Mogo Review 2022

Why should you go with Mogo?

Mogo is a Canadian online lender with several services for everyone. If you want to improve your credit score, Mogo can help.Mogo Financial Services helps you manage your money by providing a range of financial services: personal loans starting at $500 and up to $35,000, free credit score monitoring, mortgages, cryptocurrencies, pre-paid visa debit cards, identity fraud protection, and more. Mogo is a one-stop shop for all things financial. Whether you have excellent or poor credit, Mogo’s loan program is designed to assist you in getting out of debt faster. Mogo is ideal for people who like to get rewarded. If you make consistent loan repayments, you’ll benefit from lower interest rates and larger loans.

Who is Mogo most suitable for?

•  Province of residency’s legal age of majority
•  Canadian Residents.
• Have a government issued photo identification.
• Have a consistent stream of income.
• Can show proof of income, and provide bank statements.

Lending terms

Borrowers in BC, AB, ON, NB, MB, NL & NS may get loans starting at $5,000 and going up to $35,000. The APR is determined by the application criteria and ranges from 9.9 percent to 21.5 percent; a term of 9 months to 5 years is typical. Credit approval is subject to credit investigation, strict minimum earnings standards, identification and income confirmation procedures that are not guaranteed. Terms and conditions apply and may be modified at any time.Mogo is not affiliated with Lendful and explicitly disclaims any liability related to your use of Lendful’s website and services.Mogo’s other financial product is the MogoLiquid Personal Loan, which is offered by easyfinancial (a Partner Lender): $500 to $15,000, 29.99% to 46.96% APR. Personal loans are accessible in BC, AB, MB, ON, NB, PE, NL & NS and do not include any extra services the loan terms are from 9 months to 5 years. Rates are subject to change without notice.

Fees and penalties

There are a number of Mogo-related costs and penalty fees to consider. You’ll be charged a late penalty fee by your lender or creditor if you’re late by 1 day or more. These fees may range from $25 to $50 each, and if you continue to miss your payment due date, they may mount up fast. When you fail to pay your loan on time, the interest rate will rise. Keep in mind that any introductory interest rates might be terminated if you do not make your loan payments on time. 

How to apply for a loan with Mogo

•  Fill in your personal information on mogo.ca. In the account signup area, you must provide the following details: a Legal Name, Your Birthday, Residential Address, and a pick of loan type.When you’ve finished filling out your personal information, you’ll be able to choose from a variety of loan options and features.

• Select the loan amount ($500-$35,000) and the purpose for which you intend to use the money. You’ll be asked to select your living situation: own or rental. You will be required to choose how much of your rent or mortgage you pay. You’ll be asked to provide your employment status, phone number, and then agree to Mogo accessing your private information.

• After you’ve submitted all the information, Mogo will perform a thorough check with Equifax. Keep in mind that this may have an impact on your credit score. Mogo will confirm or deny your loan based on the outcome.