Tally Personal Loan Lender Review

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ByChristopher Boston
Edited byRae Osborn
ByChristopher Boston
Edited byRae Osborn

Updated: February 14, 2024

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Tally is unique as it specializes in consolidating credit card debt, offering personal lines of credit up to $20,000. With a minimum credit score requirement of 680, it's a good fit for those with good credit. Tally's app makes managing loans easy, though the annual fee of up to $300 is a hefty consideration. It's ideal for tech-savvy individuals aiming to simplify multiple high-interest debts but might not suit those seeking loans for other purposes or with lower credit scores.

  • Tally Line of Credit

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

    Tally is a mobile app that offers a unique solution for managing credit card debt. It provides personal lines of credit ranging from $2,000 to $20,000, aimed at helping borrowers pay down their credit card balances more effectively. This approach offers much-needed flexibility, allowing borrowers to consolidate multiple high-interest credit card debts into a single, more manageable payment.

    One of the key features of Tally is its late fee protection. For those who maintain their account in good standing and provide accurate credit card and bank account information, Tally helps avoid additional charges from missed payments.

    However, it's important to note that Tally charges annual fees, which can range from $0 to $300. While this might increase the overall cost of borrowing, the potential savings from lower interest rates and avoided late fees can offset this expense.


    • Consolidates credit card debt into one payment
    • Personal lines of credit from $2,000 to $20,000
    • Late fee protection for eligible users
    • Potentially lower interest rates than credit cards
    • Simplifies debt management and tracking


    • Charges annual fees up to $300
    • Requires good standing for late fee protection
    • Limited to credit card debt consolidation
    • Credit approval required, not guaranteed for all
    • May not be the lowest interest option available
    Tally Line of Credit

Features of Tally Personal Loans

When considering Tally as a lender, it's important to understand its features. Tally's personal lines of credit are primarily for paying off credit card debt, offering a streamlined way to manage your finances. Be aware of fees, as they can range up to $300 annually.

While Tally doesn't offer specific repayment assistance, its late fee protection can be a safety net for eligible users. Additionally, its customer service and online tools may help you manage your loan more easily. Evaluating these aspects makes it easy to decide if Tally fits your financial needs, ensuring you make an intelligent choice for your debt management.

What Can You Use Your Funds For?

Understanding how you can use funds from a personal loan is critical, especially since some lenders set specific restrictions. With Tally, you can use your personal line of credit to pay off multiple credit card balances. This simplifies your debt into one manageable payment, potentially with a lower interest rate.

Ultimately, Tally can be an effective tool for those looking to streamline their financial obligations and work towards being credit card debt-free. Remember, using your line of credit as intended maximizes its benefits, making your financial journey smoother.

Loan Terms for a Tally Personal Loan

Knowing the details of a Tally personal line of credit, like credit limits, repayment terms and APR (Annual Percentage Rate) ranges, is crucial. This information helps you plan your finances better and choose an option that fits your budget.

  • Loan Amounts: Tally offers personal lines of credit from $2,000 to $20,000. This flexibility lets you borrow according to your specific debt amount, avoiding extra borrowing.

  • Repayment Terms: Unlike traditional personal loans, Tally’s personal line of credit doesn’t lock you into a fixed term. This means you have the flexibility to tap into your credit line repeatedly, using it to cover your total debt over time.

  • APR Ranges: The APR varies based on various factors, impacting how much you'll pay over the loan's life. A lower APR typically means less interest and overall cost.

By understanding these terms, you can decide whether Tally is right for your financial needs.

Fees and Discounts for a Tally Personal Loan

Knowing about fees is crucial when getting a personal loan, as they can significantly affect the total cost. Different lenders charge different fees, so understanding Tally’s specific charges helps you plan your finances better.

Fortunately, Tally does not charge late fees, balance transfer fees or prepayment penalties. This means you won't face extra costs for late payments, moving debt to your Tally account or paying off your loan early.

However, if you choose Tally+ over its Basic membership, you will be charged an annual fee of up to $300. This is paid monthly from your credit line, typically around $25 per month. Opting for Tally+ gives you a lower APR on your credit line and a higher credit limit. This fee structure is part of how Tally offers more favorable terms, so weighing this cost against the potential savings from reduced interest rates and increased credit availability is important.

