Mogo is a financial tech company that provides various types of services to the citizens of Canada. you can check it out by visiting the mogo official website. Today we will do a review of a few mogo services i.e Mogo Review | Mogo Mortgage Reviews | Mini Loan Review | Liquid Loan Review.
But before you should know what and who is Mogo. let’s start with this…
Contents
Who is Mogo?
Mogo is a digital finance company started in the year 2003 with the aim to improve one’s financial health, the planet health, and the society financial health for the people of Canada.
It is doing so by offering various services to the people of Canada. Like it provides various loans which can help Canadian people in case they required.
It offers a Prepaid Visa card and if you will use it for shopping Mogo will plant one tree for free. thus it is improving planet health as well.
Mogo is the company that is listed on Toronto Stock Exchange (TSE) and NASDAQ. Its headquarter is located in Vancouver, Canada. Currently, it has more than 1.6 million members across Canada.
The company mainly offers six different products including personal loans, identity fraud protection, mortgages, prepaid Visa debit card, free Equifax credit scores, and a bitcoin.
Customers can avail of its services using the Mogo app which is available on both Android and iPhone devices.
What is Mogo Mortgage?
A mortgage is a loan that you can use to buy a home, whether that’s a house or apartment.
Mogo provides a seamless mortgage experience by providing mortgage loans online, by providing Mogo Rewards program from time to time.
It provides a digital dashboard where you can manage both your mortgage and Rewards progress.
Mogo is providing its services in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland, Yukon Territories, Northwest Territories, and Nunavut.
Mogo Mortgage is offered by Mogo Mortgage Technology Inc. o/a Mogo Mortgage (Ontario: FSRA License No. 12836)
Mogo Mortgage Features
- Earn Bitcoin cashback when you take Mogo Mortgage.
- You can easily apply for Mogo Mortgage through its mobile app.
- It offers fixed and variable rates i.e 5 year variable,3 year fixed, 5 years fixed.
- It work with some of the top lender in Canada to offer you best mortgage loan products and rates.
Eligibility Criteria to Get Mogo Mortgage
- Must be a Citizen of Canada.
- You will need a minimum credit score of 640.
- A minimum 5% down payment (that’s from a legit source, no proceeds of crime) when the purchase price is $500000 or less and 10% on any funds over $500000.
- You should have enough income to make your monthly payments.
Required Documents to Get a Mogo Mortgage
It requires a lot of documents to get a Mogo Mortgage loan. the documents depend on income type like for salaried it can be different as compared to the Self-employed.
The Stuff related to Mogo Mortgage documents in detail can be found here
How to Apply for Mogo Mortgage?
- If you are already a Mogo Member, you just need to log in to your account and apply from your dashboard, under the Mogo Mortgage section.
- If you are not a Mogo Member, sign up for a free Mogo Account to get started. (You will get a free credit score with free monthly credit score monitoring) .
- After you have opened a Mogo Account successfully, you will be able to apply under the Mogo Mortgage section and see the rest of the mortgage application.
- Fill the details mentioned in the application and submit it to process further.
- Once you have submitted the application, Mogo will set you up with a dedicated Mogo Mortgage Specialist.
- They will call you to proceed with the next steps, review your options with you and be there with you every step of the way. you too will get daily update emails and even get personal text messages keeping you informed.
How Does Mogo Mortgage Works?
- Apply online from your Mogo Account dashboard.
- Go through your offers quickly and easily, with market-leading rates from top lenders. Mogo dedicated Mogo Mortgage Team will be there to support you throughout the complete process.
- Close your mortgage, get your bitcoin cashback rewards.
Mogo Mortgage Loan Interest Rates
| Duration | Rates |
|---|---|
| 5-year Variable | 1.30% |
| 3-year Fixed | 1.84% |
| 5-year Fixed | 1.99% |
How to Pay Mogo Mortgage Loan?
Your lender will collect a blank cheque from you for the account from which you want to make the payment.
They will then do pre-authorized debits, which means the payment will be automatically deducted from your bank account on scheduled payment dates.
Mogo Liquid Loans
This loan comes under the Mogo Installment loan. Mogo Liquid offers you from $500 to $35000 for a term up to a 5-year. The interest rates on Mogo Liquid loans are from 9.9% to 46.96%.
In simple terms, we can say Mogo Liquid is an installment loan with a maximum term of about five years, which means that you can use it to pay off your other debt and get rid of it.
Installment loans can be a good option for consolidating your debt. This means you would take out a single loan at Mogo and use it to pay off debt at other places.
In order to qualify for a Mogo Liquid loan, sign up to Mogo Account, fill in the details, and check if you qualify and for how much.
Mogo Mini Loans
Mogo Mini offers loans from $1000 to $3500 with an APR of 47.42%. For example, if you borrow $1000 for 1 year, your total repayment is $1474.20 (excluding optional fees and services).
Is Mogo Legit?
Yes, 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.
Mogo Customer Service Details
Mogo has a vast knowledge panel section on its website which can provide you the information you are looking for.
However, if you want to contact its customer care, log in to your Mogo Account and Chat with customer care executives.
Conclusion
We have learned the detailed Mogo Review | Mogo Mortgage Reviews | Mini Loan Review | Liquid Loan Review in this post.
If you want to get a free credit card score check your can sign up for Mogo. Also, it helps you to invest directly in bitcoin which can be a genuine reason to sign up.
It has multiple options to meet your financial needs, so you can go ahead with Mogo but always check the rate in the market before applying for any loans.
Read Also
- Mogo Personal Loan Reviews | How To Apply for a Personal Loan with Mogo
- Loan Away Reviews | How To Apply for a Personal Loan with Loan Away
- LoanConnect Reviews | How to Apply for a Personal Loan with LoanConnect
FAQs
When you will apply for a loan at mogo, it will do a credit check.
A credit score of less than 650 is considered as bad to fair, 650-750 is considered a good credit score, and 750-900 is excellent.
Mogo is not a bank but is a fintech company focused on building the best digital financial services experience in Canada.
No, It does not.
