The Empower app stands out within the fintech scene as a sensible resolution for gig staff and others who want a versatile method to handle private funds and typically inconsistent earnings.
It’s identified for providing money advances with extra lenient necessities than conventional banks and different comparable money advance apps. Empower supplies fast entry to money with out the effort of a credit score verify or paying predatory payday lender charges.
This Empower overview will cowl how money advances and different Empower app options work. We’ll inform you what it is advisable to find out about this product and customary reader questions — together with different comparable mortgage merchandise.
What’s the Empower App?
Empower is a cell cash administration app that provides money advances to staff who want a small advance earlier than payday.
The quantities are smaller than what different apps could provide, however Empower is understood for its rapid-fire pace in getting customers their cash straight away, 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 lower your expenses and handle their funds extra successfully.
Empower just isn’t a financial institution itself. It does provide some cell banking providers by way of NBKC Financial institution, Member FDIC, and Empower Thrive is offered by FinWise Financial institution, Member FDIC.
How the Empower App Works
The Empower app gives three (3) major 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 when you’ve got direct deposit arrange. There are additionally cash-back rewards of as much as 10% for purchases made with the cardboard.
Charges, Withdrawals, Compensation
Empower gives 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% 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 unique price). Missed funds could incur late charges and different expenses.
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 choice for funds to be expedited to your common checking account.
Immediate 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 price is 3% or $20 — whichever is much less.
Compensation
Compensation for an Empower Money Advance is mechanically debited out of your checking account on payday or different scheduled date.
For Empower Thrive, you possibly can arrange custom-made fee choices.
Eligibility Necessities
Whereas there isn’t any credit score verify for money advances, the Empower app does think about different data to find out your potential to repay a mortgage. It is going to overview data from an externally linked checking account akin to paycheck quantities and spending habits, and determine what quantity you possibly can borrow. If authorised, you possibly can 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 previous.
Further Empower App Options
Past money advances, the Empower app has many different financial savings and budgeting options that can assist 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 exhibits an in depth breakdown every month of various features, akin to 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 be one of many greatest budgeting apps you’ll discover. It screens your month-to-month bills and incoming deposits and offers you an in depth report of the place your cash goes. It could actually allow you 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.
Automated 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 choice. With the handbook choice, you determine what greenback quantity from every paycheck Empower ought to mechanically put aside in your financial savings.
With the AI mode, you set a weekly financial savings aim and the app will transfer cash out of your checking to financial savings within the most secure, most effective approach attainable. Its aim is to put aside as a lot as you possibly can afford to save lots of with out working out of cash for different common bills.
Getting Began
If you’d like 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. Make sure that 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 identify, e mail deal with, birthday, and set a password.
- Join an exterior checking account — choose the one you utilize to obtain paycheck deposits.
- Request a money advance and see what advance quantity, if any, you’re authorised for.
- Select a supply technique to get your funds. You’ll be able to choose the moment supply choice, 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 typically goes fairly easily, nevertheless, in some situations, it’s possible you’ll be requested to supply extra paperwork to confirm your id akin to a driver’s license or navy identification card.
Alternate options to the Empower App
There are numerous 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 units.
Dave
This money advance app will spot you as much as $500 to cowl bills when you wait on 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 conventional 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 standard money advance app, Earnin, will advance you as much as $750 per pay interval (or $100 per day) for hours that you’ve got already labored. Earnin has no credit score verify necessities and gives a fee-free, interest-free advance. The advance is mechanically 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 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
Much like different money advance apps, MoneyLion supplies 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 possibly can unlock greater quantities — as much as $500.
Customers should have a linked, exterior checking account and meet different fundamental eligibility necessities.
MoneyLion additionally gives 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 instrument 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.
Thus far, Empower has not provided conventional promotions (i.e. coupon code to save lots of 15%) the way in which you would possibly count on with retail apps. Nonetheless, Empower does have its personal bonuses and incentives to encourage customers to try to suggest the app.
Free Trial
First-time prospects 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 have got already had 14 days free.
Referral Rewards
Refer pals to the Empower app and also you and your good friend will every get a $5 reward. To qualify, the good friend 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 good friend accepts their first money advance.
Safety
Empower makes use of trade greatest practices to guard your private information from loss, misuse, or unsafe storage or entry. This contains the utilization of multifactor authentication (MFA) strategies and information encryption.
Buyer Help
There are a few methods you possibly can attain Empower customer support.
- E mail: Ship messages to [email protected]
- Telephone: Name 1 (888) 843-8967. Telephone traces are open 6 a.m. to three p.m. PST Monday to Friday, besides on holidays.
- Useful resource library: Empower has a sturdy assist heart stuffed with articles and FAQs to troubleshoot points and reply the most typical person questions.
Buyer Opinions
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, primarily based on over 300,000 complete opinions).
Opinions on the Higher Enterprise Bureau (BBB) web page are extra important. Complaints focus on prospects sad with the $8 month-to-month subscription price (for not canceling their free trial in time). Additionally, many customers depart destructive opinions for Empower Retirement Planning, a very completely 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 prompt switch price, pay the $207 again in your subsequent paycheck. After efficiently paying again an advance, you possibly can unlock the flexibility to get Thrive which reviews 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 in the event you might do break 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 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 way of for me. Completely, & with out reservation, I might 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 few month and up to now so good, I principally have zero complaints apart from one. Once 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 they usually nonetheless haven’t provided me greater than $25 though my account is in good standing…
Mikaylafrancis, 4 stars, Apple Retailer, 01/12/2024
Execs and Cons
We shortly addressed a few of the execs and cons of utilizing the Empower app in our intro, however right here’s a deeper look.
Execs
- Flexibility eligible standards with no credit score verify: There’s no credit score pull, exhausting or comfortable, to get an advance. The platform is extra involved with incoming earnings and a confirmed potential to repay the quantity.
- Advances are funded inside in the future: Empower debit card holders can get the funds inside an hour. Different prospects pays a further price to get the funds immediately.
- Gig staff and freelancers may qualify. These less-traditional staff are normally not capable of entry loans and comparable monetary merchandise with favorable shopper phrases.
- Budgeting and credit-building options. Many instruments inside the app promote monetary wellness and higher cash administration.
- Significantly 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 totally free, quick money advances. In any other case, you have to to pay a price to get the advance funds on the identical day requested.
- No person notifications earlier than compensation Funds are withdrawn on the pre-agreed-upon date (payday), however there isn’t any reminder or alert earlier than this occurs. You’ll should 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’t get authorised for greater than $25 after repaying 4 (4) or additional cash advances in a well timed method.
Ceaselessly 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 official and secure app that has glorious scores within the Google Play and Apple app shops. You’ll be able to learn opinions from hundreds of subscribers who’re proud of the service that Empower supplies.
Moreover, Empower is a US-based firm (headquarters in California) with US telephone and e mail assist.
How Lengthy Does It Take to Get an Advance from Empower?
In response to Empower’s web site, 98% of prompt money advances arrive inside quarter-hour, usually sooner.
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 may possibly 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 modifications (they predict) in your potential to repay the advance. They are going to look over your checking account transaction historical past, compensation 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 through the use of your telephone quantity and passcode.
