Mogo Personal Loans Review [Features, Pros & Cons in 2024]

What Do I Need to Know About Mogo?

Mogo is a lender that ranks high on the list of Canada’s top lenders, as most Mogo reviews will tell you. Mogo is a FINTRAC regulated and publicly traded company based in Vancouver. It was founded in 2003 by David Marshall Feller who currently serves as the company’s CEO. The company has more than one million members. As of this date, it has originated more than 1,300,000 loans. Mogo was listed on the TSX (Toronto Stock Exchange) in 2015 and on NASDAQ in 2018.

Mogo offers personal loans, mortgages, ID fraud protection, free credit score monitoring, Visa prepaid cards, and cryptocurrency. Its loan options start from $100 to $35,000, with an annual percentage rate (APR) of 5,9% to 46,96%.

In this Mogo review, we will cover:

• A detailed Mogo.ca review of the company’s services
• Loan application procedure and terms
• Pros and Cons
• FAQ

Services Overview

As we mentioned earlier, Mogo loans Canada offers six products that are quite easy to use – free credit scores and reports, mortgages, personal short-term loans and long-term loans, ID fraud protection, cryptocurrency trading, and prepaid Visa cards.

Credit Score 

Mogo provides this free of charge. You can obtain your credit score after you sign up for an account. The registration is very easy and it takes only three minutes according to the Mogo credit score reviews. Users can see their Equifax credit score through monthly notifications.

MogoMortgage 

Mogo offers this service exclusively on its website with fixed and variable rates. The Mogo mortgage reviews show us that the company provides a highly competitive interest rate, compared with rates posted by the banks. To see if you qualify for a mortgage, you have to apply for a preapproval.

MogoCrypto 

Mogo Crypto enables its members to buy and sell Bitcoin, anywhere and anytime, from their mobile app at real-time prices. Customers get $5 on sign-up as well as $5 per successful referral. According to the Mogo Bitcoin reviews, this is the easiest way to trade Bitcoin in Canada.

MogoCard 

Mogo Canada offers one of the best prepaid credit cards in Canada, which is backed up by the Mogo card reviews from many Canadians. The card will only let you spend the money you have in your account, which will help you to not get in debt, as well as buy products you don’t need. Another nice perk is that the card is free, with no monthly and annual fees. The maximum card balance is $10,000.

MogoProtect 

By signing up for a Mogo account, you will receive free MogoProtect identity fraud protection. The service will deliver you information that will help minimize the risk of identity fraud. If a potential threat is detected, you will receive an email and mobile notification.

MogoMoney 

When you sign in to your Mogo account, you will get a personalized dashboard. Depending on which type of loan you choose, you will get an interest rate. Currently, there are two types of loans – MogoLiquid (installment loans with a fixed term) and MogoMini. The loan term for MogoLiquid is 5 years, and for MogoMini it’s 1 year. If you wish to pay off your loan early, you’ll need to contact them through the app. They will give your request to the appropriate team for processing and an automatic withdrawal of payment will be taken out of your account.

Mogo Financial Reviews – Personal Loan Features

Let’s see some of the personal loans features Mogo offers:

• Expected Loan Amount: Minimum $100, maximum $35,000
• APR: Minimum 5.9% – Maximum 46.96%
• Monthly Payment: Depends on the loan
• Loan Term: 9 months – 5 years
• Fees and Penalties (late payment penalty: $20 – $50, returned payment fee: could be charged an NSF fee as well as an additional interest if you skip a monthly payment)
• Types of interests – Depends on the loan
• Unsecured or Secured – Currently, Mogo doesn’t provide secured personal loans
• Automatic withdrawal: Maximum amount per transaction – $3,000
• Prepayment Penalty – There will be no fees if you decide to pay the loan earlier than scheduled
• Fine Print – Mogo doesn’t offer fine prints, but the monthly card transaction history and balance are available on the MogoAccount through the Mogo app.
• Personal loans features – Mobile App available on Android and iOS
• Typical approval time – Depends on the loan
• Typical funding time – If you are approved, you will get funding the same day

Mogo Financial Reviews – Loan Eligibility Criteria

Applying for a personal loan through Mogo is very easy, as Mogo loans reviews will tell you. Still, you’ll need to meet the loan eligibility criteria in order to be considered for a loan.

