Empower App Review

Empower's cash advance feature lets you borrow up to $400 interest-free (but not fee-free) to cover expenses between paychecks. To qualify, you need to have a consistent source of income deposited into your bank account and decent spending habits. The app checks your transaction history to ensure you can repay, and they'll automatically withdraw the repayment when they predict your next payday.

Standard delivery gets the funds to your bank account in one business day (or within minutes if you're using the Empower debit card). If you need cash faster, you can opt for instant delivery to your linked bank account for a fee ranging from $1 to 3% of the advance amount, depending on how much you borrow.

There's an $8 monthly subscription fee to use Empower's services, which could be worth it if you find their budgeting tools and credit-building features helpful.

Empower might work well for you if:

• Need quick cash: You need up to $400 in cash without interest or fees to cover expenses until your next payday.
• No credit check: You prefer to avoid credit checks, as Empower doesn't require them for cash advances.
• Build credit: You're looking to build your credit history with the Empower Thrive line of credit, which reports to credit bureaus.
• Financial tools: You want to use features like AutoSave, budgeting tools, and credit score monitoring to manage your finances.
• Early paycheck: You can benefit from receiving your paycheck up to 2 days early with the Empower debit card.

When Empower might not be a good fit:

• Monthly fee: You're not willing to pay the $8 monthly subscription fee after the 14-day trial.
• Instant delivery fees: You need funds instantly but want to avoid instant delivery fees that can add up.
• State availability: You live in Connecticut, Maryland, Maine, or Washington, D.C., where Empower Cash Advance isn't available.
• Irregular income: Your income deposits are irregular, which might affect your eligibility for cash advances.

Some of the Empower cash advance requirements include:

1. Age: Be at least 18 years old.
2. Residency: Live in a state where Empower Cash Advance is available. It's not available in Connecticut, Maryland, Maine, or Washington, D.C.
3. Income: Have a consistent source of income deposited into your primary checking account.
4. Transaction history: Have a transaction history that shows regular income deposits and responsible spending habits.

Empower will review your transaction history to determine your eligibility and the maximum cash advance you can receive. No credit checks are required, so your credit score won't affect your eligibility.

You will typically receive the money in your bank account within 1 business day with the free standard transfer.

If you need the money faster, you can choose to pay an instant delivery fee to get the funds within 15 minutes to 2 hours. The fee depends on the amount of your cash advance:

• $1 for advances up to $10
• $2 for advances up to $49.99
• $3 for advances up to $74.99
• $4 for advances up to $99.99
• $5 for advances up to $149.99
• $6 for advances up to $199.99
• $7 for advances up to $249.99
• $8 for advances up to $299.99
• 3% of the amount for advances of $300 or more

Empower will automatically withdraw the repayment amount when they forecast you'll receive your next paycheck. Keep in mind that:

1. Change repayment date: you can change the repayment date in the app no later than 12 p.m. PST one business day before it's due.
2. No interest or late fees: there are no interest charges or late fees, but if there are insufficient funds, Empower may attempt to collect the payment later or in smaller amounts.
3. Future advances: you'll need to repay your current advance in full before you're eligible for a new one.

On top of the cash advances that Empower offers, and if you're willing to pay the $8 monthly subscription fee, there are several other features that you might find useful.

Empower Thrive Line of Credit

Empower Thrive provides a line of credit ranging from $200 to $400, which can increase up to $1,000 over time. You can repay at your own pace, and your payments are reported to credit bureaus, helping you build a good credit history. This feature offers flexibility in managing repayments and can enhance your credit score through responsible use.

Empower Debit Card

The Empower debit card comes with no minimum balance requirements and allows you to earn 0.01% APY on your balance. You can receive your paycheck up to two days early and earn up to 10% cashback on select purchases. It's a straightforward way to make the most of your everyday spending.

Financial Management Tools

Empower offers several tools to help you manage your finances effectively. The AutoSave feature lets you set a weekly savings goal, and the app automatically sets aside funds when you can afford it, making saving effortless. With the budgeting tools, you can customize your budget categories, monitor your spending in real-time, and receive alerts on paychecks, bills, and purchases. The app also provides spend tracking and smart recommendations, automatically categorizing transactions and offering proactive tips to help you earn more and uncover extra savings.

Credit Score Monitoring

Within the app, you can sign up to track your credit score seamlessly. You'll receive monthly credit score updates and helpful tips to improve your score, empowering you to make informed financial decisions. It's a convenient way to stay informed about your credit status and understand how your financial habits impact your score.