Empower Money Advance App Evaluate 2024

The Empower app stands out within the fintech scene as a sensible resolution for gig employees and others who want a versatile technique to handle private funds and typically inconsistent earnings.

It’s recognized for providing money advances with extra lenient necessities than conventional banks and different comparable money advance apps. Empower offers fast entry to money with out the effort of a credit score verify or paying predatory payday lender charges.

This Empower evaluation will cowl how money advances and different Empower app options work. We’ll inform you what it is advisable learn about this product and customary reader questions — together with different comparable mortgage merchandise.

What’s the Empower App?

Empower is a cellular cash administration app that provides money advances to employees who want a small advance earlier than payday.

The quantities are smaller than what different apps might provide, however Empower is understood for its rapid-fire pace in getting customers their cash instantly, in addition to its thinner credit score necessities.

Past small money loans, Empower is a flexible fintech cellular app. Empower options funds and spend trackers, credit score monitoring, and different instruments to assist customers lower your expenses and handle their funds extra successfully.

Empower isn’t a financial institution itself. It does provide some cellular banking providers via NBKC Financial institution, Member FDIC, and Empower Thrive is supplied by FinWise Financial institution, Member FDIC.

How the Empower App Works

The Empower app affords three (3) main providers:

Money advances: Get an advance of as much as $250 with no curiosity, no charges, and no credit score verify. The money is deposited into the identical checking account the place your paycheck is deposited, or onto your Empower debit card.
Thrive: A credit score line designed to (re)construct credit score, get a credit score line beginning at $250 that may be raised to $1,000. There’s no minimal credit score rating required for Thrive and on-time fee historical past is reported to Equifax and Experian. Month over month, accountable debtors can entry an more and more greater restrict.
Debit card: Utilizing the Empower Card means you may get quick entry to money advance funds and receives a commission up two (2) days sooner in case you have direct deposit arrange. There are additionally cash-back rewards of as much as 10% for purchases made with the cardboard.

Charges, Withdrawals, Reimbursement

Empower affords customers a free 14-day trial, after which there’s an $8 month-to-month subscription price to make use of the app. For money advance customers, there are not any extra curiosity or late charges.

Curiosity

For the Empower Thrive line of credit score, the APR is 0% should you repay the road of credit score in full earlier than your subsequent paycheck. In any other case, the APR is 35.99% (besides the place native state legal guidelines require a special fee). Missed funds might incur late charges and different prices.

Entry to Funds

If authorised for a money advance, the cash is transferred to your checking account or your Empower debit card. There’s no price for an everyday ACH switch to your checking account which can take as much as 5 (5) enterprise days to clear. (Some debtors will get the funds inside 1-2 days.)

There’s additionally an prompt supply possibility for funds to be expedited to your common checking account.

Prompt Supply Quantity | Payment

$0-$10.00 | $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
$250.00 or extra $8.00

For Empower Thrive, charges are $1 to $8 for as much as $300. After $300, the price is 3% or $20 — whichever is much less.

Reimbursement

Reimbursement for an Empower Money Advance is robotically debited out of your checking account on payday or different scheduled date.

For Empower Thrive, you’ll be able to arrange personalized fee choices.

Eligibility Necessities

Whereas there is no such thing as a credit score verify for money advances, the Empower app does think about different data to find out your potential to repay a mortgage. It can evaluation data from an externally linked checking account reminiscent of paycheck quantities and spending habits, and resolve what quantity you’ll be able to borrow. If authorised, you’ll be able to obtain an advance of $10 to $250.

Moreover, debtors have to be 18 years or older, have a Social Safety quantity, and have a checking account that’s at the least 30 days outdated.

Further Empower App Options

Past money advances, the Empower app has many different financial savings and budgeting options that will help you monitor your spending habits and credit score rating, construct wealth, and enhance your total monetary wellness.

Credit score Rating Monitoring

Empower app customers can view their credit score scores inside the app. Empowers reveals an in depth breakdown every month of various points, reminiscent of invoice fee historical past or credit score utilization, that may affect your rating. The app will provide customized suggestions to extend your rating.

Budgeting Instruments

Empower can also be one of many greatest budgeting apps you’ll discover. It screens your month-to-month bills and incoming deposits and provides you an in depth report of the place your cash goes. It will possibly make it easier to set budgets throughout completely different spending classes, and supply alerts or reminders for paycheck deposits, payments, and purchases in sure classes.

This perk is accessible for all Empower customers, even those that are connecting an exterior checking account to the Empower app.

Computerized Financial savings

The app’s autosave characteristic makes it easy so that you can lower your expenses and steadily develop your financial savings account or wet day fund.

Savers can use a handbook or AI possibility. With the handbook possibility, you resolve what greenback quantity from every paycheck Empower ought to robotically put aside in your financial savings.

