MoneyGeek’s Take: Tally Personal Loan Review

Tally is a financial services company with the goal of helping people get out of credit card debt. You don’t take out a personal loan per se with Tally — you qualify for a Tally personal line of credit, which requires a credit score of 660.

Last Updated: 6/24/2022
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A Tally line of credit is exclusively for paying off high APR credit cards. Borrowers that are approved for a line of credit could get instant access to up to $25,000 of revolving credit with a lower APR than what they are paying with their current credit cards.

At a Glance: Tally Personal Loans


  • Tally Line of Credit

    • 7.95% to 29.99%APR Range
    • 660Minimum Credit Score
    • $2,000 to $25,000Loan Amount Range
    • 12 to 36 monthsRepayment Terms
    • Two DaysTime To Recieve Funds

    on Tally Line of Credit Website

MoneyGeek Breakdown - Tally Personal Loan Details and Requirements

  • APR

    Tally offers an APR between 7.95% and 29.99%.

  • Credit Score Requirements

    A minimum FICO score of 660 is generally the qualification requirement.

  • Income Requirements

    There are no income requirements to get a Tally line of credit.

  • Loan Amounts

    The personal line of credit could range from $2,000 to $25,000.

  • Loan Terms

    Tally offers a personalized payoff strategy with highly customizable terms depending on your ability to pay.

  • Permitted Uses

    You can use your Tally line of credit exclusively to pay off the high APR credit cards that it supports.

  • Prohibited Uses

    You cannot use the Tally personal loan line of credit other than for paying existing credit card debt.

  • Time To Receive Funds

    Tally immediately pays eligible borrowers’ credit card balances once they accept Tally’s offer of a line of credit.

  • Origination Fees

    Tally does not charge origination fees.

  • Late Fees

    There are no late fees.

  • Prepayment Penalty Fees

    There are no prepayment fees.

  • Co-signers and Co-applicants

    Tally doesn’t allow co-signers or co-applicants.

  • Perks

    Tally offers an open-ended or revolving line of credit which gives more flexibility compared to traditional personal loans. The company also has three different paid membership levels to choose from based on your preferred credit line.

  • Mobile Application

    Tally has a free mobile app with an easy-to-navigate interface that you can use for credit card debt consolidation.

Is Tally Right for You?

Give MoneyGeek’s review of Tally’s personal loan alternative line of credit a read-through for further information on whether this lender fits your requirements.

Who Tally Is Perfect For

Tally is best for borrowers who are looking to pay off credit cards from major companies with high interest rates using a personal line of credit. It is a good alternative to a personal loan for debt consolidation for someone who has a fair credit score and aims to crush their existing credit card debt over time.

If you want to avoid prepayment penalty fees, origination fees and late fees, then Tally might be a perfect fit for your debt consolidation needs. The free Tally app also helps you manage your credit card debt payments and pay off the highest interest rate cards first, saving you money.

Who Should Not Choose Tally

A Tally personal credit line is only for credit card debt consolidation. You must consider other lenders if you need a personal loan for another purpose.

A personal loan gives you a lump sum of money upfront to use for various purposes, but a personal line of credit, like Tally offers, only lets you use up to a maximum of $25,000 (depending on your qualifications) at any given point. It’s just like a credit card limit — once you reach the maximum, you have to pay down that amount to free up space on your credit line. So, it is not the perfect choice if you need a larger sum right away for debt consolidation.

How to Apply for a Tally Personal Loan

Use MoneyGeek’s quick reference guide to find what it takes to apply for a Tally personal line of credit as an alternative to a personal loan for debt consolidation. Learn about the minimum qualifications, required documents and application process to prepare in advance.

1

Prequalify

To find out if you prequalify for a Tally line of credit, download the free Tally app and add your credit cards to the dashboard. Tally asks a few questions about your credit standing and does a credit check to determine if it can offer you a line of credit with a lower APR than what you are currently paying. If you are eligible, Tally offers you a low-interest line of credit.

2

Fill Out Application Form

The online application process involves submitting your personal information, as well as information about your credit card balances, interest rates, credit score and spending behavior.

3

Wait for Approval

The approval process for a Tally personal line of credit is completely automated and takes just a few minutes.

4

Review Loan Agreement

If you accept a Tally line of credit, a Credit Line Agreement is emailed to you. Give this document a thorough read and make sure that you understand the fine print to avoid any dilemmas down the line.

5

Sign Loan Agreement

Once you read the agreement and are amenable to the conditions, you can sign the line of credit agreement.

6

Receive or Direct Funds

You get instant access to your Tally line of credit and immediately start paying off your credit card debt.

7

Make Payments

Tally uses your approved credit line to pay your consolidated credit card payments in one monthly bill. You pay Tally back per month the amount.

What To Do if You Are Rejected From Tally

Not all applications for a Tally personal line of credit get approved. Many would-be borrowers get denied for various reasons. These include having a low FICO score, a bad credit history, insufficient income, high outstanding debt or not having enough credit history.

If you weren’t approved for a line of credit, you may still use the free Tally mobile payoff app. Down the line, Tally may do a random check of your eligibility and inform you if you have unlocked a credit line. MoneyGeek also encourages you to call or email Tally to ask for a more in-depth discussion of the factors that influenced the decision.

Although having a personal loan application or credit line request for debt consolidation get rejected can be frustrating, especially if you need the money, MoneyGeek strongly cautions against applying right away for a personal loan with another lender without improving your financial situation. It might be best to wait a few weeks or up to three months before applying for a personal loan.

Frequently Asked Questions About Tully Personal Loans

MoneyGeek answered some frequently asked questions about a Tally personal loan or line of credit for debt consolidation. They will help you determine if a debt consolidation line of credit from Tally is the best option, given your particular needs and situation.

Read More on Personal Loans

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