightforward it’s like a drag race. The app is designed to guide you toward the plains of financial freedom rather than trap you in a maze of debt.
To give you an idea of how Tally accomplishes that, let’s hop into some of their highlights.
Highlights
- Offers low-interest credit lines to pay off credit card debt
- Check your credit rate for free
- Premium membership offered
- Don’t need to reapply to use the qualifying credit line
- Payments can be as small as $5
- Automatically pays minimum fees to negate late payments
I’ll run through each of the available features in the next section of this Tally review. Before I get into them, I want to make an important distinction. You might think that the free membership and the premium Tally+ include different features. However, this isn’t the case. The premium membership I brought up in the highlights offers larger discounts and lines of credit, but not more features.
Tally Features Review
The main features that Tally advertises are:
- Credit card manager
- Balance transfer
- Late fee protection
- Line of credit
- Saving money on interest
People rarely use one credit card these days. They bounce between two or three to get the most money back. However, that can cause headaches which is the first feature in this Tally review remedies. The app serves as a hub for multiple credit cards, allowing you to check balances and see other vital details from one screen. This goes for cards with different APRs and due dates.
Tally’s balance transfer is another useful tool that it adds to your arsenal. Rather than having to pay money to transfer credit accounts, Tally puts all your cards and payments into one account. It does so without charging you transfer fees.
One of the most exciting features Tally provides is their late fee protection system. In essence, they cover all the minimum payments for all your credit cards on time automatically. This can prevent you from accruing late fees that would further put you in debt.
They make these payments using your Tally line of credit. Thus, you won’t have to sell the stolen car to pay for the stolen gas, as the saying goes. There will simply be more money added to your Tally fee so it’s easy to keep track of how much you owe.
The way that Tally ultimately works is through their line of credit system. They transfer your higher APR balances to their Tally credit line, which can save you money and interest. The brand touts that you can use that saved money to accelerate the payments on your bills, and that’s certainly an option, but there’s nothing that holds you to that. Heck, you can pocket the money and go deeper in debt if you really want.
Tally App Review
The beauty is that all of the features I just laid out in the previous section of this Tally review are available through the app. Using modern UI and non-cumbersome layouts, the Tally App is a sleek way to chip away at your credit debt.
This is how one customer described the Tally App on the Google Play Store: “Using Tally to pay off my cards has saved me money, and I’m paying considerably less in interest. I also saw my credit score jump 73 points… This app will streamline the process and help you regain control over the situation. The app is intuitive and straightforward. The customer support is also phenomenal.”
How Does Tally Work?
In this section of my Tally review, I’ll walk you through the app’s process.
It starts with downloading Tally on either the Google Play or iOS store. You can either check your credit rate before you download the app or after you upload all your cards to Tally. Either way, they’ll run a credit check to see if you qualify for their low-interest credit line. In order to be eligible you need a 580 FICO score.
After you receive approval then you can customize your Tally credit line to help you retain as much money as possible. Tally finds the lowest rates and transfers those savings to you so that you can hold onto the most money permitted for your fees.
From there, Tally takes responsibility for paying off your credit. They use the line of credit you set up with them to cover your debt and fees. In order to pay Tally back all you need to do is make one monthly payment. That payment covers all your cards, negating the need to keep track of APRs, due dates, and balances.
Tally clears you from all that mental clutter. It’s like they take the average of all of that and give it to you in one monthly bill. All you need to do is send them the money. No more hustling and bustling with different variables bouncing around in your brain. You can let Tally handle all that.
Here’s how I’d summarize the process for those who don’t care about details. After you sign up and complete your account, Tally handles the rest. They pay your credit bills based on a strategy that they think will save you the most money. I wasn’t able to find explicit details as to how they determine what’s best for you, but I assume it’s courtesy of the service’s algorithm.
Tally Fees
Here are all the fees associated with the Tally app. They all come after the download and credit check because those functions come free of charge.
- Your APR will be between 7.9% and 29.99% depending on your credit history
- Minimum monthly payments of $25
- Tally+ (the premium membership) costs $25 per month
There’s also a slightly convoluted manner in which Tally calculates how much your minimum payment costs. They take the minimum payments they made for all your credit cards for that month, apply interest based on your APR, and charge 1% of the total amount you borrowed from them. Plug your numbers into that equation to find out your monthly minimum.
Who Is Tally For?
Tally is best for people who have multiple credit cards and less-than-exemplary credit scores because it can provide you with better APRs than other credit lines.
Tally Reviews: What Do Customers Think?
Here are some of the average Tally App review scores from websites across the internet.
