Are you tired of high-interest payday loans eating into your income? If so, I’ve been there too and discovered that the Empower App could be the lifeline we’ve been searching for. With my detailed Empower review, we will delve deep into how this innovative cash advance app works, its unique features, the costs involved, and whether it’s indeed a worthy financial ally in 2024.
Ready to make informed money moves? Let’s jump straight in!
- Empower is a cash advance app designed for gig workers and freelancers that provide quick access to funds without the need for stringent borrowing requirements or credit checks.
- The app stands out with its unique features, such as the Empower Cash Advance, which offers smaller advances but funds them more quickly than other apps in the market.
- With the Empower AutoSave feature, users can effortlessly save money by allowing the app to analyze their income and spending patterns and transfer a suitable amount into a savings account.
- Empower also offers expense tracking capabilities that categorize transactions automatically, set spending limits, and provide alerts to help users stay on track with their financial goals.
How Does Empower Work?
Empower operates as a mobile app designed to offer cash advances to eligible users, particularly freelancers and gig workers. As a financial product engineered for easy and quick access, Empower eases the process of getting cash advances without delving into credit checks or stringent borrowing requirements.
The operation starts with you setting up your account on Empower – both banking history and regular bank deposit records are cross-checked for eligibility determination. Once all is set, you can borrow amounts based on your income level plus banking transactions.
A standout feature that accelerates the funding process is their subscription fee – an optional $8 monthly charge that fast tracks your application.
While larger advance amounts might need additional steps like contacting support personnel, smaller requests enjoy rapid processing. This empowers users, swiftly bridging income gaps brought about by unforeseen expenses or between jobs – all at their fingertips! So if payday loans are pressuring your finances, here’s Empower App extending a handy solution through interest-free cash advance options.
What Features Make Empower Standout?
Empower stands out with its unique features, including the Empower Cash Advance, the Empower AutoSave, the Empower Card, and expense tracking.
The Empower Cash Advance
The Empower Cash Advance is a standout feature that sets this financial app apart from others. Empower offers cash advances to eligible users, including gig workers and freelancers, aiming to provide quick funds in case of an unexpected bill or emergency expense.
Unlike other apps that offer larger amounts but may take longer for approval and disbursement, Empower focuses on speed and convenience.
Borrowing requirements for the advance are less stringent than what you’d find elsewhere. In fact, there’s no credit check involved – making it accessible even if your credit score isn’t perfect.
Instead of judging based on past mistakes, Empower looks at your recent banking history and regular bank deposits to determine eligibility for advances. Plus, they’ve done away with the standard fast funding fee charged by many other cash advance apps; instead opting for an optional $8 subscription fee which can be canceled at any time by contacting customer support.
The Empower AutoSave
The Empower AutoSave is a standout feature that can revolutionize your savings habit. As part of this financial app’s services, it leverages artificial intelligence to examine your income and spending patterns.
By doing so, Empower determines an amount you can safely tuck away without noticeably affecting your day-to-day financial situation.
This money is then automatically transferred from your checking account into the Empower AutoSave account. It’s perfect for digital nomads, freelancers, or anyone looking to build wealth for the future but struggling with consistent savings.
With no need for a manual bank transfer or reminder, using the AutoSave feature feels effortless whilst ensuring a steady growth of your savings over time.
The Empower Card
The Empower Card is one of the standout features of the Empower app. It offers cash advances to eligible users, which can be incredibly useful for gig workers and freelancers who may need quick access to funds.
One great thing about the Empower Card is that it provides smaller advances compared to some competitors, but it funds them more quickly. This means that if you’re in a pinch and need cash fast, Empower could be a solid option for you.
Another advantage is that Empower has less stringent borrowing requirements compared to other apps, meaning that their cash advances are more accessible to a wider range of users. Plus, unlike many other providers in this space, Empower does not check your credit score when determining your eligibility for these cash advances.
Expense tracking is a crucial feature that sets Empower apart from other cash advance apps. With Empower, you can easily keep track of your expenses and stay on top of your financial goals. The app categorizes your transactions automatically, so you know exactly where your money is going.
Whether it’s groceries, dining out, or bills, you’ll have a clear picture of how much you’re spending in each category.
Additionally, Empower allows you to set spending limits for different categories and even alerts you when you’re getting close to reaching those limits. This feature helps prevent overspending and encourages smart budgeting habits.
Is Empower Worth It?
Empower’s worthiness as a cash advance app hinges on evaluating its pros and cons, determining who can benefit the most from using it, and understanding the costs involved.