With the AI mode, you set a weekly financial savings purpose and the app will transfer cash out of your checking to financial savings within the most secure, best approach doable. Its purpose is to put aside as a lot as you’ll be able to afford to avoid wasting with out working out of cash for different common bills.

Getting Began

If you need a money advance from Empower, right here’s learn how to get began.

Obtain the free app on Google Play or Apple. Many different apps have comparable names. Be certain the app developer listed is Empower Finance. Or obtain it from the Empower.me web site.
Arrange your account. Present your telephone quantity and await Empower to ship you a verification code. Then present the verification code, and enter your title, electronic mail deal with, birthday, and set a password.
Join an exterior checking account — choose the one you employ to obtain paycheck deposits.
Request a money advance and see what advance quantity, if any, you might be authorised for.
Select a supply technique to get your funds. You may choose the moment supply possibility, for a small price, to get your funds inside an hour.

Empower will withdraw the quantity they’ve superior you, plus any specific supply charges, out of your checking account on the due date.

The account set-up course of usually goes fairly easily, nevertheless, in some situations, you could be requested to supply extra paperwork to confirm your identification reminiscent of a driver’s license or army identification card.

Alternate options to the Empower App

There are a lot of apps just like Empower that may additionally provide a money advance to customers who want a money injection earlier than payday. Three (3) different various apps to contemplate are Dave, Earnin, and MoneyLion. All if these apps work on iOS or Android gadgets.

Dave

This money advance app will spot you as much as $500 to cowl bills when you wait to your subsequent paycheck.

There’s a $1 month-to-month membership price and extra charges (of $3 to $25) to get your funds superior on the identical day as a substitute of ready for the traditional processing time of as much as three (3) enterprise days.

Moreover, customers should open an ExtraCash account to be eligible for money advances.

Earnin

One other widespread money advance app, Earnin, will advance you as much as $750 per pay interval (or $100 per day) for hours that you’ve already labored. Earnin has no credit score verify necessities and affords a fee-free, interest-free advance. The advance is robotically repaid with a debit in your subsequent scheduled payday.

Earnin has no month-to-month subscription price, however as a substitute, customers tip the corporate no matter they consider is truthful for the service they supply. The app is not going to report these funds to the credit score bureaus, so it is not going to construct (or hurt) your credit score rating.

MoneyLion

Just like different money advance apps, MoneyLion offers interest-free money advances with no credit score checks. Preliminary money advances, nevertheless, begin out low. First-time debtors will qualify for simply $10. As you construct a historical past of repaying these advances, you’ll be able to unlock greater quantities — as much as $500.

Customers should have a linked, exterior checking account and meet different fundamental eligibility necessities.

MoneyLion additionally affords Credit score Builder Plus, a product just like Empower Thrive. This can be a mortgage product that doesn’t require a tough credit score pull. It’s meant as a software for shoppers to ascertain and construct a optimistic credit score historical past. To make use of Credit score Builder Plus, there’s a $19.99 monthly price.

So far, Empower has not provided conventional promotions (i.e. coupon code to avoid wasting 15%) the best way you would possibly anticipate with retail apps. Nonetheless, Empower does have its personal bonuses and incentives to encourage customers to attempt to suggest the app.

Free Trial

First-time clients can get a free 14-day trial. On the finish of the trial, Empower will cost an auto-recurring subscription price of $8 monthly. You can not cancel our membership after which join a brand new free trial after you may have already had 14 days free.

Referral Rewards

Refer associates to the Empower app and also you and your pal will every get a $5 reward. To qualify, the pal should settle for your invite, begin an Empower subscription, and settle for a money advance inside 30 days.

The bonuses are paid out inside two (2) enterprise days after the referred pal accepts their first money advance.

Safety

Empower makes use of trade greatest practices to guard your private knowledge from loss, misuse, or unsafe storage or entry. This contains the utilization of multifactor authentication (MFA) strategies and knowledge encryption.

Buyer Assist

There are a few methods you’ll be able to attain Empower customer support.

E-mail: Ship messages to [email protected]
Cellphone: Name 1 (888) 843-8967. Cellphone traces are open 6 a.m. to three p.m. PST Monday to Friday, besides on holidays.
Useful resource library: Empower has a strong help middle crammed with articles and FAQs to troubleshoot points and reply the commonest consumer questions.

Buyer Evaluations

Client response to the Empower app has been overwhelmingly optimistic. It has extraordinarily excessive scores on Google Play and the Apple App Retailer (4.7 stars and 4.8 stars, respectively, based mostly on over 300,000 whole opinions).

