The Empower application is a leading fintech option for gig workers and others requiring a versatile personal finance management tool for variable income. It is noted for providing cash advances with less strict criteria compared to conventional banks and similar applications, enabling rapid cash access without credit assessments or exploitative payday lender charges.
This assessment explores how Empower’s cash advances and functionalities operate, addressing vital insights and frequent inquiries regarding the app and akin loan offerings.
**What is the Empower App?**
Empower is a mobile financial management application that provides cash advances to workers in need of a modest amount prior to payday. While the sums are lower compared to other applications, Empower is recognized for its fast processing and lighter credit requirements. In addition to cash loans, Empower features budgeting instruments, credit monitoring, and other functionalities designed to assist users in saving money and effectively managing their finances. It is not a bank but offers some mobile banking features through NBKC Bank, Member FDIC, and Empower Thrive via FinWise Bank, Member FDIC.
**How the Empower App Works**
Empower supplies three primary services:
– **Cash advances**: Up to $250 with no interest, fees, or credit evaluations, credited to your bank account or onto your Empower debit card.
– **Thrive**: A credit line beginning at $250, increasing to $1,000 with no required minimum credit score, reported to credit bureaus for credit building.
– **Debit card**: Instant cash advance access and cash-back rewards of up to 10%.
**Fees, Withdrawals, Repayment**
Empower provides a 14-day free trial followed by an $8 monthly charge, with no interest or late charges for cash advances.
– **Interest**: 0% APR if settled before the next payday; otherwise, 35.99% APR permitted by state regulations.
– **Access to Funds**: Funds transferred to your bank or Empower debit card, with ACH transfers possibly taking as long as five days, or immediate delivery options for fees ranging from $1 to $8.
**Repayment**
Repayment of cash advances is deducted from your bank on your payday. Tailored payment alternatives are available for Thrive.
**Eligibility Requirements**
No credit assessment is required for cash advances; considerations include external bank account data, paycheck amounts, and spending patterns. Borrowers must be over 18, possess a Social Security number, and maintain a bank account that is at least 30 days old.
**Additional Empower App Features**
Empower provides savings and budgeting functionalities for financial well-being.
– **Credit Score Monitoring**: Supplies monthly credit score breakdowns along with personalized suggestions.
– **Budgeting Tools**: Tracks expenses and deposits, providing comprehensive reports and budget-setting across various categories.
– **Automatic Savings**: Provides both manual and AI-based saving choices.
**Getting Started**
1. **Download the app** from Google Play or Apple.
2. **Establish your account** through phone verification, name, email, birthdate, and password.
3. **Link an external checking account**.
4. **Request a cash advance** and view your approval amount.
5. **Select a delivery method**, including instant delivery for a fee.
**Alternatives to Empower**
Applications like Dave, Earnin, and MoneyLion present similar cash advance options on iOS and Android.
– **Dave**: Provides up to $500 with a $1 monthly fee and extra charges for same-day funds.
– **Earnin**: Offers advances up to $750 per pay period with no fees or credit checks, utilizing a tipping system.
– **MoneyLion**: Delivers interest-free advances beginning low and increasing with repayment history, presenting a $19.99/month Credit Builder Plus.
Empower does not offer traditional promotions but rewards users with bonuses and incentives for exploring and recommending the app.
– **Free Trial**: 14-day complimentary trial followed by a recurring $8 monthly fee.
– **Referral Rewards**: Earn $5 rewards for referring friends who subscribe and accept a cash advance.
**Security**
Empower implements best practices for data safeguarding, inclusive of multifactor authentication and encryption.
**Customer Support**
Reach out via email at [email protected] or call 1 (888) 843-8967. A resource library with articles and FAQs is also available.
**Customer Reviews**
Empower enjoys excellent ratings on app stores, although the BBB page highlights complaints regarding the $8 fee. Here are some user testimonials:
– **Noble Williams**: 5 stars, praising immediate funds and credit-building attributes.
– **Clary Brazier**: 5 stars, values transparency and service.
– **Mikaylafrancis**: 4 stars, mentions gradual cash advance increases.
**Pros and Cons**
**Pros:**
– Flexible standards, no credit evaluation.
– Rapid funding, with gig workers eligible.
– Budget and credit-building resources, a superior alternative to payday loans.
– Refunds if the app results in overdraft fees.
**Cons:**
– Smaller loan amounts compared to some apps.
– $8 monthly charge, with fees for expedited cash advances.