Everyday, people face many challenges in trying to get ahead. For some reasons, it can be difficult to find the money you need to meet everyday expenses. One common way to obtain cash is through a cash advance.
Cash advances are similar to loans, but they are typically provided through lending institutions such as banks. There are a few requirements that must be met in order for an individual to qualify for a cash advance from an institution such as Empower.
In this article, we will take a closer look at the Empower cash advance requirements, what you need to do to meet the eligibility requirements and how to apply cash advance at Empower.
What is Empower?
Empower is an American financial services company that allows you to access a cash advance of up to $250 with same day turn around. At Empower you can also access an instalment cash advance from $200 to $1000 with same day turnaround as well.
Empower was founded in 2016 and has since grown to serve over 5 million customers across the United States. The company’s headquarters are located in San Francisco, California, United States under the leadership of its founder and CEO Warren Hogarth.
Take note that Empower is regulated by both federal and state laws. Also, the company has a strong focus on customer service and employs a team of dedicated professionals who are committed to providing exemplary service to its customers.
Empower provides a range of financial products and services to its customers across the United States. Some of the Empower Features include:
Receive up to $250 Credit
Empower is such an inclusive money management app where you can get a short-term loan of up to $250 irrespective of your employment history. It is a perfect option for gig workers!.
With Empower, over drafting can be done twice in a given month. What you need to get the loan is to download the Empower app and sign up your membership. Note that you will have to pay a Monthly membership fee of $8 before applying for a loan.
In addition, you will need to connect your Empower account with your credit/debit card where the monthly subscription will be deducted.
Take note that after applying the loan, the processing period will take anywhere between 3 to 4 business days. In case of express transfers, you will be subjected to an additional cost of $2 to $8 depending on the loan amount.
Personal Financial Management Services
Empower offers personalized tips on how you can save more money, like using your debit card instead of carrying around cash and checking your bank account balances frequently.
In addition, it allow users to track their spending, receive alerts when they are overspending, and make necessary financial changes. Empower Cash Advance provides users with a free budget planner and an accompanying app to help them keep track of their spending.
In addition, they offer Personal Financial Management Services so that you can stay on top of your finances and reach your goals. Plus, if there are any problems with your loan, Empower is always available to help resolve them.
Budget control tools
Empower offers a budgeting tool that uses artificial intelligence (AI) to help users create and stick to budgets. The app helps users track their spending and make better decisions about where to spend their money.
Empower also offers budget control tools, including a Spending Tracker, which lets users see how much they’ve spent each day and how much money is left in their budget. Empower Cash Advance is available for Android and iOS devices.
The Empower Cash Advance App is designed to help users save money and get ahead on their goals. The app features Goal setting tools, Cashback rewards of up to 10%, and coaching to help users save themselves money.
Set & Achieve Goals
The app allows users to set goals to attain their savings targets and track their progress. Additionally, the app offers helpful tips and advice on how to save money.
Whether you’re looking to save for a rainy day or want to create a budget that works for you, Empower Cash Advance is a great option.
Another important feature of the Empower App is the push notifications.
The app sends you push notifications about upcoming bills and other expenses, so you don’t have to worry about them.
Empower also has a history of your expenditures so you can see where your money is going.
Empower Cash App offers a Voice-activated chatbot that can help users get information about the different types of loans available and answer any questions they might have.
The chatbot also interacts with the user and provide helpful tips and information about cash advances in order to make the process as smooth as possible for borrowers.
In addition, the app has a easy-to-use interface that makes getting a cash advance easy and fast.
How Does Empower Cash Advance Work?
To get started, visit the Empower website and select your location. Next, you will answer a few simple questions and after a short while (about 20 minutes) you will receive a call from one of the Empower associates.
He/she will ask you some questions before making a visit to one to Empower HQ. Next, if everything is ok, you will be directed on how to apply online or visit the offices where you will need to fill a brief application form, sign an agreement and write down a check for the cash advance loan in addition to the fees accruing from the loan.
On the spot, you will receive your cash. Take note Empower will retain your check till your upcoming payday when you are supposed to make a repayment.
Note that the cash advance ranges between $100 to $250. The total payable amount that you will pay is equivalent to the loan amount, 10% of the cash advance and a $2 to $8 transaction fee depending on the loan amount.
