Tally Review: Is It a Good Way To Pay Off Credit Card Debt?

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Quick Take: Tally is a debt help app that's centered around the company's debt consolidation loan product. Even if you don't qualify for a debt consolidation loan offer, you can continue to use the app to track and manage your credit card debt for free. But is Tally actually worth it? Read on to find out.

Tally Overview

Tally is a personal finance app that’s designed to help you pay off high-interest credit card debt. The app does so in one of two ways:

• Debt consolidation loan: If you qualify, Tally will attempt to give you a debt consolidation loan. This means it pays off your credit card debt and you pay Tally regular monthly payments at a lower interest rate.
• Personal payoff plan: If you don’t qualify for a debt consolidation loan, you’ll be able to use the Tally app to create a personal payment plan. Based on the debt snowball strategy, the payment plan focuses all extra funds on your debt with the highest interest rate first. 

Although a debt consolidation loan and debt snowball can help you pay off your debt faster, there are a couple of drawbacks to the service. If you qualify for the debt consolidation loan and want to get the lowest possible interest rate, you’ll have to pay a $300 annual fee for Tally+, so you’ll need to have significant savings to cover the cost of the loan. Moreover, if you don’t qualify for debt consolidation, there are no debt settlement or other debt counseling services. 

Key Features

Before committing to Tally or Tally+, it’s important to understand the app’s key features, such as debt payoff options, membership options, automated payments and fast approval. 

Debt Payoff Options

Tally comes with two debt payoff options. You can either sign up for the company’s debt consolidation loan or use its app to create a customized payment plan. Here are a few things you should know about these options. 

• Debt consolidation loans: Debt consolidation loans come with an interest rate between 7.90% and 29.99%. The only way to get the lowest interest rate possible is to pay a $300 annual fee for Tally+. Be sure to consider the annual fee when you do the math to determine if this loan would actually save you money.
• Customized payment plan: The customized payment plan uses the debt snowball method. This means the platform automatically applies the extra funds you have available to your debt with the highest interest rate. 

Membership Options

Tally offers three membership options. They include:

1. Basic debt consolidation: The basic debt consolidation option is the company’s first offering. It comes with a debt consolidation loan and full use of the Tally app to manage debts. 
2. Tally+ debt consolidation: You can pay $300 per year for Tally+ to access a lower interest rate and receive credits each time you make an on-time payment. 
3. Tally member: If you choose to forgo the debt consolidation option, you can use the Tally app to create a customized payment plan, track your debts and automate your payments. 

Automated Payments

No matter which membership option you choose, you’ll be able to automate your payments in the Tally app. The app will even follow your customized debt payoff plan automatically so you never miss a beat. 

Fast Approval 

Tally provides instant approvals. You won’t have to wait around for days or weeks to find out if you qualify for a debt consolidation loan.

How Tally Stands Out

Tally makes debt consolidation simple. The platform also makes it easy to follow the debt snowball method, even if you’re not interested in the company’s debt consolidation offering. 

Comparable Debt Consolidation Options

If you’re considering debt consolidation but don’t think Tally’s right for you, consider one of the following options. 

SoFi

SoFi offers a wide range of loan options. One of those options is a low-interest credit card debt consolidation loan with absolutely no fees. 

LightStream

LightStream offers debt consolidation loans ranging from $5,000 to $100,000. Interest rates on these loans range from 8.99% to 25.99%.

How To Apply

Follow these steps to apply:

1. Download and sign up for the Tally app. 
2. Add your credit card data to your profile. 
3. Wait while Tally performs a credit check that doesn’t hurt your credit score. 
4. Find out if you qualify for a debt consolidation loan in minutes. 

Who Tally Is Best For

The Tally debt consolidation loan is a strong option for you if you’re having a hard time meeting your minimum monthly payments on your credit card debt. If you’re not having a hard time making your minimum payments but want to save money, consider using Tally’s app and forgoing the debt consolidation offer. 

Final Take

If you’re having a hard time dealing with your credit card debt and are considering a consolidation loan, consider signing up for Tally. The average member saves about $4,300 in interest over seven years. 

Information is accurate as of July 17, 2023.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

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