Tally App personal lines of credit: 2024 alternatives
Tally Technologies, Inc. was a digital platform designed to help consumers consolidate high-interest credit card debt using affordable lines of credit. Headquartered in San Francisco, California, the company served millions of customers since its inception in 2015.
However, Tally is no longer offering personal lines of credit after it ceased operations in August of this year.
Alternatives to Tally
Tally was ideal for individuals with good credit looking to consolidate credit card debt. There were no origination fees, late payment fees or prepayment penalties. Plus, the competitive starting APR and low monthly payments made Tally a more cost-effective choice than other traditional debt products.
Upstart, Happy Money and Avant are worth considering if credit card debt consolidation is still at the top of your list of priorities. However, they only offer personal loans — largely because most lines of credit are funded by banks and credit unions, not online lenders.
| Upstart | Happy Money | Avant | |
|---|---|---|---|
| Bankrate Score | 4.8 | 4.6 | 4.7 |
| Better for | Flexible loan amounts | Low maximum APR | Borrowers with bad credit |
| Loan amounts | $1,000–$50,000 | $5,000-$40,000 | $2,000-$35,000 |
| APRs | 7.40%-35.99%* | 11.72%-17.99% | 9.95%-35.99% |
| Term lengths | 36 or 60 months | 24 to 60 months | 24 to 60 months |
| Fees | Origination fee up to 12% | Origination fee up to 5.5% | Administration fee up to 9.99% |
| Min credit score | Not disclosed | 640 | 580 |
| Time to funding | As soon as one business day | 3 to 6 business days | As soon as one business day |
Upstart
Upstart offers flexible personal loans that do not have strict restrictions on how funds are used. Along with its lower starting APR, Upstart is a viable debt consolidation option if you want a fixed rate. But despite its low starting APR, Upstart has one of the higher origination fees on the market. In addition to other costs, this could decrease your savings from consolidating.
Happy Money
Happy Money is another viable alternative to Tally. Its loans are meant for consolidating credit card debt, and unlike many lenders in the space, its APR caps out at just 17.99 percent. That said, you’ll still 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 choice if you need to consolidate at least $5,000 of debt.
Avant
Avant could be the best fit if you have a lower credit score but want to consolidate high-interest debt. It accepts scores as low as 580, which is good if you need a bad credit loan for more than just debt consolidation. The main drawback is its potential cost. Rates start on the higher end, and its administration fee — similar to an origination fee — is 9.99 percent.
Why did Tally stop offering its credit line?
Tally closed its virtual doors to new business due to funding challenges.
In a recent LinkedIn post, founder and CEO Jason Brown stated, “After nearly nine years of helping people manage and pay off their credit card debt, we have made the difficult and sad decision to shut down Tally.”
He went on to mention how financial hurdles have ultimately led to the fintech company’s demise. “This was not the outcome we had hoped for, but after exploring all options, we were unable to secure the necessary funding to continue our operations.”
Current Tally borrowers should receive information from the new loan servicer.
If you were considering Tally, there are alternatives available. Before you make a final decision, compare personal loan rates with other lenders. This can help you make the most of your loan — and find options that fill the gaps Tally left behind.