Tally Personal Loan Repayment Assistance

When you're paying back a loan, knowing what kind of support you'll get if you hit a rough patch financially is important Tally offers a helpful feature: late fee protection for eligible users. To qualify, you need to keep your account up to date, stay in good standing, and ensure your credit card and bank account details are accurate. This protection is a safety net, preventing extra charges if you accidentally miss a payment.

Why does this matter when choosing a personal loan lender? Financial ups and downs happen, and having a lender that understands and offers support can make a big difference. It means you have more peace of mind, knowing that one missed payment won’t lead to extra fees piling up. When considering lenders, think about this kind of support — it shows how a lender can help you manage your loan responsibly and with less stress.

Tally Customer Service

When you're picking a personal loan lender, keep in mind that it's not just about the loan itself. You should also think about the support you'll get. Good customer service can make a big difference, especially when you have questions or run into issues with your loan.

With Tally, you can get in touch if you need help. You can call its customer service at 866-50-TALLY, available from Monday to Friday, 8 a.m. to 5 p.m. PT. Alternatively, email them at support@meettally.com.

Having these ways to reach out ensures a smoother, more supported loan experience. Remember, the quality of a lender's customer service is just as crucial as the loan they offer.

Tally Personal Loan Online Resources

Choosing the right personal loan lender involves looking beyond just the loan itself. It's also about the additional resources it offers to help you manage your loan and finances effectively.

Tally offers great online resources. Their official blog, The Score, is packed with tips and insights to help you navigate your financial life. It's a treasure trove of knowledge, guiding you through various money matters.

Additionally, Tally provides useful tools like a debt calculator and an interest calculator. These tools can help you understand how much you owe and how interest affects your payments. It’s a big plus for planning your finances and controling your debt. Remember, the right lender should equip you with the tools to succeed financially, not just lend you money.

Qualifying for a Tally Personal Loan

Understanding Tally's eligibility criteria is crucial before applying for a personal line of credit. This knowledge helps you gauge if you're a good fit for this lender and avoid any surprises during the application process.

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    Credit Score

    To qualify for a Tally line of credit, your credit score must be at least 680. A higher score may increase your chances of approval and allow you to secure better terms.

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    Income Level

    Tally may consider your income level to ensure you can comfortably repay the loan.

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    Debt-to-Income ratio

    Your debt-to-income ratio shows how much of your income goes towards debt payments. A lower ratio is generally preferred.

Tally doesn't clearly state if it accepts a co-signer or co-applicant. Adding someone with a strong credit profile can improve your chances of approval and possibly secure better loan terms. However, this also means the co-signer or co-applicant shares the responsibility for the loan, which could be a risk for them if you fail to make payments. Understanding these factors can help you make an informed decision when applying for a loan with Tally.

Is a Tally Personal Loan Right For You?

Deciding whether Tally is the right lender for you is an essential step in managing your finances. It's crucial to assess if its services match your financial needs and goals. You can determine if it aligns with your financial situation by understanding Tally's features, fees and eligibility requirements.

Who Can Benefit From a Personal Loan From Tally?

While Tally might not be the ideal choice for every borrower, it can be an excellent option for certain individuals. It's key to understand who benefits most from Tally's specific services. Let's look at which borrower profiles will likely find Tally a good fit.

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    Those Seeking to Pay Off Credit Card Debt

    Tally specializes in consolidating credit card debt, offering a manageable way to pay it off with potentially lower interest rates.

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    Individuals With Good Credit

    With a minimum credit score requirement of 680, Tally is well-suited for those who have maintained good credit.

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    Technologically Savvy Individuals

    Tally’s services are digital-focused, making it a convenient option for those comfortable using online tools and mobile apps for financial management.

Understanding the features and requirements of Tally is essential to determine if it's the right option for you. If you fall into these profiles and Tally's offerings align with your needs, it could be a beneficial choice for managing and paying off your debt.

Who Shouldn’t Secure a Personal Loan From Tally?

