Tally Technologies, Inc. is a digital platform designed to help consumers consolidate high-interest credit card debt with affordable lines of credit. Headquartered in San Francisco, California, the company has served millions of customers since its founding in 2015.
However, Tully has not offered any personal lines of credit since it ceased operations in August this year.
Alternatives to Tally
Tally was ideal for credit-worthy individuals looking to consolidate their credit card debt. There were no fees, late fees, or prepayment penalties. Plus, competitive starting APRs and low monthly payments made Tally a more cost-effective option than other traditional debt products.
If credit card debt consolidation is still a top priority, Upstart, Happy Money, and Avant are worth considering, though these companies only offer personal loans, as most lines of credit are funded by banks and credit unions, not online lending companies.
| Upstart | Happy Money | Avant | |
|---|---|---|---|
| Bankrate Score | 4.8 | 4.6 | 4.7 |
| Better yet | Flexible loan amounts | Low Max APR | Borrowers with poor credit |
| Loan amount | $1,000-$50,000 | $5,000-$40,000 | $2,000-$35,000 |
| APR | 7.80%-35.99% | 11.72%-17.99% | 9.95%-35.99% |
| Length of time | 36 or 60 months | 24 to 60 months | 24 to 60 months |
| Fee | Commission up to 12% | Fee up to 5.5% | Management fee up to 9.99% |
| Minimum Credit Score | private | 640 | 580 |
| Time to fundraise | As fast as 1 business day | 3 to 6 business days | As fast as 1 business day |
Upstart
Upstart offers flexible personal loans with no strict restrictions on how you can use the funds. In addition to a low starting APR, Upstart is a viable debt consolidation option if you want a fixed interest rate. However, despite the low starting APR, Upstart has one of the highest origination fees on the market. In addition to other costs, this can reduce the savings you might get from consolidating.
Happy Money
Happy Money is another viable alternative to Tally. Its loans are for consolidating credit card debt, and unlike many lenders in this space, they cap the APR at just 17.99 percent. That said, you’ll pay an origination fee of up to 5.5 percent. However, there are no late fees, returned payment fees, or prepayment penalties. This makes Happy Money a good option if you need to consolidate at least $5,000 in debt.
Avant
If you have a low credit score but want to consolidate high-interest debt, Avant may be the right choice for you. They accept scores as low as 580, making them a great choice for those who need a bad credit loan for more than just debt consolidation. The main drawback is its potential cost: interest rates are on the high side, and the fee (similar to an origination fee) is 9.99 percent.
Why did Tally stop offering credit facilities?
Tally has effectively closed its doors to new business due to financial difficulties.
In a recent LinkedIn post, founder and CEO Jason Brown said, “After nearly nine years of helping people manage and pay off their credit card debt, we’ve made the difficult and sad decision to close Tally.”
He went on to note that financial difficulties ultimately led to the fintech company’s collapse: “This was not the outcome we wanted, but after exploring all options, we were unable to secure the necessary funding to continue operations.”
Current Tally borrowers should receive information from their new loan servicing company.
If you were considering Tally, there are other options. Compare the interest rates on personal loans with other lenders before making your final decision. This will help you get the most out of your loan and find options that fill in the gaps that Tally doesn’t cover.
