When we were thinking bank is the only option for getting a loan, a company was working to change this ideology forever and that company name is MOGO. In this article, you will learn How To Apply for a Personal Loan with Mogo | Mogo Personal Loan Reviews?
|Loan App Name||Mogo|
|Loan Amount||$300 to $35000|
|Loan Tenure||9 months to 5 years|
|Interest Rate||9.9% p.a to 47.42% p.a|
Mogo Loan reviews will help you to get a detailed idea about opting for this platform for a loan.
What is Mogo Platform?
Mogo is a digital lender that provides various types of loans to the citizens of Canada. It is one of the top lenders in Canada that provides loans.
Mogo offers personal loans, mortgages, ID fraud protection, free credit score monitoring, Visa prepaid cards, and cryptocurrency.
Mogo uses ERS 2.0 from Equifax, a leading score used by a variety of lenders in various industries, for the purpose of Credit Score Monitoring.
Its headquarter is located in Vancouver, Canada. Currently, it has more than 1.6 million members across Canada. Mogo was listed on the TSX (Toronto Stock Exchange) in 2015.
It is a legitimate Canadian loan provider that provides loans online to Canadians in Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Ontario, Prince Edward Island, and Nova Scotia.
Features and Benefits of Mogo
- Mogo offers a free credit score in Canada. get credit score monitoring for 90 days free or free forever with an active MogoCard.
- With on-time payments, you could access lower rates or higher loan amounts.
- Get Mogo pre-approval loans within 3 minutes or less. receive funds within 24 hours of approval.
- Mogo provides 100 days test drive for your loan. if you are not satisfied just pay back the principal and Mogo will refund any fees or interest you have already paid.
- It provides flexible term of Repayment ranging from 9 months to 5 years.
- It offers personal loans from $300 to $35000.
- Mogo keep your information safe by encrypting and using bank-level security.
- It has its own mobile app which is very convenient to apply loan anytime, anywhere.
Drawback of Mogo Personal Loans
- The interest rates range from as low as 9.9% to as high as 47.42%. If you have a good credit score, you can probably get a personal loan with less interest rate.
- MogoMoney loans are not available in Saskatchewan and Quebec.
- The 100-day test drive offer is not available to Mogo Liquid loans.
Mogo Money Services & Products
Mogo offers various services like free credit scores and reports, mortgages, personal short-term loans and long-term loans, ID fraud protection, cryptocurrency trading, and prepaid Visa cards.
Some of them we will discuss below.
Mogo Prepaid Visa Card
The Mogo Visa Platinum Prepaid Card, is also known as the MogoCard, is a reloadable, prepaid Visa card offered by Mogo.
It can help you to set up automated weekly, bi-weekly, or monthly transfers to top up your card balance with the amount you can afford to spend. this will help customers to spend less when using MogoCard.
Features of Mogo Card
- Every time you use the MogoCard, Mogo compnay will plant a tree for you for free. this is great effort towards the environment.
- Its a prepaid card not a credit card. When you use the MogoCard, you can only spend the money that you have loaded onto the card.
- You can’t spend more than you load onto your MogoCard, which means you’ll never get an overdraft charge or pay interest like you would on a credit card. Also over spending can be avoided to a great extent.
How to Get a Mogo Card?
- Visit Mogo website and sign up. if you have already an account just download the Mogo app and visit the Card dashboard.
- Order the Card from the Mogo Mobile App, and you will receive it in about 10 working days to your registered mailing address.
Mogo Credit Score
Once you sign up to Mogo you can check your monthly Equifax credit score for 90 days free and when you activate your Mogo Visa Platinum Prepaid Card you can do monitoring without any limitations.
Why you need to monitor your credit score?
It is so because when you apply for a loan if your credit score is pretty good, you will be offered less interest rate compared to others.
Moreover, keeping your score over 680 will qualify you for a lower mortgage rate and a higher mortgage.
How Mogo Credit Score Works?
- Once you create your Mogo Account, you can check your credit score right away. It will take only 3 minutes to create an account.
- Your credit score changes over time based on your financial habits. Mogo will monitor your score for 90 days free when you download the app and activate your Mogo Prepaid Card , you will get monthly update about your score.
