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Who is Mogo Finance?
With a clientele of over 900,000 members Canada-wide, Mogo Finance Technology Inc. is a large lending institution based out of Toronto, Ontario. They aim to help Canadians rule their finances by offering a wide variety of financial options that allow them to navigate through life’s most stressful situations.
Consumers can take advantage of Mogo’s comprehensive list of products and services, including but not limited to:
- Personal Loans of $100 – $35,000
- Free Credit Score Monitoring
- Identity Fraud Protection
- Credit Cards
Depending on which product or service you’re looking to apply for, qualifying may require several different steps. Take a look at their website to learn what it takes to become a Mogo member.
How to Qualify For a Personal Loan With Mogo
Like many lenders, Mogo’s services are largely based online. While they are a popular lending business, they do not operate in every province or territory in Canada. So, if you’re looking to qualify for one of their products or services, you’ll first have to be a permanent resident of one of these areas:
- British Columbia
- Prince Edward Island
- Nova Scotia
- Newfoundland & Labrador
- New Brunswick
- Northwest Territories
At the moment, the only province that Mogo does not operate in is Quebec. To be eligible for any of their loans or other products, you must also be past the age of majority in your province/territory (18-19+).
Other documents you may need to qualify with Mogo include:
- Proof of your income (paychecks, etc.)
- Proof that you have an active bank account (recent statements, etc.)
- Your employment history (you must be steadily employed for at least 30 days)
Since Mogo reports their clients to Equifax, one of Canada’s main credit bureaus, they may also perform a credit check when you apply. This is so they can determine how good you’ve been at paying your previous debts and whether you’ve been involved with any recent delinquencies, such as a consumer proposal or a bankruptcy.
What Features Make Mogo Finance Stand Out?
Although plenty of Canadian lenders offer similar products and services, applying for a personal loan through Mogo may work to your advantage because:
- Their company operates in almost every province and territory.
- They offer a variety of financial options
- Their online services are available 24/7.
- They offer a 100-day money-back guarantee for unsatisfied customers.
- If you’re unhappy with your loan within that time, you simply have to repay the principal balance for your 100 days of interest and fees to be refunded.
- Good loan payments will appear on your credit report and elevate your credit score (for loans acquired after April 5th, 2018).
- Members are eligible for free credit score monitoring, a free Mogo Visa Platinum Prepaid Credit Card, and pre-approval for a MogoMoney personal loan (which will not impact your credit score).
What Does a Mogo Personal Loan Cost?
Mogo Finance offers several personal loan products that can vary greatly in size, repayment time, and overall price. For instance:
- Within their ‘help’ section, Mogo specifies that they offer loans of $100 – $35,000 with repayment terms of 2-weeks to 5 years.
- However, a standard MogoLiquid personal loan is usually $2,000 – $35,000 with an average term of 1-5 years.
The final cost of your Mogo loan may also change depending on:
- What province or territory you live in
- What your gross yearly income is ($13,000 minimum to qualify)
- What your employment situation is like
- What debt problems or delinquencies you’ve recently undergone (if any)
- How much outstanding debt you have
- How high your credit score is (660-900 is ideal)
- What interest rate you’re given (representative rate is 22.9% APR)
- The length of your repayment term
- What administrative fees are tacked on (loan origination, etc.)
Before you apply for a Mogo personal loan, be sure to consult a sales representative about all the costs involved, then factor them into your budget to confirm that they are affordable when coupled with your other monthly expenses.
Pros and Cons of Choose Mogo
- You will not be charged to repay your loan early.
- A Mogo membership comes with various perks (pre-approval, etc.)
- Interest rates and repayment terms are adjustable.
- Responsible payments are good for your credit.
- Mogo has a 100-day money-back guarantee policy
- Getting approved is relatively easy and quick (bad credit is accepted).
- Relatively large loan amounts are offered, which can help greatly if have a lot of expenses or unpaid debt to cover.
- Your interest rate may be quite high if you borrow a large amount or have less-than-perfect finances.
- Two non-sufficient funds penalties of $20 -$50 (one from the lender, one from your bank), as well as extra interest, will apply if you default on any payments.
- Being unable to afford your payments can lead to unmanageable debt, a reduction in credit score, and other financial problems.
- Additional loan fees are not disclosed within the Mogo website, which may drive up the initial loan price without you realizing it.