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Mogo Finance: Overview

With over 1.8 million members Canada-wide, Mogo is one of Canada’s leading digital finance companies, empowering its members with simple digital solutions to help them build wealth and achieve financial freedom. 

Consumers can take advantage of Mogo’s comprehensive list of products and services, including but not limited to:

  • MogoMini – Line of credit of $200 – $3,500
  • MogoMortgage – Mortgage product
  • MogoTrade – Commission free, zero FX, Stock Trading 
  • Moka – Automated Investing

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 Mogo Product? 

Mogo operates in most of the Canadian provinces and territories. So, if you’re looking to qualify for one of their products or services, you’ll first have to be a resident of one of these areas: 

Provinces

  • Ontario
  • British Columbia
  • Alberta
  • Manitoba
  • Prince Edward Island
  • Nova Scotia
  • Newfoundland & Labrador
  • New Brunswick

Territories

  • Northwest Territories
  • Nunavut
  • Yukon

At the moment, the only provinces where Mogo does not offer their Line of Credit are Quebec and Saskatchewan. To be eligible for a Line of Credit or other products, you must also be past the age of majority in your province/territory (18-19+). 

There are times that Mogo may request additional documents in order to proceed with the review. Please note that they may still ask for other supporting documents after completing this request. For more details, click here.

Mogo may also perform a credit check when you apply. This is done to determine how well you’ve managed your past debts and to assess if you’ve been associated with recent delinquencies, such as a consumer proposal or bankruptcy. 

What Features Make Mogo Finance Stand Out?

Although plenty of Canadian lenders offer similar products and services, applying for a Line of Credit through Mogo may work to your advantage because: 

  • Their company operates in almost every province and territory.
  • Signing up and checking to see what you qualify for does not impact your credit score. 
  • They offer a variety of financial options.
  • They offer a 100-day money-back guarantee for unsatisfied customers.  If you’re unhappy with your Line of Credit within that time, you simply have to repay the principal balance for your 100 days of interest and fees to be refunded.

What Does A Mogo Line of Credit Cost?

Within their ‘help’ section, Mogo specifies that they offer a line of credit for $200 – $3,500

The MogoMini is a line of credit, it is NOT a term loan.  Minimum Payments consist of interest and fees for optional services and are automatically withdrawn from your bank account according to your pay frequency.

The MogoMini line of credit provides you with the flexibility to control your payment amount. The automatic minimum payment covers the interest and fees while you control your principal payments. How quickly or slowly you pay off your line of credit will be determined by the principal payments you make. You can pay down or pay off your MogoMini line of credit at any time without penalty.

You can sign up for Mogo for free and see what credit you qualify for. There is no impact to your credit score and no obligation to proceed if you don’t like the offer.

Pros And Cons Of Choosing MogoMini Line Of Credit 

Pros

  • You will not be charged to repay your loan early.
  • A Mogo membership comes with various perks (free credit score, etc.)
  • Mogo has a 100-day money-back guarantee policy.
  • Getting approved is easy and quick.
  • No impact to your credit score to apply and see what you qualify for.
  • Funding as soon as the same day.

Cons

  • Your interest rate may be quite high.
  • Being unable to afford your payments can lead to unmanageable debt, a reduction in credit score, and other financial problems.

Mogo FAQs

How can I improve my chance of approval?

Mogo looks at several things including your credit history, income, and employment to determine if you are a creditworthy borrower. As such, working on these three factors can increase your chances of approval.

What are NSF fees?

A Non-Sufficient Funds (NSF) fee occurs when your chequing account does not have a sufficient balance to cover a transaction. For example, if Mogo tries to withdraw your monthly payment from your bank account, but is unable to because there is not enough money in your bank account. You will be charged an NSF fee by your bank and by Mogo. With Mogo, the NSF fee can be up to $50, depending on your province. 

Can I pay off my loan earlier than originally planned?

In most cases, lenders will accept larger or more frequent installments during your repayment plan, following some prior discussion. This obviously isn’t an affordable option for every borrower but it can help you get out of debt quicker. The only problem is that some lenders will charge you a penalty fee for breaking your contract. Luckily enough, Mogo will not charge you anything to repay your line of credit ahead of time. Mogo requires two business days’ notice when making a pay down request. You can submit this request directly in your Mogo account.

Services & Products

Mogo Finance Offered Services

Line of Credit

Loan Range
Up to $3,500
Interest Rate
47.72%
Terms (Months)
-
Funding Time
Within 24 hours
Funding Method
  • Direct deposit
Repayment Options
Automatic debit
Eligibility
  • Must be a permanent resident of AB, BC, MB, NB, NL, NS, ON, & PEI
  • Must be the age of majority in your province
  • Must have an annual income of at least $13,000
  • Must be steadily employed for the last 30 days (you can be employed full time, part-time or be self-employed)
Requirements & Documents
  • You may be required to provide some or all of the following.
    • Most recent bank statement
    • Proof of income such as pay stubs, invoices, cheques, etc.
    • Proof of identification such as valid driver’s license
    • Proof of address

Awards

Mogo CMA
Canadian Mortgage Award

Best use of mobile technology

Mogo Branham Group’s 2015 list
Branham Group’s 2015 list

One of Canada’s Top 15 Growth Companies

Mogo FIA
Fintech Innovation Awards

Finalist in marketing category

Reviews

Reviews & Rating

Reviews From Experts

Sean Cooper avatar on Loans Canada

MOGO has a wide offering of products and services from personal loans to mortgages. Its website and app are very user-friendly. It caters to the millennial crowd, so it’s quite responsive on social media and on the chat service on its website. Its application process was pretty easy and straightforward, although be sure to read the fine print to understand what you’re signing up for.

Application simplicity

Reputation

User experience

Information and transparency

Accessibility

Written by: Sean Cooper
Posted on June 19, 2019

See what others have to say about Mogo Finance

Their site compares their loans to payday loans and shows theirs as 19.9% interest but when I contacted them and asked the interest rate they told me

Very simple process and great people, answered all my questions.

The. Best

I borrowed funds, had some issues with communication at first, but the funds came through, I was able to pay Mogo back in full, I just notified them,

Have you had any experience with this provider? Let others know!


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