Let’s face it: You can’t get rich overnight, and adulting doesn’t come cheap. So, unless you win the lottery or inherit wealth or real estate from a long-lost uncle, the inflation struggle is real.
And guess what? You’re not the only one scrambling to stretch every dollar. Over 100 million Americans are struggling with their credit health, with 45 million either credit-invisible or unscorable. The fact that one in four millennials say they never learned how to build good credit in the first place is worrisome.
There are 65 million Americans who have a credit score below 700. This is another financial problem, mainly because people with poor scores are often subject to higher interest rates and lower borrowing limits.
The good news
Did you know there are easy ways to improve your credit rating? Wait, do you even know what a good credit score means? Let’s get this one clear first.
While it’s not an accurate measure of how well you handle money, a good credit rating means better financial, professional, and housing opportunities. It may even help you qualify for better credit card offers.
Luckily, the internet is loaded with banking services, apps, and sites that are ready to help you at any given time. The catch? They may be costly.
The truth is that it’s hard to build credit and very easy to ruin it. With this app, however, there are no mistakes.
Meet the Empower app
Empower is a personal finance app that helps you access credit affordably and improves your credit rating. The platform offers no-fee and zero-interest cash advances of up to $250 whenever you need them.
In addition, you can use Empower AutoSave to automatically set money aside every week. The cost? When your 14-day free trial is over, it’s $8 a month.
How does Empower work?
The best part about Empower is that you can get a loan without having to undergo a credit check. The app weighs your eligibility for a cash advance based on your banking history.
Cash advances are capped at $250 and don’t come with any additional charges or interest. Your payments will be automatically deducted from your next paycheck.
Besides the Cash Advance and AutoSave features, Empower also has options for transferring money, paying down debt, tracking spending, and cashback rewards of up to 10%.
When you sign up with Empower, you receive the Empower Card, which lets you earn 0.01% annual percentage yield (APY) on all your money with no minimum balance required. Available in black and peach, the card is compatible with Apple Pay, Google Pay, and Samsung Pay.
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With this card, the daily withdrawal and spending limits are up to $500 and up to $2,000, respectively. As for daily transfers, the total is capped at $2,500 for the first 30 days. After that period, the amount goes up to $5,000.
There are a few downsides, such as the somewhat high monthly fee and the lack of banking features (for example, cash and mobile check deposits and joint accounts).
Also, unlike some of its competitors, Empower doesn’t offer any investment options. Other than this, it is a great app for people who are learning how to track their finances.
So, don’t let your credit score hold you back: Take control of your money with Empower!