### Overview of the Empower App
The **Empower app** stands out in the fintech arena, presenting a versatile and pragmatic solution for gig workers and others navigating unpredictable income. It is widely recognized for its user-friendly cash advance feature, which has more relaxed criteria compared to traditional financial institutions, making it a compelling choice for individuals in need of fast cash.
Empower provides **cash advances** without the necessity for credit checks or imposing predatory fees typical of payday lenders. Consequently, it has received notoriety as a valuable resource for those aspiring to handle their personal finances more effectively.
This review will explore the functionalities of the Empower app, its variety of services, and address commonly asked questions regarding its operations.
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### What Exactly is the Empower App?
Empower is a **mobile finance management** application tailored for individuals seeking small loans prior to their payday. While the cash advance sums are typically smaller than those available through other platforms, Empower’s significant advantages lie in its rapid processing and lower credit requirements.
In addition to cash advances, Empower also offers an array of financial management tools such as **budget tracking**, **credit monitoring**, and credit-building options, assisting users in enhancing their financial well-being.
While it is not a bank itself, Empower delivers banking services in partnership with **NBKC Bank (a Member FDIC institution)** for its debit card functionalities. Moreover, its credit-building service, Empower Thrive, is managed through **FinWise Bank**.
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### Functionality of the Empower App
The Empower app provides three main services:
1. **Cash Advances**:
Users can obtain an advance of up to $250 without fees or interest and without undergoing a credit check. The funds can be directly deposited into the user’s bank account or onto their Empower debit card for quicker access.
2. **Thrive (Credit-Building Line of Credit)**:
Empower Thrive helps users build credit with initial credit limits beginning at $250, increasing to $1,000 based on repayment habits. Payments are reported to Equifax and Experian, aiding users in enhancing their credit scores.
3. **Debit Card**:
With the Empower debit card, users can access cash advances instantly and receive their paychecks up to two days earlier through direct deposit. Transactions made with the card also earn cashback up to 10%.
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### Fees, Withdrawals, and Repayment Options
– **Subscription Fees**:
Empower provides a **free 14-day trial**, after which an **$8 monthly subscription fee** is required to continue accessing the app.
– **Interest Rates**:
For the **Empower Thrive** credit line, the annual percentage rate (APR) is **0%** if repaid by the next paycheck. If not repaid, the APR can reach **35.99%**, depending on state laws.
– **Instant Delivery Fees**:
Standard cash transfers to your bank account are free but might take a few days. Instant transfer options incur a fee based on the advance amount (e.g., $1 fee for $0-$10 advances, $7 fee for $200-$249.99 advances).
– **Repayment**:
Repayment of cash advances is automatically taken from your bank account on payday. Users of Empower Thrive can select custom repayment plans.
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### Extra Features
The Empower app encompasses more than just cash advances, supporting users in maintaining and improving their financial health through additional resources.
– **Credit Monitoring**:
Empower offers comprehensive monthly credit reports and tailored advice to assist in credit score improvement.
– **Budgeting Tools**:
The app enables real-time tracking of income and expenses, empowering users to establish and uphold budgets across different categories.
– **Automated Savings**:
Users can save automatically by establishing personalized savings goals. The app computes safe amounts for transfer to savings, facilitating balance growth without financial pressure.
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### Requirements for Eligibility
To be eligible for an Empower cash advance:
– You should be at least 18 years old.
– You must possess a valid Social Security number.
– Your bank account should be active for a minimum of 30 days.
– Empower reviews factors like income data from your linked bank account to assess eligibility.
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### How to Begin with Empower
1. **Download the app** from Google Play or the Apple App Store.
2. **Create your account** by providing your information and confirming your phone number.
3. **Link an external checking account**, usually the one receiving your paycheck.
4. **Apply for a cash advance** to find out the amount for which you’re approved.
5. **Select a delivery method**, including instant delivery if preferred.
Empower automatically deducts the repayment amount and any associated fees according to the agreed schedule.
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### Alternatives to the Empower App
There are multiple alternatives to Empower that provide comparable cash advance services:
– **Dave**: Offers advances up to $500 for a $1 membership fee, with expedited funding options costing between $3 to $