Empower Money Advance App Assessment 2024

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

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

This Empower assessment 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 related mortgage merchandise.

What’s the Empower App?

Empower is a cell cash administration app that gives money advances to staff who want a small advance earlier than payday.

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

Past small money loans, Empower is a flexible fintech cell app. Empower options finances and spend trackers, credit score monitoring, and different instruments to assist customers get monetary savings and handle their funds extra successfully.

Empower will not be a financial institution itself. It does supply some cell banking providers by NBKC Financial institution, Member FDIC, and Empower Thrive is supplied by FinWise Financial institution, Member FDIC.

How the Empower App Works

The Empower app gives 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 increased restrict.
• Debit card: Utilizing the Empower Card means you may get fast entry to money advance funds and receives a commission up two (2) days sooner when 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 gives customers a free 14-day trial, after which there’s an $8 month-to-month subscription charge 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% in the event 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 distinct price). Missed funds might incur late charges and different costs.

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 charge for a daily 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 may be additionally an on the spot supply choice for funds to be expedited to your common checking account.

Instantaneous Supply Quantity | Charge

• $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 charge is 3% or $20 — whichever is much less.

Reimbursement

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

For Empower Thrive, you’ll be able to arrange custom-made fee choices.

Eligibility Necessities

Whereas there isn’t any credit score verify for money advances, the Empower app does take into account different data to find out your capacity to repay a mortgage. It’ll assessment data from an externally linked checking account corresponding to 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 should be 18 years or older, have a Social Safety quantity, and have a checking account that’s no less than 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 general monetary wellness.

Credit score Rating Monitoring

Empower app customers can view their credit score scores throughout the app. Empowers exhibits an in depth breakdown every month of various elements, corresponding to invoice fee historical past or credit score utilization, that may influence your rating. The app will supply customized suggestions to extend your rating.

Budgeting Instruments

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

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

Computerized Financial savings

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

Savers can use a handbook or AI choice. With the handbook choice, you resolve what greenback quantity from every paycheck Empower ought to routinely 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 manner doable. Its purpose is to put aside as a lot as you’ll be able to afford to avoid wasting with out operating out of cash for different common bills.

Getting Began

In order for you a money advance from Empower, right here’s tips on how to get began.

1. Obtain the free app on Google Play or Apple. Many different apps have related names. Be certain the app developer listed is Empower Finance. Or obtain it from the Empower.me web site.
2. Arrange your account. Present your cellphone quantity and watch for Empower to ship you a verification code. Then present the verification code, and enter your title, e mail tackle, birthday, and set a password.
3. Join an exterior checking account — choose the one you utilize to obtain paycheck deposits.
4. Request a money advance and see what advance quantity, if any, you’re authorised for.
5. Select a supply technique to get your funds. You may choose the moment supply choice, for a small charge, to get your funds inside an hour.

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

The account set-up course of typically goes fairly easily, nevertheless, in some cases, it’s possible you’ll be requested to offer extra paperwork to confirm your id corresponding to a driver’s license or navy identification card.

Alternate options to the Empower App

There are a lot of apps much like Empower that may additionally supply a money advance to customers who want a money injection earlier than payday. Three (3) different various apps to think about 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 whilst you wait to your subsequent paycheck.

There’s a $1 month-to-month membership charge and extra charges (of $3 to $25) to get your funds superior on the identical day as an alternative 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 common 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 gives a fee-free, interest-free advance. The advance is routinely repaid with a debit in your subsequent scheduled payday.

Earnin has no month-to-month subscription charge, however as an alternative, customers tip the corporate no matter they imagine is truthful for the service they supply. The app won’t report these funds to the credit score bureaus, so it won’t construct (or hurt) your credit score rating.

MoneyLion

Just like different money advance apps, MoneyLion gives 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 increased quantities — as much as $500.

Customers will need to have a linked, exterior checking account and meet different primary eligibility necessities.

MoneyLion additionally gives Credit score Builder Plus, a product much like Empower Thrive. It is a mortgage product that doesn’t require a tough credit score pull. It’s meant as a device 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 per thirty days charge.

