The **Empower app** is an exceptional financial resource that delivers adaptable and practical solutions tailored for gig economy workers and individuals with varying incomes. It is especially recognized for providing quick and straightforward **cash advances**, which come with less rigid eligibility criteria compared to conventional financial establishments. By eliminating credit checks and bypassing high fees associated with payday lending, Empower presents a convenient method for accessing fast cash when you need it the most.
This article takes an in-depth look at Empower’s cash advance offerings and additional features to help you gain comprehensive insight into its operation and ascertain if it meets your needs.
## What is the Empower App?
Empower is a **mobile application** crafted to assist workers and gig employees in managing their finances. Even though its **cash advances** are generally less than those of some rivals, it excels in terms of speed, ease of use, and reduced qualification criteria. In addition, Empower provides several other financial management resources such as **spending trackers**, **budgeting tools**, and **credit score monitoring**.
Although Empower is not a traditional bank, it delivers **banking services** in collaboration with NBKC Bank, Member FDIC, and its Empower Thrive functionality is supported by FinWise Bank, which is also FDIC-insured.
## How Does Empower Work?
Empower’s core services include three main offerings:
1. **Cash Advances**: Users can secure advances of up to $250 without **interest**, **late fees**, or **credit checks**. The funds can be directly deposited into your linked bank account or on your Empower debit card.
2. **Thrive Credit Line**: This credit-building feature allows for credit lines starting at $250 and reaching up to $1,000, with no minimum credit score required. On-time payments are reported to **Equifax** and **Experian**, assisting you in enhancing your credit score over time.
3. **Empower Debit Card**: Having the Empower Card provides immediate access to your funds, and you can receive your paycheck up to two days earlier with direct deposit. It also includes cash-back rewards of up to 10% on purchases.
### Fees, Withdrawals, and Repayment
– Following a complimentary 14-day trial, Empower imposes a monthly subscription fee of $8.
– For **cash advances**, there are no additional fees or interest, but opting for instant fund delivery incurs a fee ranging from $1 to $8 based on the borrowed amount.
– The **Thrive** credit line features a 0% APR if repaid by your subsequent paycheck; otherwise, a 35.99% APR applies.
Repayments for cash advances are automatically deducted on payday or a designated due date. For the Thrive credit line, flexible payment options can be arranged.
### Eligibility
To be eligible, users must meet the following criteria:
– Be at least 18 years old
– Possess a valid Social Security number
– Maintain an active bank account for a minimum of 30 days
Empower assesses your eligibility for cash advances by examining your bank account’s income and spending patterns to determine a responsible borrowing amount.
## Empower Features
In addition to cash advances, Empower encompasses a variety of features, including:
1. **Credit Score Monitoring**: Keep an eye on your credit score with monthly updates and receive tailored recommendations for improvement.
2. **Budgeting Tools**: Empower analyzes your spending behaviors, enabling you to create and adhere to budgets for various categories. It sends alerts regarding upcoming bills, paycheck deposits, and more.
3. **Automatic Savings**: Empower facilitates savings by allowing you to either set a fixed amount to save manually or take advantage of an AI feature that automatically allocates what you can afford into savings without disrupting your daily expenses.
## Getting Started with Empower
To start utilizing Empower for cash advances:
1. **Download the Empower app** from the App Store or Google Play.
2. **Create your account** by verifying your phone number and entering personal information such as your name, email, and birthdate.
3. **Link your checking account**—it should be the account where you receive your salary.
4. **Request a cash advance**; the app will inform you of the eligible amount.
5. **Select your delivery preference**—standard free ACH transfer or instant delivery for a nominal fee.
If approved, funds will be credited within a couple of days or instantly if you choose the quicker delivery option.
## Empower Alternatives
Here are three comparable apps that provide similar functionalities:
1. **Dave**: Provides **cash advances up to $500**. There is a $1 monthly membership fee and expedited delivery fees that range from $3 to $25.
2. **Earnin**: Allows advances up to **$750 per pay period** based on worked hours, with no credit checks involved. While Earnin charges no fees, it operates on user tips.
3. **MoneyLion**: Offers **cash advances** beginning at $10, with possible limits reaching up to $500. It also features **Credit Builder Plus**, akin to Empower Thrive, for a $19.99 monthly fee.