Mogo is the company that is both FINTRAC regulated and publicly traded on the TSX and NASDAQ that offers a simple and low-cost way to invest in bitcoin.
Mogo Crypto allows its members to directly sell or buy Bitcoin from the Mobile App.
Features of Mogo Crypto
- You can invest directly in Bitcoin using Mogo mobile app with 1% trading fee and no annual fees.
- You can track your Bitcoin investment in real time using Mogo App.
- Depositing and withdrawing money from your Mogo Bitcoin account is easy and free.
- You can receive an annual statement of your bitcoin investment income with Mogo for tax reporting purposes.
- You can get cashback on high volume trading on Mogo App. you will earn 0.5% cashback in bitcoin on all of your trades within the month when you trade a total of $10000 or more.
How to Invest in Bitcoin With Mogo?
- Create your Mogo Account within 3 minutes.
- Add funds by wire transfer or Interac e-Transfer and start investing in bitcoin.
- Using Mogo you can manage both your asset and funds in the same account.
Mogo Personal Loan Requirements
Applying for a personal loan through Mogo is very easy and simple. however, you need to meet the loan eligibility criteria in order to be considered for a loan.
- Be at least 18 years old Canada Citizen. must be living in British Columbia, Alberta, Manitoba, Ontario, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland.
- Minimum annual net income should be $13000.
- Active Email ID and Mobile Number
- Government-issued IDs. Verification information such as your bank information is required.
- Most recent pay slip (not older than 30 days), or other proof of income.
- You must be steadily employed for the last 30 days (full-time, part-time, or self-employed).
How To Apply for a Mogo Money Personal Loan?
The application process is completely online, you do not have to visit anywhere. The application process takes10 minutes or less. just follow the steps below.
- Visit Mogo Official website and Sign up for free by entering your email ID and creating password.
- On the next screen you need to select the Amount you want to borrow from the drop-down and purpose. Now, provide Additional information like Housing info, Employment info, your phone number, give your consent and click on Check your Rate button.
- Once you have submitted the application, Mogo will do a hard check with Equifax. Keep in mind that it might affect your credit score. Depending on the result, Mogo will confirm or deny your loan application.
How Does a Mogo Online Personal Loan Work?
- Create a Mogo account with your details like contact, employment and bank account information.
- Submit your application and wait for the approval email from Mogo. lending decision you will get within 3 minutes.
- If approved, Review and electronically sign your loan contract online.
- Upon receipt of your contract by Mogo, systems will automatically process direct deposit request to your account or sent via Interac e-Transfer.
Mogo Interest Rate or Mogo Loan Rate
Loans amortization between 9 months to 60 months.
APR between 9.9% and 46.96%.
For Example – An amount of CA $5000 was borrowed for 5 years. Interest = CA $2900 at an APR of 19.99%. Total Amount Payable = CA$7,900 (variable)
How to Pay Mogo Personal Loan?
The repayment process is very easy and flexible in Mogo. Each payment will be automatically deducted from your bank account, so you will never have to worry about missing a payment.
Mogo Money Customer Service Details
It provides the facility to chat with the customer care executives. Mogo has a knowledge panel where you can access the information you want to know.
Is Mogo Safe and Legit Company?
Mogo is a legitimate Canadian lender that has been around since 2003. As per their website, the company has over 1.6 million members.
Mogo is the company that is both FINTRAC regulated and publicly traded on the TSX and NASDAQ that makes it more genuine and safe.
It uses TLS (Transport Layer Security) encryption and Bank-level security to protect your data which can surely make it secure as well.
It has multiple zones and layers on firewalls to protect our internal and external networks. Centralized Security Incident and Event Management (SIEM) is used to monitor unauthorized access to Mogo systems.
In this article, we have discussed How To Apply for a Personal Loan with Mogo | Mogo Personal Loan Reviews.
Mogo is a great loan financial solution provider. It offers various types of loans, plus the facility to invest in bitcoin directly from its mobile app.
If you have any questions related to Mogo you can chat with its customer care and your queries will be addressed.
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Mogo offers loans from $300 to $35000.
The interest rate varies from 9.9 % to 46.99 %.
Mogo can directly deposit the funds to your bank account or can send the money through an Interac e-transfer.