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Empower Review – Paycheck Cash Advance That Builds Your Credit Score

Empower Review – Paycheck Cash Advance That Builds Your Credit Score

Empower is an appropriate name for financial empowerment application built around a simple premise: that the credit system should not be stacked aga

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Empower is an appropriate name for financial empowerment application built around a simple premise: that the credit system should not be stacked against ordinary consumers.

Empower’s core paycheck cash advance product is changing the table for the traditional credit system. It helps you build credit and boost your credit score over time while repaying your advances. For best results, open an Empower Card account and pay up to two days faster via direct deposit.

Inspired? Read on to learn more about Empower’s capabilities and potential benefits.

Empower reliable credit

Key Features of Empower

Empower is more than a simple cash advance app. It offers two levels of cash advance power, plus a user-friendly debit card that can help you get paid up to two days early if you qualify.

Here’s what you need to know about the key Empowering features.

Empower Cash Advance

Empower’s core feature is Empower Cash Advance.

Use it to borrow up to $ 100 against your next paycheck in $ 25 increments. It’s $ 25, $ 50, $ 75 or $ 100, depending on how much you need.

Empower Cash Advance does not require a credit check as a condition of joining, nor for individual advances. You will not pay interest on your cash advances and will not pay a late fee even if you miss a refund.

After a free 14-day trial, Empower Cash Advance costs $ 8 per month. But Empower reports your payment history to the major consumer credit bureaus, which means that every repayment is an opportunity to build up credit. And a good credit score can save you a bundle on future loans and lines of credit.

Empower Cash Advance

Empower card

The Empower Card is a Visa debit card backed by Empower.

You do not have to have one, but Empower recommends it because it enables immediate fundraising. If you have an Empower Card, you will receive funds on your card as soon as you request an advance.

You can spend the funds on your Empower card wherever Visa is accepted, and you can keep it replenished by setting up direct deposit with your employer or beneficiary. If your payer qualifies, you can get your funds up to two days early – this is a Wednesday payday instead of the usual Friday.

Other benefits of the Empower Card include:

  • Free access to almost 40,000 MoneyPass ATMs
  • Up to 10% cash back on qualifying purchases
  • Automatic refund of immediate cash advances when you are paid

Empower thrive

Empower Thrive is a new Empower service level that costs no more than Empower Cash Advance – but does offer much more instant cash advance firepower.

Start with a $ 200 line of credit against your next paycheck, then increase your limit to $ 1,000 with successive repayments. The more advances you receive and repay, the stronger your history of responsible credit usage will become.

Like Empower Cash Advance, Empower Thrive does not charge interest as long as you repay your advances on time. Otherwise, pay a variable interest rate that is subject to change with prevailing interest rates.

External Bank Accounts

If you do not want to open an Empower Card account, that’s fine. You can receive cash advances in an external savings or checking account that is securely linked to your Empower application, as long as it is backed by a US financial institution.

There is no additional fee for doing this this way, but you will have to wait for the funds to clear up in your external account. It may take a few business days, so it’s not ideal if you need your money right away.

Empower AutoSave

The Empower AutoSave feature is an automated savings and money management tool that analyzes your income and expenses and silently sets aside small amounts of money up to four times a week.

You can make changes to your savings plan at any time or let Empower continue to do the work for you. You can also set a personal spending limit each month to ensure that you retain at least a portion of your salary check at the end of the period.

Although your savings balances do not earn interest, they are separate from your safe-to-spend funds, which means they will remain untouched if you do not withdraw them.

Empower Fees

Except for the $ 8 monthly fee, Empower is pretty light on charges. Empower does not charge any of the following:

  • Minimum balance fees
  • Overdrafts, although Empower usually denies transactions if they result in a negative account balance
  • Insufficient fund fees
  • ACH transfer fees
  • Card replacement fees
  • In-network ATM fees

If you use your Empower Card abroad, expect to pay a 1% foreign exchange fee.


Empower card

Benefits of Empowering

Empowered has a lot for it. Its core benefits include instant cash advances without interest or late fees, no credit check to sign up, and the actual likelihood of building up credit with responsible use.

  • Immediate cash advances. If you have an Empower Card, you are eligible for immediate cash advances. You will receive your funds as soon as you activate the advance – perfect for paying your bills on time.
  • No interest or late fees with empowered cash advance. Empower Cash Advance does not charge interest or late fees, even if you do not pay correctly when you receive your next salary check. Of course, repaying your advances on time is the best way to build up credit with Empower.
  • Up to $ 100 Advanced with Empower Cash Advance or $ 1,000 Advanced with Empower Thrive. You can get a cash advance worth up to $ 100 with Empower Cash Advance. As you demonstrate your ability to use Empower responsibly over time, you can qualify for advances as high as $ 1,000 with Empower Thrive.
  • No credit check to sign up. Empower does not require a credit check as a condition of account approval or cash advance approval. It is therefore ideal for people with limited credit or impaired credit.
  • Potential to build credit with responsible use over time. Empower offers the possibility – but not the guarantee – that you will build up credit and increase your credit score over time with responsible use. For best results, repay your cash advances promptly and use any other credit you apply for as well.
  • Free trial period of 14 days. Empower comes with a free trial period of 14 days during which you will not pay the monthly maintenance fee. This should be enough time to get through at least one cash advance cycle, after which you cancel without obligation if you decide Empower is not right for you.

Disadvantages of Empowering

Empowerment is not perfect. Major disadvantages include the unavoidable monthly fee after the first 14 days and the lack of a credit card for users who want to take the next step in their credit journeys.

  • No way to avoid the monthly fee after the free trial period ends. Empower’s $ 8 monthly fee is not excessive if you use the platform consistently, but the fact remains that there is no way to avoid it.
  • No credit card (yet). Empowering is a great way to build credit, but it’s a little less flexible than a secure credit card because advances have to be repaid on your next payday. The Empower Card is a useful debit card, but Empower does not currently offer a credit card.
  • No interest on savings. Empowering is certainly not a high-yield savings account. If you are looking for a competitive return on savings balances, choose another low cost financial account.

Empower 100 million advanced

How to empower stacks on

Empower is not the only cash advance app on the market. It competes directly with Brigit, another user-friendly, relatively low-cost application compatible with Android and iOS.

Here’s how the two stand on top of each other.

EmpowerBrigit
Monthly subscription fee for immediate deposit$ 8$ 10
Maximum advance$ 100 with Empower Cash Advance; $ 1,000 with Empower Thrive$ 250
Late fees?NoNo
Budget tools?YesNo

Final Word

Empowerment is a convenient way to get a piece of your next salary check days in advance – and to be paid in full up to two days early if you have the Empowerment Card and your payer qualifies.

Empowerment is also an excellent tool to build and improve credit if you have struggled to do so in other ways (or you are just new to credit in general). But you should use it responsibly and avoid other behaviors that could hurt your credit score so that it can work as advertised.

Empowerment is a wonderful tool, but it can not work miracles.

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