The Empower app currently offers three services:
- Empower Cash Advance. Provides cash advances up to $250 with no interest, fees or credit check. Cash is deposited into the bank account where your paycheck gets deposited or to your Empower debit card if you open one.
- Empower Card. A debit card where you can deposit funds from cash advances and paychecks. If you deposit paychecks to the card, you might get paid up to two days faster, and you could earn cashback rewards of up to 10% when you use the card.
- Empower Thrive. A credit line that starts at $200, $250, or $400 and may increase to $1,000. There’s no minimum credit score required, and payments are reported to Equifax, Experian and TransUnion. This means on-time payment history on credit lines could improve your score, but late payments could also hurt your credit.
Interest and Fees
Empower offers a free 14-day trial, after that period the subscription fee to use the app is $8 per month. Cash advances have no additional interest or late fees.
The Empower Thrive line of credit offers a 0% APR if you pay off the credit line before your next paycheck. If you don’t clear the balance within that timeframe or split payments, the APR is 35.99% or as otherwise required by state law; missed payments could also incur a late fee.
Withdrawals and Repayment
When approved for a cash advance, money is sent to your bank account or your Empower Debit Card. There’s no fee for a standard ACH deposit into your bank account, which clears within one to five business days.
Alternatively, you can choose to get cash advances deposited instantly to your bank account for a fee that ranges from $1 to $8, depending on the deposit amount. Instant delivery of cash advance deposits to your Empower debit card is free.
Instant delivery of funds from an Empower Thrive credit line to your external bank account can also trigger a $1 to $8 fee unless you draw $300 or more. In that case, the fee is 3% of the draw amount or $20, whichever is less.
Payments for Empower Cash Advances are debited automatically from your bank account on the scheduled repayment day. The Empower Thrive product offers customized payment options to choose from.
Eligibility
The Empower app lets you borrow money without a credit check. To measure your ability to pay, Empower considers information from your external bank account, such as your paycheck amounts and spending habits to determine the cash advance amount you qualify for.
Other eligibility requirements for Empower are that you need to be at least 18 years old and you need a Social Security number.
Additional Features
The Empower app has savings features that can automate savings transfers, and that money can be used to pay your cash advances. Debit card purchases may help you earn cash back, and budgeting tools are available that can help you monitor spending by category.
FAQs
Yes, Empower is a legitimate and safe financial services app that offers cash advances. It has an Apple Store rating of 4.7 out of 5 stars and is rated 4.7 out of 5 stars in the Google Play Store. Both stores have over 100,000 reviews for the app.
Does Empower have a good reputation? ›
Is Empower Legit? Empower is a legit financial advisory firm. The fee-free cash account and financial analysis tools are also the real deal. Anyone who wants to analyze their spending habits, track their net worth, and do some retirement planning might check out Empower.
What are the cons of Empower? ›
Empower Disadvantages
Empower's major downside is the cost. A fee of 0.89% is just much higher than what you'll pay with other leading robos, including Betterment and Wealthfront.
Is the Empower budget app good? ›
The trick is to pick one that not only meets you (and your finances) where you are but takes you to where you want to be. And if you're looking for an app that lays out all your income and expenses while giving you access to professional investment advice, Empower may be the budgeting tool you're looking for.
Why did Empower charge me $8? ›
Empower offers a 14-day free trial for first-time customers. After the trial concludes, Empower charges an $8 auto-recurring monthly subscription fee. Returning customers are not eligible for the 14-day free trial and will be charged the $8 fee immediately upon resubscribing.
Why is Empower taking my money? ›
Empower charges an $8** auto-recurring monthly subscription fee to use the platform. The subscription fee is automatically debited from your linked external bank account every month.
Is my money safe with Empower? ›
Empower stands behind its online security with the Empower Retirement Security Guarantee. This guarantee states we will restore losses from your account that occur as a result of unauthorized transactions through no fault of your own.
Is there a monthly fee for Empower? ›
Empower offers a free 14-day trial, after that period the subscription fee to use the app is $8 per month. Cash advances have no additional interest or late fees.
Does Empower sell your data? ›
While we do not share your personal information to third parties for monetary gain, the CCPA has a broader definition of “sale” and “share” that may be applicable to use of certain third-party cookies, tags, pixels or web beacons (collectively, “cookies”) on our websites or mobile applications.
Why does Empower keep taking money out of my account? ›
If you have insufficient funds to repay Empower, you agree that Empower may, in its sole discretion, withdraw small amounts from your Primary Checking Account, until the balance is repaid in full, or withdraw the full amount of the Empower Advance when sufficient funds are in your Primary Checking Account.
"Empowering women" (whatever that might mean) doesn't adequately address the movement's goals, because it is rooted in intangibles rather than tangible, measurable results. Empowerment is 'like' power, but it is only the belief that you are gaining power, and not the power gained.
Is Empower FDIC insured? ›
Open a high-yield cash account with Empower Personal Cash
Aggregate FDIC insurance up to $5 million. No fees, no minimums, and unlimited transfers.
Is mint or Empower better? ›
However, Empower isn't as good in budgeting and bill pay, while Mint excels in this functionality. Overall, Empower is more reliable and has excellent customer service and retirement planning and investing features second to none.
What is the number 1 free budget app? ›
The best budgeting apps, ranked*
| Ranking | Platform name | Mobile app availability |
|---|
| 1 | Rocket Money | Both iOS and Android |
| 2 | Simplifi | Both iOS and Android |
| 3 | YNAB | Both iOS and Android |
| 4 | Monarch Money | Both iOS and Android |
10 more rowsFeb 23, 2024
Apps like Klover, Brigit, Dave, Empower, FloatMe, and many others offer instant access to cash advances from your upcoming paycheck.
Does Empower loan you money? ›
When allowed by the Plan, participants may typically complete a Loan Application form online or via an Empower Representative. In some cases, loan requests require the participant to complete a Loan Application form.
Does the Empower app let you borrow money? ›
Empower App Overview
Alongside the Empower Thrive line of credit, Empower also offers: Empower Cash Advance: This offers $10 to $250 with no interest charges, late fees or credit checks. You can deposit those funds into your bank account or onto the Empower Debit Card, and repayment isn't due until your next payday.
Does Empower app charge a fee? ›
Interest and Fees
Empower offers a free 14-day trial, after that period the subscription fee to use the app is $8 per month. Cash advances have no additional interest or late fees. The Empower Thrive line of credit offers a 0% APR if you pay off the credit line before your next paycheck.
How do I stop Empower from taking money? ›
To close your account or to cancel your Empower subscription, please complete the following:
- Go to the More section in the bottom right corner of your app, then tap on "Billing"
- Tap on "Cancel subscription" at the bottom of the next page and complete the flow to close your account.