Evaluations on the Higher Enterprise Bureau (BBB) web page are extra crucial. Complaints focus on clients sad with the $8 month-to-month subscription price (for not canceling their free trial in time). Additionally, many customers depart detrimental opinions for Empower Retirement Planning, a very completely different entity owned by the Empower Annuity Insurance coverage Firm of America, on the improper web page.

Listed below are some related opinions from actual customers of the Empower Finance (money advance) app:

This app is unimaginable, to say the least. $200 immediately despatched to you, a $7 prompt switch price, pay the $207 again in your subsequent paycheck. After efficiently paying again an advance, you’ll be able to unlock the flexibility to get Thrive which experiences to the credit score bureaus, builds credit score historical past, helps your credit score rating climb, and permits for greater advances as much as $1,000. the ONLY factor that will make Empower higher is should you might do cut up funds (ie: borrow $1000 and pay again over time.) In any other case it is excellent!
Noble Williams, 5 stars, Google Play Retailer, 2/13/,2024

I am a journey journalist. I wanted cash as a result of financially the automotive repairs cleaned out my meager checking account. I learn the opinions and selected Empower, they’re precisely as marketed… No surprises OR hidden charges. I took a leap of religion. Empower most undoubtedly got here via for me. Completely, & with out reservation, I’d select them. They seem to be a Firm…not simply an app!
Clary Brazier, 5 stars, Google Play Retailer, 2/20/2024

One of many ONLY mortgage apps that’s HONEST! I’ve been utilizing the app “Empower” now for a couple of month and to date so good, I principally have zero complaints aside from one. Once I first received provided a money advance it was $10 which is comprehensible since I used to be a first-time buyer. I repaid on time and received provided one other money advance for $25 which actually helped me…however now I’m on my 4th advance with Empower they usually nonetheless haven’t provided me greater than $25 despite the fact that my account is in good standing…
Mikaylafrancis, 4 stars, Apple Retailer, 01/12/2024

Professionals and Cons

We rapidly addressed among the professionals and cons of utilizing the Empower app in our intro, however right here’s a deeper look.

Professionals

Flexibility eligible standards with no credit score verify: There’s no credit score pull, exhausting or delicate, to get an advance. The platform is extra involved with incoming earnings and a confirmed potential to repay the quantity.
Advances are funded inside at some point: Empower debit card holders can get the funds inside an hour. Different clients will pay an extra price to get the funds immediately.
Gig employees and freelancers can also qualify. These less-traditional employees are often not capable of entry loans and comparable monetary merchandise with favorable client phrases.
Budgeting and credit-building options. Many instruments inside the app promote monetary wellness and higher cash administration.
A lot better various to payday Payday mortgage merchandise are notoriously predatory, and cost rates of interest as excessive as 456% in some states.
Refunds customers if the app causes an overdraft price.

Cons

Loans are smaller than different money advance apps. Different comparable apps like Dave, MoneyLion, or Earnin, will advance as much as $500 to $750.
Month-to-month subscription charges of $8. Nonetheless, that is less expensive than the curiosity you’ll be charged for a payday
An empower card is required without spending a dime, quick money advances. In any other case, you will want to pay a price to get the advance funds on the identical day requested.
No consumer notifications earlier than compensation Funds are withdrawn on the pre-agreed-upon date (payday), however there is no such thing as a reminder or alert earlier than this occurs. You’ll should set your individual calendar alert.
Can take some time for Empower to extend your authorised money advance quantities. Within the app opinions, some customers state they can not get authorised for greater than $25 after repaying 4 (4) or additional cash advances in a well timed method.

Regularly Requested Questions

Listed below are among the most typical FAQs that readers have about utilizing the Empower app for money advances.

Can You Belief the Empower App?

Sure, Empower is a authentic and protected app that has wonderful scores within the Google Play and Apple app shops. You may learn opinions from hundreds of subscribers who’re proud of the service that Empower offers.

Moreover, Empower is a US-based firm (headquarters in California) with US telephone and electronic mail help.

How Lengthy Does It Take to Get an Advance from Empower?

In accordance with Empower’s web site, 98% of prompt money advances arrive inside quarter-hour, usually quicker.

They do warning that it might take as much as two (2) hours to obtain an prompt fund request.

For the standard money advance, it could actually take as much as 5 (5) enterprise days nevertheless most debtors will get their funds inside one (1) enterprise day.

How A lot Will I Qualify for with Empower?

At current, the typical borrower qualifies for a money advance quantity of $140. Advance quantities vary from $10 to $250 based mostly on Empower’s eligibility standards.

Why Did Empower Decrease My Money Advance?

Empower can change or decrease your typical money advance quantities based mostly on any adjustments (they predict) in your potential to repay the advance. They’ll look over your checking account transaction historical past, compensation exercise, drops in earnings, or will increase in spending.