The Empower app stands out within the fintech sector, providing a practical solution for gig workers and individuals who need a flexible way to manage their personal finances and fluctuating income. It is acclaimed for offering cash advances with less stringent requirements compared to conventional banks and other similar applications, allowing quick access to cash without the need for credit checks or payday lender charges. This Empower review details cash advances and features of the app, covering crucial product specifics and common inquiries, including comparisons to alternative loan options.
What is the Empower App?
Empower is a mobile application focused on money management that provides cash advances for workers who require a small amount before payday. Although the sums may be lesser in comparison to other applications, Empower is recognized for its swift fund disbursement and minimal credit standards. In addition to cash loans, Empower serves as a flexible fintech solution featuring budget and expenditure trackers, credit monitoring, and resources for proficient financial management. While Empower is not a bank, it does offer mobile banking services through NBKC Bank, Member FDIC, and Empower Thrive through FinWise Bank, Member FDIC.
How Empower Works
The Empower app provides three primary services:
Cash advances: Obtain an advance of up to $250 without interest, fees, or credit checks. Funds are transferred to your bank account or Empower debit card.
Thrive: A credit line beginning at $250 to help build credit, which can increase to $1,000. No minimal credit score is necessary, and payment history is reported to credit bureaus. Responsible borrowers may incrementally raise their limits.
Debit card: The Empower Card offers immediate cash advances and earlier pay when direct deposit is established, as well as cash-back rewards of up to 10%.
Fees, Withdrawals, Repayment
Empower offers a free 14-day trial, followed by an $8 monthly subscription. Users of cash advances incur no extra interest or late fees.
Interest
Empower Thrive’s APR stands at 0% if the credit line is settled before the next paycheck; otherwise, it rises to 35.99% (subject to local regulations). Late fees could apply.
Access to Funds
Approved cash advances are transferred to your bank account or Empower debit card, taking up to 5 business days for ACH transfers. Instant deposit to bank accounts is available for a fee.
Instant Delivery Fees:
$0-$10 | $1.00
$10.01-$49.99 | $2.00
$50.00-$74.99 | $3.00
$75.00-$99.99 | $4.00
$100.00-$149.99 | $5.00
$150.00-$199.99 | $6.00
$200.00-$249.99 | $7.00
$250+ | $8.00
Fees for Empower Thrive range from $1-$8 for amounts up to $300, with a charge of 3% or $20 (whichever is lower) for higher amounts.
Repayment
Empower advances are automatically settled from your bank on your payday or a predetermined date. Empower Thrive provides flexible payment options.
Eligibility Requirements
No credit checks are required for cash advances. Empower assesses linked bank account information, including paycheck amounts and spending patterns, to gauge loan eligibility. Borrowers must be over 18, possess a Social Security number, and have a bank account that is at least 30 days old.
Additional Empower Features
In addition to cash advances, Empower provides savings and budgeting tools to track spending habits, build wealth, and improve financial health.
Credit Score Monitoring
Users of Empower can view and obtain recommendations for enhancing their credit scores.
Budgeting Tools
Empower, a top budgeting app, supervises expenses and deposits, assisting users in setting budgets across various categories. Notifications for deposits, bills, and purchases are accessible for users with linked accounts.
Automatic Savings
The autosave feature facilitates effortless savings through manual or AI options, allocating funds for goals without impacting essential expenses.
Getting Started
Download the app from Google Play or Apple, ensuring that Empower Finance appears in the listing. Establish an account by entering personal information, linking a checking account, requesting a cash advance, and selecting a delivery method.
Alternatives to the Empower App
Other comparable applications that provide cash advances include Dave, Earnin, and MoneyLion, all available on iOS and Android platforms.
Dave
Offers users up to $500 while waiting for a paycheck with a $1 monthly membership, plus fees ($3-$25) for same-day access to funds.
Earnin
Allows advances of up to $750 per pay period without credit checks, provided without fees. Users tip the service based on satisfaction.
MoneyLion
Delivers interest-free advances with initially smaller amounts. The Credit Builder Plus option is available for establishing credit.
Empower has yet to provide promotional codes but does feature incentives such as:
Free Trial
A 14-day free trial followed by an $8 monthly charge.
Referral Rewards
Referring friends to Empower grants both the referrer and the referred a $5 bonus if terms are met within 30 days.
Security
Empower prioritizes data protection through multi-factor authentication and encryption.
Customer Support
Contact Empower via email at [