- Funding Speed: 9/10 – As a user, I found that the Empower App provides instant cash advances up to $250, which is incredibly helpful in urgent situations.
- Approval Speed: 8/10 – The approval process is quick and doesn’t require a credit check, making it accessible for many users.
- Borrow Limit: 7/10 – The borrow limit is up to $250. While this may not be sufficient for larger financial needs, it’s a decent amount for covering unexpected expenses.
- Fees & Interest: 10/10 – One of the best features of Empower is that it charges no interest, no late fees, and no credit checks for cash advances. This is a significant advantage over many other financial apps.
- Application Process: 9/10 – The application process is straightforward and user-friendly. It’s easy to navigate and doesn’t require a lot of time to complete.
- Repayment Terms: 8/10 – Repayment is automated and typically occurs between 1 day and 3 weeks, depending on when you receive your next paycheck. This makes the repayment process hassle-free.
- Trustworthiness: 8/10 – Based on the reviews from Trustpilot, Empower has a rating of 4.1 out of 5, indicating a high level of trust among its users.
- Transparency: 9/10 – Empower is transparent about its services and fees. The app clearly states that there are no hidden fees or interest rates, which is a big plus for users.
- Customer Support: 8/10 – The customer support team is available via phone or live chat from Monday to Friday, providing timely assistance to users.
- User Ratings: 8/10 – On the Apple App Store, Empower has a rating of 4.8 out of 5 based on 109.5K reviews.
Overall Rating: 8/10 – Overall, as a user, I find Empower to be a reliable and user-friendly app that provides quick financial assistance with no hidden fees or interest. It’s a great tool for managing unexpected expenses and improving financial health.
Evaluating The Pros And Cons
When considering Empower as a cash advance app, it’s essential to weigh the pros and cons. Here’s a quick rundown of the advantages and disadvantages of using Empower.
|Empower provides cash advances to eligible users, including gig workers and freelancers, expanding the pool of potential beneficiaries.
|Despite its broader accessibility, Empower offers smaller advances compared to some competitors, which may not meet the needs of some users.
|One significant advantage is the speed at which Empower funds advances; the app funds cash advances more quickly than many of its competitors.
|The app charges an $8 subscription fee, which some users might find limiting, especially if they don’t use the service frequently.
|Empower’s borrowing requirements are less stringent, which makes their cash advances more accessible to a wider range of users.
|Although this subscription fee is optional and can be cancelled by contacting customer support, it’s an extra step that might inconvenience some users.
|Another pro of Empower is that it does not check users’ credit scores to determine eligibility for cash advances, making the process more straightforward and less invasive.
|However, the lack of a credit check could be a red flag for some users who want to build or improve their credit score, as it means that responsible use of the service won’t reflect positively on their credit history.
The decision to use Empower as a cash advance app will depend on your personal circumstances and financial needs. But understanding these pros and cons will help you make an informed decision.
Who Is Empower Good For?
If you’re a gig worker or freelancer in need of quick and accessible cash advances, then Empower may be the perfect app for you. Unlike traditional lenders, Empower doesn’t check users’ credit scores, making their cash advances available to a wider range of individuals.
This is especially beneficial for those who have limited credit history or less-than-perfect credit scores. With smaller advance amounts but fast funding, Empower provides a solution for those facing income gaps or emergency expenses.
So if you’re looking for a reliable and inclusive cash advance option, Empower may just be the right choice for your financial needs.
Cost Of Using Empower
Using Empower comes with a cost, so let’s talk about what you can expect. The app charges an $8 monthly subscription fee, which gives you access to their cash advance service and other features.
It’s important to note that this fee is optional and can be canceled by contacting customer support. When it comes to the actual cash advances, Empower offers amounts ranging from $10 to $250, depending on your eligibility.
They also provide reimbursements for any overdraft fees caused by the repayment of a cash advance or subscription payment. So while there are costs associated with using Empower, the flexibility, and convenience they offer may outweigh those expenses for individuals who need quick access to funds in times of financial emergencies or income gaps.
Steps To Open An Empower Account
Opening an Empower account is a straightforward process that can be done in just a few steps:
- Visit the Empower website or download the mobile app from the App Store or Google Play.
- Click on the “Sign Up” button to create a new account.
- Provide your basic information, such as your name, email address, and phone number.
- Set up your login credentials by creating a username and password.
- Connect your bank account by linking it to Empower through secure banking integration.