- iOS Store: 4.5/5 stars based on more than 19,000 pieces of customer feedback
- Trust Pilot: 4.4/5 stars based on more than 2,300 pieces of customer feedback
- Software Advice: 4.3/5 stars based on more than 160 pieces of customer feedback
- Google Play Store: 3.4/5 stars based on more than 5,000 pieces of customer feedback
Now, bear with me for what I’m about to say because I know it’s going to come off as loopy. One thing that I appreciated about Tally is that they didn’t filter out negative customer reviews on their website. If you check the “Tally reviews” page on the masthead then you can see thousands of customer testimonials that include the good, the bad, and the ugly.
It’s refreshing to see a company confidently display the entirety of their customer reception because it lends them an air of legitimacy. Of course, there were some users who didn’t like the service, which comes with the territory of financial aid, but that doesn’t distract from the fact that Tally wasn’t trying to hide what those people said. They showcased users’ opinions so that others could learn about what it’s like to actually use Tally.
With all that being said, it’s worth asking, what did customers say? Well, in general, Tally app reviews erred on the positive end of the spectrum. Users touted the app as doing exactly what it advertised; giving them the tools to reduce their credit debt.
Here’s one customer’s story about their experience with Tally. “Since I’ve downloaded Tally, they issued me a great line of credit at a lower interest rate to pay off my highest balances. I don’t have to worry about due dates since Tally does all of the work and now all I have to do is make one payment to Tally instead of making several different payments towards all my credit cards. My credit score is literally up by 45 points… Tally’s line of credit was just the relief I needed.”
Another common point that people raised in their Tally reviews was the simplicity of the service. Tally’s layout, which decluttered credit lines and put everything into one payment plan, helped customers see how much they owed and learn how they should budget accordingly.
The app itself was easy to use, said users, who added that it was easy to navigate between cards and reach out to the team behind Tally if they needed to.
“Applying for credit was easy and adding credit cards to my account was an easy process. Tally notified me and paid my credit cards off quickly. Using Tally will save me thousands dollars in interest and help me to pay down my debit faster,” wrote one buyer.
Unsurprisingly, the most common comments I found in Tally reviews concerned how much people improved their credit scores or chipped away at debt using the service. Most people were happy with the way Tally streamlined the process while also reducing their interest rates.
“I love the app! Has saved me a bunch of interest, and I don’t have to remember to pay every month. The Tally credit line has a much lower interest rate than any loan or credit card. My only complaints are the connection issue with Discover that really isn’t Tally’s fault, and no PayPal credit card option,” said one customer on Trustpilot.
One criticism that a few customers brought up was that Tally’s process wasn’t as clear as it should’ve been. The app didn’t show what their payments would be in the next month, leading some buyers to stress out. Additionally, some users reported that Tally would pay off cards that the user didn’t want them to pay off, which caused some hassles with the customer service team.
I want to include one final customer Tally review that puts the app into a realistic perspective. “Don’t be fooled, this app won’t SOLVE your debt issues. That ultimately comes down to personal money management and self control.”
Those that were satisfied with Tally recognized that the app wouldn’t wipe away their credit card debt and allow them to spend like every day was Black Friday. They saw that it was simply a tool to help them regain control over their credit, with “tool” being the operative word in that sentence.
Is Tally Legit?
Some customers lamented that Tally did not pay for all credit cards at once. This was mostly the case with users who held multiple credit cards. However, I wouldn’t take this as a strike against Tally’s legitimacy and more a criticism of the way the app calculates how to save you money.
Besides that, the only real complaints were from those who expected Tally to act like an angel investor rather than what it actually is; a tool to help you get back on track.
Is Tally Worth It?
While Tally as a service is fine – I’d go so far as to call it good – I cannot outright recommend it to everyone because credit scores and debts are complex.
You’ll have to crunch some numbers yourself and compare how much you’d save in the long run, plus how your APR will change once you sign up with Tally, to see if it’s worthwhile for you specifically.
That being said, it’s at least worth checking those numbers to see if Tally can be helpful.
Tally Promotions & Discounts
Sadly, there weren’t any Tally promotions or discounts running at the time of this review.
How To Get Started On Tally
You can download the Tally App on the iOS App Store or the Google Play Store.
FAQ
Who owns Tally?
Jason Brown is the brand’s CEO.
Is Tally App free?
Yes, Tally is free, although there is a paid premium membership that can net you larger benefits.
What is Tally’s Privacy Policy?
They have an extensive privacy policy on their website which includes details about where your information goes once you sign up with them.
How is Tally’s Customer Service?
Most users have been satisfied with the brand’s customer service. They said that Tally’s team were eager to help them resolve issues and make sense of their account.
How to Contact Tally
You can contact Tally by calling (866) 50-TALLY or emailing [email protected].
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