The Empower app stands out in the fintech landscape, providing a versatile solution for gig workers and others handling personal finances with fluctuating income. It is noted for offering cash advances with fewer requirements compared to conventional banks and similar applications, allowing for rapid access to cash without credit investigations or hefty payday lender charges.
This review delves into how Empower’s cash advances and additional features operate, addressing frequently asked questions and examining comparable loan products.
**What is the Empower App?**
Empower is a mobile financial management application that provides cash advances to individuals needing small sums prior to payday. Renowned for its efficiency and relaxed credit prerequisites, it presents quick and adaptable financial solutions. In addition to cash advances, Empower delivers tools for budget tracking, credit monitoring, and improved financial management.
Though not a traditional bank, Empower extends mobile banking services via NBKC Bank, Member FDIC, while Empower Thrive is managed by FinWise Bank, Member FDIC.
**How the Empower App Works**
The Empower app encompasses three primary services:
– **Cash advances:** Up to $250 with zero interest, fees, or credit checks, deposited into the user’s bank account or Empower debit card.
– **Thrive:** A credit line from $250 to $1,000, without any minimum credit score requirements. Payment history gets reported to Equifax and Experian.
– **Debit card:** Facilitates instant cash availability, early direct deposits, and up to 10% cash-back on purchases.
**Fees, Withdrawals, Repayment**
Empower presents a complimentary 14-day trial, followed by an $8 monthly fee. There are no added interest or late charges for cash advances. For Thrive, the APR is 0% if repaid before the upcoming paycheck; otherwise, it stands at 35.99%. Empower automatically deducts repayment from the connected bank account.
**Eligibility Requirements**
Empower evaluates income and spending patterns to ascertain advance eligibility, permitting users to borrow between $10 and $250. Borrowers must be at least 18 years old, possess a Social Security number, and have a bank account opened for over 30 days.
**Additional Empower App Features**
In addition to cash advances, Empower offers savings and budgeting tools, credit score monitoring, and automated savings features. It assists users in reaching financial wellness by providing tailored tips for credit score enhancement, tracking expenditures, and establishing savings objectives.
**Getting Started**
To initiate the Empower experience:
1. Download the app from Google Play or Apple.
2. Create an account using basic information.
3. Link an external checking account.
4. Request a cash advance and receive approval.
5. Select a method for fund delivery.
**Alternatives to the Empower App**
Comparable applications such as Dave, Earnin, and MoneyLion also provide cash advances. Variations exist mainly in the amounts available, fees, and extra features such as credit building.
**Security and Customer Support**
Empower adopts industry-leading security measures and supplies customer support through email, phone, and a comprehensive resource library.
**Customer Reviews**
Empower garners favorable ratings on app stores for its transparency and range of services. Some reviews from the BBB concentrate on subscription fees and misunderstandings relating to Empower Retirement Planning. Positive feedback underscores its dependability and advantageous terms in contrast to payday loans.
**Pros and Cons**
**Pros:**
– Flexible criteria, no credit verification.
– Swift funding.
– Aids gig workers and freelancers.
– Incorporates budgeting and credit-building resources.
**Cons:**
– Limited loan amounts.
– $8 monthly charge.
– Fees for immediate cash on non-Empower cards.
– No prior notification before repayment.
**Frequently Asked Questions**
The FAQs section replies to questions regarding trust, advance timing, qualification amounts, reasons for decreased cash advances, and using Empower alongside Cash App.