Security & Privacy Measures On Empower
Ensuring the security and privacy of user information is a top priority for Empower. They have implemented robust measures to protect your data from unauthorized access. Utilizing protocols such as two-factor authentication, firewalls, and perimeter security comparable to banks and payment cards, Empower goes above and beyond to safeguard your personal information.
To further enhance the security of user data, Empower employs 256-bit AES data encryption. This encryption method ensures that your sensitive information remains secure while being transmitted or stored on their platform.
You can rest assured knowing that your financial details are protected by advanced encryption technology.
Additionally, Empower takes proactive steps to keep users informed about their account activity. They send daily transaction emails to users, which allow you to verify any activity on your account and immediately flag any suspicious transactions.
Empower also prioritizes the safety of user funds through its partnership with NBKC bank. As an FDIC insured institution, NBKC bank provides coverage up to $500,000, including $250,000 for cash held in your Empower account.
With these stringent security measures in place, you can confidently use Empower knowing that both your personal information and funds are well-protected.
Support Quality With Empower
Empower understands the importance of providing quality support to its users. As a cash advance app, it recognizes that financial issues can be stressful, and having reliable customer service is crucial.
Empower offers various support channels, including email and in-app chat for assistance with any questions or concerns. Users report positive experiences with Empower’s support team, noting their prompt responses and helpfulness in resolving issues.
Whether you have inquiries about your account, need clarification on fees, or require assistance with a transaction, Empower makes sure to provide top-notch support to ensure a smooth experience for its cash advance users.
Review Ratings From Read Users Around The Web
Read users have given Empower positive ratings and reviews on various platforms such as G2, Trustpilot, Google Play, and the Apple App Store.
I checked the reviews on G2 for Empower Review 2023, and it looks like this cash advance app has been well-received by users. It has an impressive overall score of 4.6 out of 5, indicating that many people find it valuable.
In particular, Empower received a rating of 5.0 for human advisors and customer service, which is always important when dealing with your finances. On the other hand, its robo advisor and budgeting features scored lower at 3.0.
However, users have given top marks to Empower’s investment tracking, retirement planning, and goal tracker functionalities with a solid rating of 5.0 on G2. These ratings suggest that while the app may not be perfect in all areas, its strong points make it worth considering as a cash advance option for those who need financial assistance quickly and efficiently.
Overall Rating: 4.6/5
Customer Service Rating: 5/5
Robo Advisor & Budgeting Rating: 3/5
I was thrilled to learn that Empower has an impressive overall score of 4.6 out of 5 on Trustpilot. It’s encouraging to see that it receives a perfect 5.0 rating for its human advisors and customer service, showing that they prioritize excellent support for their users.
Additionally, Empower’s investment tracking, retirement planning, and goal tracker also have a superb rating of 5.0 on Trustpilot, showcasing the effectiveness of these features. The only area where there seems to be room for improvement is in the robo advisor and budgeting category, with a rating of 3.0.
Nonetheless, the high ratings from real users highlight Empower’s dedication to providing exceptional services and assistance when it comes to managing your finances effectively.
As a cash advance user, I know that trust and reliability are crucial when considering financial apps. That’s why it’s important to look at real user reviews on platforms like Google Play. When it comes to Empower, the app has an impressive overall score of 4.6 out of 5 on Google Play.
One standout aspect is its human advisors and customer service, which have received a perfect rating of 5.0 from users. On the other hand, the robo advisor and budgeting features have a rating of 3.0, showing some room for improvement in those areas.
However, Empower’s investment tracking, retirement planning, and goal tracker have all achieved a top-notch rating of 5.0 from users as well. This feedback suggests that while some aspects could be enhanced, Empower excels in providing reliable support and tools for managing your finances effectively.
Apple App Store
I found that the Apple App Store has review ratings for Empower, a cash advance app. These ratings are from real users all over the web who have shared their experiences with the app. In terms of overall satisfaction, Empower has an impressive score of 4.6 out of 5, indicating that many users have had positive experiences with the app.
Specifically, when it comes to human advisors and customer service, Empower receives a perfect rating of 5.0, suggesting that users are highly pleased with the level of support they receive from the company.
If you’re considering using Empower as a cash advance user, these ratings on the Apple App Store can provide valuable insights into what you can expect from this app in terms of quality and user experience.
Comparing Empower To Other Cash Advance Apps
Empower stands out among other cash advance apps with its user-friendly interface, quick funding options, and flexible borrowing requirements. When compared to competitors like Albert, Earnin, and Brigit, Empower offers a seamless experience for users looking for hassle-free cash advances.