Up to now, Empower has not provided conventional promotions (i.e. coupon code to avoid wasting 15%) the way in which you may anticipate with retail apps. Nonetheless, Empower does have its personal bonuses and incentives to encourage customers to attempt to advocate 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 charge of $8 per thirty days. 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 buddies 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 business greatest practices to guard your private knowledge from loss, misuse, or unsafe storage or entry. This consists of 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 strains are open 6 a.m. to three p.m. PST Monday to Friday, besides on holidays.
• Useful resource library: Empower has a strong assist middle stuffed with articles and FAQs to troubleshoot points and reply the commonest consumer questions.

Buyer Critiques

Shopper 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, primarily based on over 300,000 complete opinions).

Critiques on the Higher Enterprise Bureau (BBB) web page are extra important. Complaints focus on clients sad with the $8 month-to-month subscription charge (for not canceling their free trial in time). Additionally, many customers depart adverse opinions for Empower Retirement Planning, a very totally different entity owned by the Empower Annuity Insurance coverage Firm of America, on the incorrect 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 on the spot switch charge, pay the $207 again in your subsequent paycheck. After efficiently paying again an advance, you’ll be able to unlock the power to get Thrive which stories to the credit score bureaus, builds credit score historical past, helps your credit score rating climb, and permits for increased advances as much as $1,000. the ONLY factor that may make Empower higher is in the event you might do break up funds (ie: borrow $1000 and pay again over time.) In any other case it is excellent!

I am a journey journalist. I wanted cash as a result of financially the automobile 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 by for me. Completely, & with out reservation, I might select them. They seem to be a Firm…not simply an app!

One of many ONLY mortgage apps that’s HONEST! I’ve been utilizing the app “Empower” now for a couple of month and thus far so good, I mainly have zero complaints aside from one. After I first bought provided a money advance it was $10 which is comprehensible since I used to be a first-time buyer. I repaid on time and bought provided one other money advance for $25 which actually helped me…however now I’m on my 4th advance with Empower and so they nonetheless haven’t provided me greater than $25 regardless that my account is in good standing…

Professionals and Cons

We rapidly addressed a few of 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, arduous or comfortable, to get an advance. The platform is extra involved with incoming earnings and a confirmed capacity to repay the quantity.
• Advances are funded inside someday: Empower debit card holders can get the funds inside an hour. Different clients will pay a further charge to get the funds right away.
• Gig staff and freelancers might also qualify. These less-traditional staff are often not in a position to entry loans and related monetary merchandise with favorable client phrases.
• Budgeting and credit-building options. Many instruments throughout 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 charge.

Cons

• Loans are smaller than different money advance apps. Different related 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’d be charged for a payday
• An empower card is required without spending a dime, fast money advances. In any other case, you have to to pay a charge to get the advance funds on the identical day requested.
• No consumer notifications earlier than reimbursement Funds are withdrawn on the pre-agreed-upon date (payday), however there isn’t any reminder or alert earlier than this occurs. You’ll need to set your personal 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 more money advances in a well timed method.

Regularly Requested Questions

Listed below are a few of 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 professional and secure app that has wonderful scores within the Google Play and Apple app shops. You may learn opinions from 1000’s of subscribers who’re proud of the service that Empower gives.

Moreover, Empower is a US-based firm (headquarters in California) with US cellphone and e mail assist.

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

Based on Empower’s web site, 98% of on the spot money advances arrive inside quarter-hour, usually sooner.

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

For the standard money advance, it might probably 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 common borrower qualifies for a money advance quantity of $140. Advance quantities vary from $10 to $250 primarily based on Empower’s eligibility standards.

Why Did Empower Decrease My Money Advance?

Empower can change or decrease your typical money advance quantities primarily based on any adjustments (they predict) in your capacity to repay the advance. They are going to look over your checking account transaction historical past, reimbursement exercise, drops in earnings, or will increase in spending.

How Do I Use Empower With Money App?

You need to use Empower with Money App and different digital wallets and cell fee platforms like Venmo.

• Log into your cell fee service account.
• Hyperlink your Empower account by utilizing your cellphone quantity and passcode.