Mogo Loans

Mogo Finance – A Review

March 09, 2022

Mogo Finance – A Review

Who Are Mogo Finance?

Mogo Finance Technology was founded in 2003 in Vancouver, BC, and offers a variety of financial products; and was one of the first companies in Canada to offer free credit score viewing and free monthly credit score monitoring. In addition, users can access Canada’s most widely used credit bureau as an Equifax partner without affecting their credit score. The company offers an online dashboard that can be accessed via web browsers and Android and iOS apps.

Consumers can take advantage of Mogo’s extensive range of products and services, which includes, but is not limited to:

  • Personal loans ranging from $100 to $35,000 Mortgages
  • Monitoring Your Credit Score for Free
  • Credit Cards for Identity Theft Protection
  • Cryptocurrency

Qualifying for a product or service may necessitate several steps, depending on the product or service in question.

How to Get a Personal Loan with Mogo?

Like those of many other lenders, Mogo’s services are primarily available online. While they are a well-known lending company, they do not operate in every province or territory across Canada. So, if you want to qualify for one of their products or services, you must first be a permanent resident of one of the following regions:

Province

Territories

  • Northwest
  • Nunavut

Currently, Quebec is the only province where Mogo does not operate. Also, to qualify for any of their loans, you must be older than 18 years.

Other documents you may be required to provide to qualify with Mogo include:

  • Proof of your earnings (paychecks, etc.)
  • You must prove that you have an active bank account (recent statements, etc.)
  • Your work experience (you must have been employed for at least 30 days)

When you apply, Mogo may run a credit check because they report to Equifax, one of Canada’s major credit bureaus. This is so they can examine how successfully you’ve paid your previous debts and if you’ve recently filed a consumer proposal or filed for bankruptcy.

What characteristics distinguish Mogo Finance?

Although many Canadian lenders provide similar products and services, applying for a personal loan through Mogo may benefit you because:

  • Their company is present in nearly every province and territory.
  • They provide several financial options.
  • Their online services are available 24 hours, seven days a week.
  • For dissatisfied customers, they offer a 100-day money-back guarantee.
  • If you are dissatisfied with your loan within that time frame, you must repay the principal balance to receive a refund of your 100 days of interest and fees.
  • Loan payments that are on time will appear on your credit report, increasing your credit score positively.
  • When you sign up for Mogo, you will receive free monthly credit score monitoring as well as MogoProtect, Canada’s first and only free identity fraud protection.

What Is the Interest Rate on a Mogo Personal Loan?

Mogo Finance offers a variety of personal loan products that vary significantly in terms of size, repayment time, and overall cost. As an example:

Mogo specifies in their ‘help’ section that they offer loans ranging from $100 to $35,000 with repayment terms ranging from two weeks to five years.

A typical MogoLiquid personal loan ranges from $2,000 to $35,000 with a term of 1 to 5 years.

Your Mogo loan’s final cost may also vary depending on:

  • What province or territory do you live in? 
  • How much money do you make per year ($13,000 minimum to qualify)?
  • What is your current employment situation?
  • What debt problems or delinquencies have you recently experienced (if any)? 
  • How much debt do you still owe?
  • How good is your credit score (660-900 is ideal)?
  • What is the interest rate (representative rate is 22.9 percent APR)?
  • The duration of your repayment period?
  • What kind of administrative fees are there (loan origination, etc.)?

Mogo Frequently Asked Questions

How can I increase my chances of approval?

Mogo examines your credit history, income, and employment to determine whether you are a creditworthy borrower. As a result, focusing on these three factors can boost your chances of approval.

Do my payments go toward the principal, the interest, or both?

Depending on what type of loan you opt for, this will impact the amount of your payment that will go toward the interest and principal amount borrowed. The repayment options you choose and the province you live in will also have an impact on the interest. Further details of how your payment works will be in your loan agreement.

What exactly are NSF fees?

A Non-Sufficient Fund (NSF) fee is charged when you do not have enough funds in your checking to When you do not have enough funds in your checking account to cover a transaction, Mogo will charge a Non-Sufficient Fund (NSF) fee. The NSF fee for any Mogo loan product can range between $20 and $50.

Can I pay off my loan earlier than expected?

Following some prior discussion, lenders will usually accept larger or more frequent installments during your repayment plan. Of course, this is not an option for every borrower, but it can help you get out of debt faster. The only issue is that some lenders will charge you a penalty fee if you violate your contract. Fortunately, Mogo will not charge you any fees if you repay your loan ahead of schedule, as long as you notify them first.

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