When it comes to cash advance apps, Albert is one of the competitors worth considering. Unlike some other apps, Albert offers larger borrowing amounts, making it a good option for those with higher financial needs.
The app also provides fast funding and does not charge any subscription fees or require credit checks for eligibility. With its user-friendly interface and budgeting assistance features, Albert aims to help users stay on track with their finances while providing convenient access to funds when needed.
Additionally, Albert has received positive ratings from users on platforms like Trustpilot and the Apple App Store, further solidifying its reputation in the market.
I also wanted to compare Empower to other cash advance apps available, so let’s take a look at Earnin. Earnin is a popular cash advance app that allows you to access your earned wages before payday without any fees or interest.
It works by connecting directly with your bank account and tracking the hours you’ve worked. Then, you can withdraw a portion of your earnings up to $500 per pay period.
One great feature of Earnin is that it offers an optional “tip” for using their service, which means you can choose to support them if you want but it’s not mandatory. Another advantage of Earnin is its Balance Shield feature, which helps protect users from potential overdraft fees by monitoring their accounts and automatically depositing money if their balance gets too low.
However, there are some limitations with Earnin. First, it only works for employees who receive direct deposit into a checking account – so freelancers or gig workers might not be eligible.
Also, while the app claims to be fee-free, they do recommend tipping on each withdrawal as a way of supporting the platform.
Brigit is another popular cash advance app that provides financial assistance to gig workers and freelancers. With Brigit, you can access interest-free cash advances of up to $250 to bridge income gaps and cover emergency expenses.
The app also offers budgeting tools and spending insights to help you manage your finances effectively. Unlike traditional payday loans, Brigit does not charge any subscription fees or interest on the cash advances.
Instead, they rely on optional tips from users as a way to generate revenue. Brigit aims to empower individuals by providing them with the necessary financial support when they need it most.
Empower, a reputable financial technology company provides users with a range of personal finance features such as cash advances, automatic savings, and expense tracking. The app charges optional fees including a subscription fee, but offers benefits like no credit check requirements and quick funding options.
Additionally, Empower allows users to connect their bank accounts for easy monitoring of income and expenses. With its user-friendly interface and innovative features, Empower has become a popular choice among gig workers and freelancers looking to manage their finances effectively.
Is Empower A Reputable Company?
Empower is indeed a reputable company that has gained recognition in the financial technology industry. As an innovative mobile app, Empower offers cash advances and a range of personalized financial services to help users manage their money more effectively.
With its commitment to providing accessible financial solutions, Empower has garnered positive attention from reputable sources such as NerdWallet and The Motley Fool. Through its partnerships with NBKC bank and MoneyPass® ATMs, Empower also ensures reliable banking services for its customers.
This combination of credibility and convenience makes Empower a trusted choice for cash advance users seeking reliable financial assistance.
What Are Empower’s Investments?
Empower offers investment options for users who are looking to grow their wealth for the future. The app provides a range of investment portfolios managed by robo-advisors, allowing users to choose an investment strategy that aligns with their financial goals and risk tolerance.
Empower’s investments include various asset classes, such as stocks, bonds, and exchange-traded funds (ETFs), to provide diversification and potential returns. With Empower’s user-friendly interface and intuitive tools, it is easy for cash advance users to start investing and build a solid financial foundation.
The app also offers budgeting features that help users track their spending habits and save money toward their investment goals. So, whether you’re just starting or have some investment experience, Empower can be a valuable tool in maximizing your financial potential.
How Much Does Empower Charge For Investment?
Investing with Empower comes at a minimal cost, making it an attractive option for cash advance users looking to grow their wealth. With Empower, you can start investing with as little as $1.
There are no trading commissions or management fees associated with your investment account, which means you get to keep more of your hard-earned money working for you. Unlike traditional financial institutions that charge high fees, Empower aims to make investing accessible and affordable for everyone.
So whether you’re just starting out or have been investing for years, Empower offers competitive pricing that won’t eat into your potential returns.
Is Empower Bigger Than Fidelity?
As a cash advance user, you may be wondering if Empower is bigger than Fidelity. While Fidelity is a well-known and established financial institution, it’s important to note that Empower operates in the digital space as a financial technology company.
Empower focuses on providing innovative solutions for personal finance management, including cash advances and investment options. On the other hand, Fidelity specializes in offering a wide range of traditional financial services, such as retirement planning and investment accounts.
