The Empower application stands out in the fintech realm, providing an effective solution for gig workers and individuals with fluctuating income to manage their finances with greater flexibility. It offers cash advances with requirements that are less strict than those of conventional banks and other cash advance applications, allowing users to quickly access funds without undergoing credit checks or incurring payday lender costs.
This review of Empower outlines how cash advances and the various features of the Empower app function, addressing frequently asked questions and exploring comparable loan products.
## What is the Empower App?
Empower is a mobile application designed for money management that offers cash advances to employees in need of a small advance before their payday. Although the advance amounts are lesser than those of other applications, Empower is associated with rapid access to funds and lower credit prerequisites.
Besides cash loans, Empower provides a range of fintech resources, such as budgeting tools, spending trackers, and credit monitoring, assisting users in managing their financial matters more effectively. It isn’t a bank; however, it extends certain mobile banking services in collaboration with NBKC Bank, Member FDIC, and Empower Thrive through FinWise Bank, Member FDIC.
## How Empower Works
Empower delivers three main services:
1. **Cash Advances:** Up to $250 with no interest, fees, or credit checks. Funds are deposited into the user’s bank account or Empower debit card.
2. **Thrive:** A credit line designed for building or rebuilding credit, starting from $250 and reaching up to $1,000, with on-time payment history reported to Equifax and Experian.
3. **Debit Card:** Provides immediate access to cash advancements, opportunities for early paydays, and cashback rewards of up to 10%.
### Fees, Withdrawals, Repayment
Empower features a complimentary 14-day trial alongside a monthly subscription fee of $8. There are no extra interest or late fees applicable for cash advances.
**Interest:** For Thrive, the APR is 0% if settled before the following paycheck; otherwise, a 35.99% APR is applicable.
**Access to Funds:** Transfers are made either to a bank account or Empower debit card, with an option for instant delivery available for a fee.
**Repayment:** Automatic deductions take place on payday from the user’s bank account.
**Eligibility:** No credit checks are necessary for advances; however, Empower examines linked bank account information, requiring users to be at least 18 years old, possess a Social Security number, and have a bank account that is a minimum of 30 days old.
## Additional Features
Empower also provides:
– **Credit Score Monitoring:** An in-app display with suggestions for enhancement.
– **Budgeting Tools:** Monitors monthly expenditures and deposits, aiding in budget creation, alerts, and notifications.
– **Automatic Savings:** An autosave functionality to enhance savings with either manual or AI-driven options.
## Getting Started
To secure an advance from Empower:
1. **Download the app** from Google Play or the Apple Store, or directly from Empower’s website.
2. **Establish your account** by verifying your phone number, name, email, and password.
3. **Link an external checking account.**
4. **Request a cash advance** to determine approval and the amount.
5. **Select a method** for receiving funds.
Empower deducts the advance and fees from your bank on the due date. Occasionally, additional documentation may be required for verification.
## Alternatives
Other applications for cash advances include:
– **Dave:** Allows advances of up to $500 with a $1 membership and ExtraCash account.
– **Earnin:** Offers advances of up to $750 per pay cycle, based on hours worked.
– **MoneyLion:** Grants up to $500 interest-free with a Credit Builder Plus option similar to Thrive.
Empower also provides its own bonuses and incentives, such as a free 14-day trial and referral rewards.
## Security
Empower maintains the security of personal data through best practices, including multifactor authentication and encryption.
## Customer Support
Users can reach Empower customer service via:
– **Email:** [email protected]
– **Phone:** 1 (888) 843-8967, Monday to Friday, 6 a.m. to 3 p.m. PST, excluding holidays.
– **Resource library:** Aiden support articles and FAQs are accessible.
## Customer Reviews
Empower enjoys high ratings on Google Play and the Apple App Store, yet has mixed feedback on BBB, with some users expressing dissatisfaction regarding the monthly fee and confusion surrounding Empower Retirement Planning.
## Pros and Cons
### Pros
– No credit checks required for cash advances.
– Rapid funding for Empower debit cardholders.
– Eligibility for gig workers and freelancers.
– Additional financial wellness tools available.
– A more favorable alternative to payday loans.
### Cons
– Smaller loan amounts compared to other cash advance applications.
– $8 monthly subscription fee.
– Fee for same-day cash advances without holding an Empower card.
– No notifications for repayment.
– Possible delays in increased advance limits.
## FAQs
### Can You Trust the Empower App?
Yes, Empower is genuine and secure, with favorable reviews on app stores and support based in the U.S.
### How Long to Get an Advance?
Instant advances typically arrive in about 15 minutes, while standard transfers could take up to five days.
### How