Empower Cash Advance App: 2024 Review | Bankrate (2024)

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At a glance

Empower pros and cons

Best for small advances

Empower offers a smaller advance than some similar products, but its features and tools are what give the company its value. Its eligibility requirements are fairly thin when compared to competitors and the instant delivery fees, although high, are optional. Empower is worth considering for those who don't need a large sum of money at once and are able to make the payments on their next payday.

How to qualify for an Empower advance

To use the Empower app, you must meet the following criteria:

• Be 18 years old or older.
• Have a valid bank account.
• Have a mobile phone number that can receive SMS.

Empower won't check your credit score when you apply. Instead, the company will look at your primary checking account to review your daily banking activity and to see if you have a steady income source. However, regardless of income or account status you may not get approved if you make too many Empower requests in quick succession.

Empower vs. Brigit

Brigit offers similar benefits to Empower, like budgeting resources and overdraft protection. It also has a slightly lower maximum advance amount of $250 and has a similar repayment timeline. However, Empower's lower monthly fee and unique mobile app features give it an edge over Brigit, which has a required monthly subscription fee of $9.99.

Empower vs. Dave

Offering a maximum loan amount of $500 and a monthly subscription fee of just $1, Dave is a strong competitor when compared to Empower. Plus, Dave also offers overdraft protection and financial resources — although it doesn't offer an overdraft refund like Empower does.

Dave also offers an early paycheck deposit feature, making it the better option to users who may need their paycheck up to two days early.

What we like and what we don’t like

What we like

• Financial resources and tools: Empower offers a number of financial tools to help make money management easier.
• Overdraft refunds: If a payment to Empower causes an overdraft fee, the company will refund the amount of the fee. Simply contact Empower customer support with evidence of the fee.
• No late fees or interest for cash advance: Taking out a cash advance from Empower doesn't require any interest payments. You also won't be charged a late fee if you're late on a payment.

What we don’t like

• Must pay fee for fast funding: Express funding costs $1 to $8 depending on the amount of the advance you're taking out.
• Mandatory subscription fee: In order to use Express, you'll need to pay a monthly $8 subscription fee. The subscription auto renews every month.
• Payment date is next paycheck: The full amount of the advance is due on your next paycheck.

How to contact Empower

Empower recommends using email support, which is available 24/7. Phone support is also available Monday through Friday from 6 a.m. to 3 p.m. PT.

How to take out an advance with Empower

Empower's application process is completed within the mobile app. As of right now there isn't a desktop-friendly version available. Here's what the application process looks like and what you should do if you run into any roadblocks when setting up your account.

Empower does state that it may need to review additional information to create your account within the app. It states that the manual review process could take up to three business days, so keep that in mind if you need the money as soon as possible.

Empower features and perks

You gain access to the following perks when you sign up with Empower:

• A free 14-day trial after signing up for the app.
• A full suite of money management tools and resources within the app.
• Reimbursem*nt on overdrafts fees caused by an Empower payment.
• A $5 reward if a person you refer uses your link to sign up for a cash advance within 30 days of starting their free trial.

Fees and penalties

Empower has two fees related to its cash advance product.

• $8 monthly fee: For $8 a month, you will have access to Empower's cash advances along with financial management tools and perks.
• Optional instant delivery fee: Normally, you'll receive your cash advance within one business day, but if you opt into its instant delivery function, you'll get your cash within an hour. The fee cost maxes out at $8, depending on the size of your advance.

Methodology

To select the top cash advance apps, the Bankrate team evaluates companies using a 16-point ranking system, known as the Bankrate Score. The Bankrate Score focuses on three key aspects: availability, affordability and customer experience. These are the factors considered as part of each category:

• Availability: Minimum and maximum loan amounts, overdraft protection features, repayment term lengths and funding timelines are taken into account as part of this section.
• Affordability: For this category we looked at subscription pricing and free version availability. We also looked at additional tools and resources offered to users as part of the subscriptions, as well as any fees assessed by the companies.
• Customer experience: Bankrate evaluates factors such as the company’s reputation through regulatory websites, like the Consumer Financial Protection Bureau (CFPB), as well as contact support options. Our team also favors apps that are highly rated and that give users the option to extend repayment in case of hardship.

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