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Tally Review – Pay Off Credit Card Debt Faster With Loan Consolidation

Consumer debt in the United States is a growing problem. Of all the categories of debt, credit card debt is one of the most common. In fact, every household with a credit card has a debt of almost $ 8,400 on average. Additionally, credit card loans have passed the trillion dollar mark in the US alone.

There are many reasons to get out of debt . Less stress, early retirement , better relationships, and more security are just some of the benefits of being debt free. However, as you may already know, getting out of debt is often easier said than done.

There are strategies to quickly pay off credit card debt . However, if you have a good credit score , you may be able to make your debt repayment plan more efficient by using Tally.

If you want to get over your credit card debt once and for all and save money in the process, be sure to take a closer look at Tally.

What is Tally?

Tally is a mobile application for Android and IOS that helps you save money while paying off your credit card debt.

Tally’s main goal is to provide debt consolidation . To help you save money, Tally identifies your higher interest credit cards and uses your own line of credit to help pay your credit card bills. Because Tally charges a lower interest rate than her high-interest credit cards, you pay less interest in the long run.

Key features

Tally simplifies your debt settlement process and helps you save money with several key features:

1. Save money on interest

Tally is most powerful if you have significant high interest credit card debt to address and receive a low APR from Tally. Plus, the flood of debt method is incredibly efficient for high-interest debt because, in the long run, paying off high-interest cards first saves you more money.

It can be difficult to stay motivated and consistently tackle this debt on your own. However, Tally automates everything, making sure you stay on track and prioritise your most damaging debt first.

2. Simple card management

An advantage of debt consolidation is, of course, the lower interest payment. However, Tally’s debt consolidation and intuitive app also streamline your entire debt repayment plan.

Tally makes managing multiple credit cards easy. You only pay one bill per month, regardless of the number of cards you add to the app. Plus, you can view the details of each card and outstanding debt in a central dashboard for a complete snapshot of your finances.

If you are tired of complicated spreadsheets and missed card payments, Tally is a great alternative to try.

3. Smart debt manager

A new feature for Tally is Tally Advisor, which is like a robo-advisor, just for your debt.

As you spend, Tally automatically creates a personalised plan on how to effectively pay off your credit cards. You can also set a debt free goal and track your monthly progress within the app. A convenient sliding scale for debt payments lets you see the impact of increasing your monthly credit card payments.

The introduction of goal setting in Tally is similar to other personal finance apps like Mint and Cleo . If you need goal tracking as part of your debt repayment plan, this new Tally feature is great news.

4. Late payment protection

With Tally Pay, you can rest assured that you won’t lose payments on your cards or incur late fees. If you prefer to pay for some or all of your cards yourself, Tally still sends helpful reminders to make payments several days before the due date.

Avoiding late fees helps speed up the debt-free process, so it’s good to automate the payment process or get helpful reminders from Tally.

5. Extendable line of credit

If you are on track with Tally, they extend your line of credit to make minimum payments even if you have used up your entire line of credit. Plus, this extension is added to your next monthly payment, so you’ll never have more than one tally bill to worry about.

This is another safety net that Tally puts in place to help you succeed. If you’re on a tight budget and need help throughout the month, Tally has you covered.

How to use Tally

If you want to consolidate your credit card debt with Tally, the process is pretty simple. However, Tally has several requirements to protect herself from extending a line of credit to a subprime borrower.

Step 1: Secure a line of credit

You need a FICO Score of 660 or higher to qualify for Tally’s line of credit. In other words, this means you need a good credit score or you will have to rebuild your credit score for Tally to approve. Tally runs a soft credit inquiry , so your credit score is not affected if you apply.

Tally is currently available in 31 states, so geography is another requirement to consider. Tally’s algorithm also analyses your debt profile and history to determine your risk. Frequent late payments, total debt, income level, and other factors play a role in obtaining a line of credit.

Tally does not have an annual fee, and ultimately it is your line of credit APR that matters. Depending on your credit history, the APR for your Tally line of credit is between 7.9% and 25.9% per year. To earn money, Tally charges you interest on the amount of money you end up borrowing from them.

Ideally, Tally’s APR is lower than most or all of your credit card debt, so you can use the money you save to start paying off your debt and pay less in the long run.

Step 2: Pay your credit cards

Once you secure a line of credit and register your credit cards within the app, Tally monitors your balances, APRs, and payment due dates. Then Tally makes sure a payment is never missed. Additionally, Tally calculates the best way to minimise interest payments by optimising which cards you pay first. Cards with lower APRs receive minimum payments so you can focus more money on your high-interest balances.

Tally pays for her cards at least two business days before their expiration dates to ensure she doesn’t incur a late fee. You have two options to cancel your credit cards:

  • Payment by account . Tally works by paying her cards every month using her line of credit. You only get one bill for all your credit card payments, and you pay Tally once a month.
  • You pay . This option allows you to manage payments to your own cards and prevents Tally from spending your credit line. Tally sends reminders to pay before due dates and you can pay for your cards through the app.

Tally allows you to choose a payment configuration for individual cards. Tally Pay is ideal if you are having trouble constantly paying off your credit cards. If you don’t want Tally to pay for a certain card, change it to You pay and uncheck the late protection option. Tally still sends payment reminders, but she won’t use her line of credit.

