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Pros & Cons
- Available on iOS and Android devices
- One easy monthly payment
- Free to download
- Required credit score of 660 or higher
Tally is an app-based business that helps you manage your debt by consolidating your monthly credit card bills into one payment with a lower APR.
What is tally and how does it work?
Tally is an app-based debt manager that helps you consolidate your credit payments at a lower annual percentage rate (APR). Tally simplifies your monthly payments by establishing a line of credit and using it to pay all of your balances. You then pay one single monthly payment to Tally. For every card registered with Tally, the app keeps track of due dates, minimum payments and APRs.
The Tally app is free to download in the iOS and Android app stores, but you only receive the benefits of saving by getting a Tally line of credit. Follow these steps to qualify for a Tally line of credit:
- Enter your card information on Tally’s website. The company analyzes your credit history to see if you’re eligible for its services without affecting your credit score.
- Get approved for and accept your line of credit from Tally. You need a credit score of 660 or higher to qualify for Tally’s line of credit. You also need evidence of your spending habits and outstanding balances.
- Continue to use your credit cards as usual. Tally takes care of the payments on your Tally-linked cards and charges you a lower APR, which potentially saves you money.
How much does Tally cost?
Tally’s app is free to download and use. The company makes money by the APR on its lines of credit. Your APR could be between 7.9% and 25.9%, depending on your credit score and the interest rates on your Tally-linked credit cards. With Tally, there are no excess fees, such as origination fees, prepayment fees or balance transfer fees. Tally also has late-fee protection, so its line of credit automatically kicks in to make the minimum payment on your balance if you’re low on funds.
Where is Tally available?
Tally is available in 30 states and Washington, D.C. To find out if Tally is available in your state, visit its website.
It’s important to note that Tally currently only works with cards from the following banks and stores.
- American Express
- Bank of America
- Capital One
- Fifth Third Bank
- First Bankcard
- PNC Bank
- US Bank
- Wells Fargo
- American Eagle
- Amazon Prime
- Home Depot
- Best Buy
Is Tally safe?
Tally keeps your information secure by using SSL encryption. The company never stores your bank information and doesn’t share your data without permission.
What kind of services does Tally offer?
Tally offers its customers a variety of services, including:
- Tally Advisor: This service helps you set a monthly plan to pay off your debt. It’s highly customizable and changes month to month based on your spending habits and preferred timeline. It also lets you set goals and adjust them.
- Tally Pays: This feature allows Tally to pay your balances for you. You just have to use the app once a month to pay your monthly balance.
- You Pay: If you’re not comfortable with the Tally Pays feature, you can pay your own balances each month. Tally still sends you reminders, and you can pay through the app or on your creditors’ websites.
Is Tally worth it?
Tally is a credit consolidation app that helps you save money by managing your credit cards and paying balances on your behalf. If you want to simplify your credit card payments and never pay a late fee again, Tally could be right for you.
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I unfortunately Had to give them 1 star, they deserve zero. It’s a bait and switch business. The idea is fantastic… Paying debt down and not having to worry about late payments etc. I understand the concept. However, the reality of my experience is a text book Bait and Switch. I found them while researching online as a found a few positive reviews. I spoke with them, applied and was given a credit amount with a low interest rate. Set everything up and like a former reviewer everything was working out well. Then, I noticed things stopped moving in a positive direction.
I went to the app and explored the details. Well, I noticed they changed the APR without notifying me. What started out to be an APR lower than any of my credit cards ended up being 24.4% (the highest of all my creditors). I called them and was promised someone would contact me but that never happened. The representative had to point out to me that the cost of everything is rising. Did she think I was calling from another world.
If I could give them negative Stars I would. Do not...I repeat DO NOT sign up with this company. I created an account to see what this company was all about and realized from other reviews that this company is a joke. Come to find out the reviews were not wrong unfortunately. Worst customer service ever. And borderline fraud company. If this review helps just one person not get caught up w/ this company I will feel vindicated from dealing w/ this ** company.
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Zero stars! Do not fall for their advertising. They charge you for a “membership” where you get a “reduced” APR. It sounds slightly okay until you realize, the membership payments are broken into monthly installments, AND you pay interest on the membership costs. Not only that, but their monthly payment is much higher than if you stayed with the credit card company. Adding it up, you pay more, and you get nothing - they do not report regularly to credit bureaus - only if you are in arrears. Paying them back as soon as possible to close out my loan with them. They are overly complicated, higher interest charges, and you end up paying them a lot. They are a payday loan wrapped in a shiny app! Avoid them!!
I am extremely disappointed with the customer service or lack thereof. Via email they sound nice, but on the phone the guy I spoke with was extremely rude and not willing to help my situation at all. They are very misleading and charge very high interest rates. I didn't give them permission to give one of my old credit cards a $5,000 loan which is what I am trying to pay off now at an 18% interest rate. I lost my business due to Covid and reached out to all of my creditors and everyone, except tally, was willing to work with me so I didn't have to default. The guy at Tally pretty much just told me that I would have to default. Learning experience from my end that these types of predatory lenders seem like you are in their best interest when that is definitely not the case. I 100% agree with the other person that left the other review about them. Nowhere to write reviews.
I started by transferring a high interest balance to Tally. I was promised a lower payment and after a few months I realized my balance is not moving then they raised my balance to $800 a month for a $5000 balance which is unheard of. They don’t show on your credit report and they have everything so hidden. This is a scam. People I hope you don’t make the same mistake. I paid off the whole balance and overpaid $46. Now they’re saying that goes towards interest! What interests??? When you try to write a review it’s the hardest to find them and it took me to Consumer reports.
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