The Empower application stands out in the fintech space for gig professionals and individuals seeking a flexible solution for managing finances and unpredictable earnings. It provides cash advances with less stringent requirements compared to conventional banks and similar platforms. Empower enables rapid cash access without needing a credit evaluation or high-cost payday lender charges.
This review of Empower will describe how its cash advances and features function, highlighting essential details and addressing reader inquiries — including alternatives.
What is the Empower App?
Empower is a mobile platform that provides cash advances to workers requiring funds prior to payday. While advance amounts may be lower than those offered by some other applications, Empower is quick in processing funds with minimal credit requirements.
In addition to cash advances, Empower serves as an all-encompassing fintech app with budgeting, expense tracking, credit monitoring, and tools for effective financial management. Although it is not a bank, it provides mobile banking services through NBKC Bank and Empower Thrive in partnership with FinWise Bank.
How the Empower App Operates
Empower offers three primary services:
– **Cash advances:** Obtain up to $250 in advance without interest, fees, or credit checks. Funds are deposited into your bank account or onto the Empower debit card.
– **Thrive:** A line of credit aimed at credit building, starting from $250 and going up to $1,000. No required minimum credit score. Timely payments are reported to credit bureaus, potentially increasing your limit.
– **Debit card:** Utilize the Empower Card for immediate access to cash advances, early paycheck availability by up to two days, and cash-back rewards reaching up to 10%.
Fees, Withdrawals, Repayment
Empower presents a complimentary 14-day trial followed by an $8 monthly subscription. No extra fees for cash advances.
– For Thrive, the APR is 0% if repaid by the next payday; otherwise, it reaches 35.99%. Late payments could incur fees.
– Funds can be transferred to a bank account or Empower card. ACH transfers are complimentary, taking as long as five business days. Instant delivery is an available option for a fee.
Repayment for cash advances is deducted from your account on payday. Thrive repayment is adjustable.
Eligibility Requirements
No credit evaluation is needed for cash advances; however, Empower assesses your bank account activity. To be eligible, you must be at least 18 years old, possess a Social Security number, and have a bank account that is over 30 days old.
Additional Empower App Features
In addition to cash advances, Empower provides savings and budgeting tools to boost financial health.
– **Credit Score Monitoring:** Users can check their scores and receive tailored tips for improvement.
– **Budgeting Tools:** Monitor monthly spending and establish budgets with notifications for deposits and bills.
– **Automatic Savings:** Manual or AI-supported autosave features to efficiently enhance savings.
Getting Started
To obtain a cash advance from Empower:
1. **Download the complimentary app** from Google Play or the Apple Store.
2. **Create your account** by entering personal details and completing verification.
3. **Link a checking account** for paycheck deposits.
4. **Request a cash advance** to view approved amounts.
5. **Select a delivery method** for funds, opting for instant delivery if necessary.
Empower will deduct funds and fees on the due date. The setup process is generally seamless, though ID verification may be required.
Alternatives to the Empower App
Comparable applications such as Dave, Earnin, and MoneyLion offer pre-payday cash advances and are available on both iOS and Android systems.
– **Dave:** Advance up to $500 with a $1 monthly charge, higher for same-day advances.
– **Earnin:** Up to $750 per pay period, no fees, repayment on payday.
– **MoneyLion:** Initial advances of $10, increasing with repayment history. It also provides Credit Builder Plus for a $19.99 monthly fee.
Empower has not promoted specific offers but does include trials and referral bonuses.
– **Free Trial:** A 14-day trial followed by an $8 monthly subscription.
– **Referral Bonuses:** $5 for referring a friend who subscribes and accepts a cash advance.
Security
Empower employs best practices such as multifactor authentication and data encryption to safeguard personal information.
Customer Support
Reach Empower through:
– **Email:** [email protected]
– **Phone:** 1 (888) 843-8967, available weekdays from 6 a.m. to 3 p.m. PST.
– **Resource Library:** A comprehensive support center for troubleshooting and frequently asked questions.
Customer Reviews
Empower receives high ratings on app stores but has mixed reviews on BBB, often being confused with Empower Retirement. Users appreciate the services but mention subscription costs and naming issues with similar apps.
Pros and Cons
Pros:
– No credit evaluation required.
– Rapid funding for debit card users.
– Accessible for gig and freelance workers.
– Features for budgeting and credit building.
– More affordable than costly payday loans.
– Reimbursements for overdraft fees caused by the app.
Cons:
– Lesser loan amounts compared to competitors.
– $8 monthly subscription, though still cheaper than payday loans.
– Free advances necessitate an Empower card.
– No notifications for repayments.
– Slow increases in cash advance limits.
Frequently Asked Questions
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