Top 7 Applications Comparable to Empower

Top 7 Applications Comparable to Empower

You might recognize Empower as the popular application that offers cash advances of up to $250 with no fees or credit inquiries. For a small fee, you can obtain instant cash instead of waiting several business days for the usual processing time.

The Empower app is especially popular among gig workers since freelancers, contractors, and other non-traditional employees are also eligible for Empower cash advances.

Although Empower is a dependable option for urgent cash requirements, there are plenty of other apps similar to Empower. These alternatives might provide larger advances, more flexible terms, or additional useful budgeting features.

7 Best Apps Like Empower for Small Cash Advances

Here’s a compilation of the top apps like Empower that you can download right now:

1. Chime
Best for: Immediate Access
Chime is a trustworthy checking account option that enables account holders to overdraw up to $200 on debit card purchases without incurring overdraft fees through its SpotMe program. Chime users benefit from no monthly service fees, no minimum balance requirements, no foreign transaction fees, and no ATM fees within a network of over 60,000 ATMs. Account holders receiving direct deposit can access their paychecks up to two days early. Chime is not a bank but collaborates with The Bancorp Bank, N.A., and Stride Bank, N.A., Members FDIC.

2. Dave
Best for: Low fees
Dave offers users cash advances of up to $500 with no interest or credit checks, to be repaid on the following payday. In addition to quick access to emergency funds, Dave features budgeting tools, overdraft warnings, credit monitoring, and automatic bill payment tools. For a $1 monthly subscription fee (unlike Empower’s $8), Dave can help users save up to $500 each year.

3. Varo
Best for: Flexible repayment terms
Varo, a top banking application, provides checking and high-yield savings accounts, along with savings automation features. Users who encounter cash shortfalls can borrow $20 to $250 interest-free via Varo Advance, with repayment terms set for 30 days. Advances of $50 and higher include fees from $4 to $15, with no subscription or transfer charges. Returning users with a positive repayment history may be eligible for up to $500. Eligibility requires direct deposits of at least $800 in the current or previous month.

4. Cleo App
Best for: AI Support
Cleo serves as a digital assistant for managing finances, providing services such as budgeting, savings automation, expense tracking, credit score monitoring, and cash advances. Cleo Plus members, for a $5.99 monthly fee, receive overdraft protection up to $100 and cash advances of up to $250 monthly without credit checks or fees. The Cleo Builder membership, available for $15.99 per month, reports timely credit builder loan payments to credit bureaus.

Pros and Cons of Cash Advance Apps

These apps, while preferable to payday loans or pawning items, come with their own pros and cons.

Pros:
– Rapid access to funds without interest or fees
– No credit check necessary
– Confidential assistance for cash emergencies
– Generally more affordable than payday loans
– No impact on credit scores
– Helps avoid overdraft fees

Cons:
– Subscription fees needed ($1-$18)
– Extra fees for swift fund access
– Risk of becoming reliant on advances
– No guarantee for cash advance approvals
– Limited advances available for those with limited or poor credit

5. MoneyLion
Best for: Large cash advance amounts
MoneyLion provides solutions to improve financial wellness, including personal loans, credit monitoring, budgeting help, and more. Account holders can access Instacash advances of up to $1,000, subject to eligibility criteria.

6. EarnIn
Best for: Getting Paid Early
EarnIn allows users to access their earned wages before payday, offering advances of up to $750 per pay period. It imposes no interest or subscription fees but suggests user tips. EarnIn generates income from tips or Lightning Speed transaction fees, which facilitate instant fund access.

7. Brigit Loan App
Best for: Avoiding overdraft fees
Brigit shields users from overdraft pitfalls by advancing up to $250 when account balances are low. The Brigit Plus subscription is available for $8.99 monthly, with a premium option at $14.99. Express cash delivery incurs additional fees, enhancing user convenience.

Alternatives

Other strategies beyond apps like Empower exist:

– Salary advancements from employers
– Using credit cards for unexpected costs
– Peer-to-peer lending via lending platforms
– CDFI loans that encourage community development
– Selling unused items at fair prices

Frequently Asked Questions

Is there interest charged on cash advances?
For applications like Empower, there is no interest, but there is a subscription fee that ranges from $3-$8.

What’s the easiest loan to secure immediately?
Payday or car title loans, although predatory, and advances from Empower-like apps without credit checks are simpler to obtain but may offer lesser sums.

What are the quickest alternatives to Empower?