While both companies have their strengths, comparing their size can be challenging due to their different business models. However, it’s worth noting that Empower has gained popularity among cash advance users for its user-friendly mobile app and unique features like automatic savings and expense tracking.
How Does Empower Make Money?
Empower makes money through various means, including optional subscription fees and fees associated with cash advances. The app charges a monthly subscription fee of $8, which provides users with access to budgeting tools, banking services, and cash-back offers.
Additionally, Empower earns revenue from optional fees for fast-funding options that allow users to receive their money within a shorter time frame. These fees provide users with the convenience of quick access to funds when they need it most.
Overall, Empower’s business model is designed to generate income while providing valuable financial services and features to its users without relying solely on traditional banking practices or credit checks.
Our Takeaway: Assessing The Value Of Empower In 2023
In conclusion, Empower will prove to be a valuable cash advance app for gig workers and freelancers in 2023. With its quick funding and accessible borrowing requirements, it provides smaller advances without the need for a credit check.
While optional fees exist, users have the flexibility to cancel them. Empower’s commitment to financial inclusion makes it a worthy contender in the cash advance app market.
Empower is a financial app that offers services like cash advances, budgeting, and saving tools. Some users appreciate its no-fee cash advances and budgeting features, but others are less satisfied, citing a monthly subscription fee of $8. Reviews vary, but it’s generally seen as a helpful tool for managing money.
Product Brand: Empower
Product In-Stock: InStock
Article Sources & Helpful Links
Here are some helpful links that may help you learn more:
- Empower Official Website: The official website of Empower, a financial technology company that offers banking services.
- Empower FAQ: The FAQ page of Empower, providing answers to common questions about their services.
- Empower on Apple App Store: The download page for the Empower app on the Apple App Store.
- FDIC Deposit Insurance: An official government page explaining the benefits and workings of FDIC deposit insurance.
- Empower on Better Business Bureau: The Better Business Bureau’s profile of Empower, providing an overview and user reviews of the company.
- Empower Review on Investopedia: An in-depth review of Empower’s services on Investopedia, a reputable source of financial information.
- Trustpilot: Empower Reviews – Empower has a rating of 2.9 with 8 reviews on Trustpilot.
- Apple App Store: Empower: Cash Advance $250 – The app has a rating of 4.8 with 108,101 reviews on the Apple App Store.
- Google Play Store: Empower: Instant Cash Advance – The app has a rating of 4.7 with 93,914 votes on the Google Play Store.
- G2: Empower Reviews – Empower has a rating of 3.8 with 2 reviews on G2.
Empower Review (FAQs)
What is Empower?
Empower is a mobile app designed to help you manage your money, take control of your finances and make better decisions about how you spend your money.
What are the features of Empower?
Empower offers a range of features including budgeting tools, cash flow management, weekly savings goals, cash advance, cash back rewards, money transfer, deposit cash and many others.
How does Empower cash advance work?
Empower offers cash advance up to $250 which is interest-free and does not require you to have good credit. To qualify for a cash advance, you need to meet certain criteria such as having regular paychecks and a positive bank balance, among others.
Is Empower free to use?
No, Empower costs $8 per month to use but you get a lot of value for the price you pay. You can also earn cash back rewards when you use your Empower debit card.
How does Empower make money?
Empower makes money through a variety of sources including charging users $8 per month for their service, referral fees from banks and other financial institutions, and receive compensation from companies whose products and services are promoted to Empower users. However, Empower makes sure that compensation does not impact user experience or recommendations made to them.
How does Empower compare to other budgeting apps?
Empower is one of the best budgeting apps on the market due to its unique combination of money management tools, cash advance feature, reward programs, and many other benefits. However, there are other alternatives to Empower that may suit individual needs better.
How do I sign up for Empower?
Signing up for Empower is easy and can be done directly from the app. You will need to provide basic personal and financial information to create your account and may need to link your bank account to use some features.
Can I get a personal cash advance with Empower?
Yes, if you qualify for a cash advance, you can use it for any personal expenses you need to cover.
How can I contact Empower if I have issues with the app?
You can contact Empower support directly from the app or by email. They also have a community forum where you can ask questions and seek help from other Empower users.
Is Empower the best option for managing my money?
Empower is definitely one of the best options you can choose for managing your money, but it ultimately depends on your individual financial needs and goals. It’s important to explore all options available to you and compare their features, benefits, and costs before deciding on the best one for you.