Tally might be a great option for some, but it may not meet the needs of every borrower. Certain borrowers might find that Tally's specific features and requirements don't align well with their financial situations. These include:

  • Borrowers with Poor Credit: Tally requires a minimum credit score of 680. If your credit score is lower, Tally may not be the right choice.

  • People Seeking Funds for Other Purposes: Tally focuses on credit card debt consolidation. Tally might not suit your needs if you need a loan for different reasons, like home improvements or medical expenses.

  • Those Who Want Higher Loan Amounts: With a maximum credit line of $20,000, Tally might not be sufficient for those needing larger loan amounts.

By understanding Tally's features and limitations, you can determine if it's the right lender for you. If your financial needs don't match Tally's profile, exploring other lending options might be more beneficial for your specific circumstances.

How to Apply for a Tally Personal Loan

Understanding the process of securing a personal line of credit from Tally can make the experience smoother and less daunting. Knowing each step in advance helps you prepare and ensures you don’t miss details.

Understanding the process of securing a personal line of credit from Tally can make the experience smoother and less daunting. Knowing each step in advance helps you prepare and ensures you don’t miss any important details.

Download the Tally App

The first step is to download Tally's app on your phone. The app is your gateway to Tally's services, allowing you to manage your loan and credit card payments. It's also essential for accessing Tally's features and tracking your debt consolidation progress.

Add Your Credit Cards

Next, add your credit card details into the app. Tally uses this information to assess your credit profile and create a personalized loan offer for you. This step is crucial for Tally to understand your financial situation and how it can help consolidate your debts.

Accept the Offer

Tally will then present you with a loan offer. This offer includes details like your credit limit and APR. Carefully review and accept the offer if it aligns with your financial goals and needs.

Connect a Checking Account

You'll need to connect your checking account to the app. This account is where Tally will withdraw your loan repayments from. Linking a checking account is a key step to ensure seamless and timely payments.

Tally Pays Your Credit Cards

Once you've completed the previous steps, Tally uses the funds to pay off your credit cards. This action consolidates your credit card debt into one manageable account. It’s the final step in beginning your journey towards more streamlined debt management with Tally.

Being familiar with the process beforehand ensures you are prepared and can move through each stage with confidence. This knowledge ultimately leads to a more informed and stress-free borrowing experience.

What To Do If You’re Denied

Having your personal loan application with Tally denied can be a setback, but it's not the end of your financial journey. It's an opportunity to reassess and explore other paths to achieve your financial goals. Here’s what you can do next:

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    Understand the Reasons for Denial

    Reach out to Tally to find out why your application was denied. It could be due to your credit score, income or debt-to-income ratio. Knowing the exact reason can help you address the issue directly.

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    Boost Your Financial Profile

    Work on improving your credit score or reducing your debt. Paying bills on time, reducing credit card balances and avoiding new debt can help strengthen your financial standing.

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    Look for Alternative Financing Options

    Explore other lenders or types of loans that might have different eligibility criteria. Credit unions, online lenders or a secured loan might be viable options for your particular situation.

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    Seek Professional Advice

    Consider talking to a financial advisor. They can provide personalized advice on improving your creditworthiness and finding suitable financing options.

Remember, having a loan application denied is just a step in your financial journey, not the final destination. It's an opportunity to understand your financial standing better and explore other options. Use this experience as a catalyst for improving your financial health and finding a path that works for you.

Frequently Asked Questions About Tally as a Personal Loan Lender

To help you get a clearer understanding of Tally as a personal loan lender, MoneyGeek compiled a list of frequently asked questions. This section aims to provide you with more detailed information about Tally's services and policies, helping you make an informed decision.

Does Tally have restrictions on how you can use your funds from a personal loan?
What is the minimum credit score requirement for a Tally personal loan?
How long does Tally take to approve a personal loan?
Does Tally have a mobile app?
Is a Tally personal loan secured or unsecured?
How much can I borrow using a Tally personal loan?
What fees will I encounter with a Tally personal loan?
How does applying for a Tally personal loan affect my credit score?
Does Tally offer an autopay discount for personal loans?
Can you have co-signers on a Tally personal loan?

About Christopher Boston

Christopher Boston headshot

Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.

Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.

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The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.