Tally currently supports many of the major credit cards from issuers such as American Express, Chase, Capital One, Discover, and Wells Fargo. Store credit cards from companies like Amazon , Best Buy, Home Depot, and Macy’s also work.

It’s worth noting that if you use your entire line of credit, Tally still helps you pay your bills for the month as long as you are on track with your payments. Tally advances enough money to pay at least the minimum amount on each card and does not charge fees for exceeding the limit. You pay down payments on your next due date, and this is an amazing feature to help you if you fall behind on your minimum payments by a month.

Step 3: Pay the bill

Tally is a debt settlement tool, not a free line of credit. This means that to benefit from debt consolidation and a lower interest rate, you must fulfil your end of the bargain.

Tally emails you a monthly statement of the amount you owe. Pay directly through the Tally app with a linked checking account. Payments are due before 5 pm PST on the due date. Your first statement arrives approximately one month after activating your account.

There are three factors that determine your minimum payment:

  • Tally’s expenses . You repay the minimum payments Tally made to your credit cards during the month.
  • Interest . Your APR varies based on your line of credit.
  • Tally’s loan . She pays 1% of the total amount she borrowed from Tally to keep up with her debt payments.

Your minimum payment is at least $ 25 unless your balance is lower. However, you can always make larger payments to speed up your debt repayment.

Tally uses the daily balance method to calculate your interest charges . This method considers your daily APR in each day’s ending balance for one-time daily interest charges. Tally combines these payments into your monthly total to get the total interest charge for your statement. Tally doesn’t compound the interest on a daily basis, so she only pays interest on the money she borrows.

If you can’t pay your bills, Tally will stop paying your cards. If you are late, please contact Tally support to resolve payment issues and inform them if you are unable to make a payment.

Step 4: save money

Tally saves money initially by ensuring you don’t miss payments. If you get a lower APR than most of your credit cards, you will also save money on interest charges. However, the true strength of Tally is that it helps optimize the way you pay off your credit card balances.

To do this, Tally determines which credit cards to pay first, considering factors such as APR and card utilisation. Cards with APRs lower than your Tally line of credit get only minimal payments, so high-interest debt is the priority. This is the debt flood method and it is one of the best ways to pay off debt because it saves money on long-term interest.


Saving money on interest and not missing payments are the main advantages of using Tally. Additionally, there are several other benefits worth noting:

  1. No fees . Tally only makes money on her interest payments, which are ideally lower than most or all of her credit card payments. It is a win-win scenario. Loan origination fees and monthly membership costs aren’t there to detract from your debt-free mission.
  2. No daily compound interest . Many credit cards make up the daily interest. In contrast, even though Tally uses the daily balance method to calculate interest charges, you only pay interest on the money you borrow. This allows you to focus on paying off your principal balance and a minimum of 1% of your tally line of credit per month.
  3. Soft credit pull . If you’re concerned about affecting your credit score with debt consolidation, Tally’s mild credit pull is great news. You can apply for a Tally line of credit without any risk, even if it is declined.
  4. Flexibility . Tally’s revolving line of credit means that if you’re in good standing, you can usually get extra money to pay off your minimum credit card balances if you’re slightly behind on Tally’s payment. As long as you are up to date and communicate with Tally proactively, they are generally willing to create a payment plan that benefits both parties.


Despite the lack of fees and useful automation, there are downsides to using Tally:

  1. APR Considerations. Your Tally APR varies based on your credit score, debt profile, and a variety of other factors. If Tally’s APR is not significantly lower than most of your existing debt, this app loses its purpose. Plus, you may find more competitive debt consolidation loans that will save you even more. You should also consider a 0% balance transfer credit card if you can responsibly pay off your high-interest debt and stay on top of payments. 
  2. Credit score requirement . Unfortunately, Tally cannot help anyone with a credit score below 660. If you are working to improve your credit score, keep Tally in mind for the future. Until then, focus on debt-free strategies like Dave Ramsey’s Seven “Baby Steps” to lay the foundation for debt free. 
  3. The flood of debt is not for everyone . The flood of debt method is mathematically efficient. However, being debt free is also often a mind game because the journey can take years. For many, the debt snowball method, which involves paying off their smallest debts first, is superior. This is because you see a reduction in your debt amounts much faster than with the debt avalanche method, giving you motivation to continue.
  4. It does not correct bad spending habits . Tally Advisor encourages you to set aggressive debt-free goals and keep up with payments. However, this app won’t work if you don’t stop overspending . Learning how to budget is essential because Tally is just a tool for paying off debt. It may be tempting to spend more on your credit cards if you get a lower APR through Tally, but this defeats the entire goal of being debt free. Ultimately, Tally is not a useful service if you can’t control the basics of budgeting. 

Final word

Debt is not always bad . In fact, without debt, many people would find it difficult to buy their first home, buy a vehicle, and advance their education by going to college.

However, credit card debt is not good debt. It prevents wealth creation , limits financial and personal opportunities, and can even have negative health effects . Ultimately, it doesn’t matter if your credit card debt was unavoidable or the result of a shopping habits; it is getting back on track that is important.

Fortunately, Tally helps him save money and constantly work to be debt free. There is no risk in applying for a Tally line of credit, and if you have a significant amount of high-interest credit card debt, Tally could be your best option for efficiently paying off your credit cards.

Don’t be afraid to shop around to see what other options exist. However, if you can get a lower APR through Tally, the app is a great way to start a new chapter in your life and eliminate debt for good.

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