Empower Finance
Empower Finance offers cash advances, a Money Psychology Quiz, and banking services through nbkc bank and FinWise Bank, with a subscription fee after a 14-day free trial.
Company Overview
Empower Finance is a financial technology company that offers a variety of financial services. Though it is not a bank, its banking services are provided by nbkc bank, Member FDIC. Empower Finance aims to help users with cash advances, savings, and understanding their financial habits through various innovative tools and services.
Cash Advance Services
Empower Finance offers cash advance services with amounts ranging from $10 to $250 based on eligibility requirements. New users can take advantage of a 14-day free trial, after which an $8/month subscription fee applies. This service is designed to offer quick and convenient access to funds without the need for traditional banking protocols.
Empower Thrive
Empower Thrive is a service designed to help users establish better credit habits. Provided by FinWise Bank, Member FDIC, it performs a soft inquiry on credit reports for line of credit applications, ensuring that credit scores are not impacted. Customer payments are reported to credit bureaus, potentially affecting credit scores based on the timeliness of payments.
Savings and Financial Tools
Empower Finance offers an Automatic Savings feature requiring users to open a deposit account through nbkc bank. The balances in these accounts are insured up to $250,000 per depositor through nbkc bank. The company also provides a Money Psychology Quiz that helps users understand their relationship with money, promoting better financial habits and awareness.