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.