What are the payment options for Empower cash advance?
While most lenders will allow you to choose between a variety of payment options, there is only one option with Empower cash advances.
The repayments are to be completed within 14 days. You can choose to repay once at the end or the loan period or choose the bi-weekly repayment plan. In case of the instalment cash advance, you are only required to repay based on monthly instalments.
Empower Cash Advance Requirements
Empower cash advances are the perfect solution for people who need some extra money but don’t have the time to wait for a loan from a bank. With an Empower cash advance, you can get money as soon as the next business day.
However, what are the requirements for Empower Cash Advance?
As with any loan, there are a number of requirements which must be met to get Empower cash advance. Some of these include:
First, you must be at least 18 years old and have no outstanding debts other than your Empower cash advance loan you are applying.
Second, you need valid government identification card or driver’s license.
Third, you should also have an active checking account and provide account details such as account number.
Additionally, you will need to be able to provide proof of income, such as tax returns or pay stubs.
Finally, you must be able to afford the repayments on your loan & share your contact details.
Also Read// Cleo Cash Advance Requirements
How do I get an Empower Cash Advance?
To get an Empower cash advance, simply visit one of Empower’s easy-to-reach branch and present your identification and proof of income.
However, you will need to first check your cash advance eligibility on their website. To check if you are eligible, just get into the Empower website, select your location and check if you are eligible after answering a few questions that you will get on the platform.
A notification will be sent to you if you are fit to qualify for a cash advance via email.
Empower Cash Advance Fees
When looking for a payday loan, one of the most important factors to consider is the cash advance fees. It is important to compare rates and fees before applying for a payday loan to ensure you are getting the best deal possible.
While some lenders may have lower fees than others. However, all payday lenders must abide by state regulations that impose minimum cash advance requirements.
Empower is licensed by FRO and regulated by US state & federal laws. As a result, when you take out a cash advance from Empower, there are a few fees that you’ll need to be aware of.
The first fee is the 10% origination fee, which is charged on the total amount of the cash advance. Finally, there’s a $2 to $8 service charge for every cash advance transaction.
Taken together, these fees can add up quickly if you’re using your Empower cash advance frequently.
Pros & Cons of Empower Loans
Many consumers believe that payday loans are a great option for funding emergencies. You can use the loan to pay utility bills, make medical appointments, or cover other unexpected expenses.
Payday loans are also useful when they are not available through more traditional sources, such as credit cards and bank loans.
One benefit of Empower cash advance loan is that it is very convenient for borrowers as it has same day turnaround. The whole application process can be completed in as little as two hours which makes it very attractive.
Another benefit of Empower cash advance is that it can be paid back quickly. Unlike other types of loans, where payments are required over a specified period of time, borrowers can repay their Empower loan in as little as two weeks.
Other benefits include the ability to get quick access to money, no need for credit checks, and no interest charges.
Additionally, there are no hidden fees or strings attached, so you can be sure that whatever funds you receive will be repaid exactly as intended.
On the con side, borrowers must be able to demonstrate that they have a regular source of income, such as a paycheck stub or tax return or pension.
In addition, a proof of identity, such as a valid government-issued photo identification card or driver’s license Is required without which you will not be approved for the cash advance.
Another disadvantage is that you must visit their storefront to make an application. This limit their services to the traditional bank cash advance application methods which may not be convenient to tight schedule customers.
Finally, you just have a valid bank account and present you account details such as account number without which you will not be approved for the cash advance loan.
Empower Cash Advance Limit
The Empower cash advance limit is $250. This means that if you need a cash advance of more than $250, you will need to go through a lender that has a higher limit such as Amscot which offers up to $500.
If that does not apply to you, unfortunately there are not many lenders with this higher limit, so if you need a large amount of cash quickly, you may have to resort to using other lending institutions.
Conclusion: Empower Cash Advance Requirements
When applying for a cash advance through Empower, there are a few requirements that must be met in order to qualify. Most importantly, the applicant must have an active bank account and present his/her account details such as account number to Empower.
Additionally, the applicant must have a valid driver’s license or government approved identity card. In addition, the applicant must be able to provide evidence of income, such as tax returns or pay stubs. Finally, the applicant must meet the majority legal age of 18 years and present his/her contact details.
Also Read// Cleo Cash Advance Requirements