• You must be 18, or the age of the majority in the place where you are living. 
• You have to be a permanent resident of the provinces and territories where Mogo provides its service – Ontario, Alberta, British Columbia, Prince Edward Island, Manitoba, Saskatchewan, New Brunswick, Nova Scotia, Newfoundland, Nunavut, Yukon, and the Northwest Territories. 
• Minimum credit score: 540
• A minimum annual income of $13,000. If you apply for a loan and your income threshold is below this sum, your application will probably be declined.  
• Must be steadily employed for the last 30 days (full-time, part-time, or self-employed)

How To Apply for a Personal Loan with Mogo? 

Next, we have the Mogo application process review:

Step 1: 

Sign up for free on www.mogo.ca. In the account signup area, you have to fill in the following information – Legal Name, Your Birthday, Residential Address, and choose what kind of loan you want. 

In this step you have the following options: 

• Personal loan offer (no impact to your credit score)
• Free monthly credit score monitoring
• Free identity fraud protection
• Bitcoin trading (once activated you get $5 free)
• Mortgage pre-approval
• Free Mogo Card with carbon offsetting

Step 2: 

In the next step, you’re required to provide additional information. You need to select the loan you require in Canadian dollars. You can choose from $500 to $35,000 and also choose the purpose of the loan.

In the following field, you have to choose a residential status, and whether you are living in a rented space, living on your own, with your parents, or state other type of residential status. Also, next to it you have to state the monthly rent that you are paying if you are living in a rented space. 

Within this step, you have to also fill in information such as your employment type – whether you are employed or not and if you’re self-employed or working for someone else. 

Further on, just enter your phone number and give your consent that Mogo is allowed to use your personal info just so you can get a loan. 

Step 3:

Once you’ve submitted everything, 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 or offer you a more suitable loan.

Mogo Prepaid Loans Pros & Cons

Privacy & Security Policy

Mogo follows the industry’s latest practices in the implementation of its data security environment. Some of the security practices the company uses are the Centralized Security Incident and Event Management (SIEM), AWS secure data centers, as well as the newest Transport Layers Security (TLS) protocols for encryption.

Mogo Customer Reviews & Feedback

Some of the most common Mogo reviews from 2021 reveal customers are quite satisfied with Mogo’s quick services. Mogo reviews on Reddit show most experiences are positive, encouraging other users to try out Mogo’s services. However, these tend to vary depending on the loan amount and the APR, with some users reporting issues with larger loans.

Mogo Money Reviews – Alternatives

The two companies that can be mentioned as alternatives to Mogo are Easyfinancial and Credit Karma. They provide payday loans with easy registration and fast approval. The Mogo ratings show us that the company is first in terms of customers served, Credit Karma is second and very close with nearly one million, and Easyfinancial is third, with 523,000 customers served.  

Mogo vs Credit Karma 

Credit Karma provides free access to TransUnion credit score and report as well as free credit monitoring. Mogo makes money through interest and fees charged on its products, while Credit Karma does it through referral fees that users are being paid if they use a recommended product. 

Mogo vs Easyfinancial

Goeasy and Easyfinancial established a lending partnership in 2019. Through the digital platform, consumers can get a no-obligation pre-approval(for up to $35,000 with terms of up to 5 years, customize their loan, and complete the loan agreement all in minutes. 

Once approved, certain Mogo members will have their loan funded by Easyfinancial, a provider of unsecured and secured non-prime consumer loans. Loan customers will continue to manage their loan through the Mogo app. 

Mogo will receive compensation from Easyfinancial for the loans funded by Easyfinancial, and the ownership of these loans will fall under Easyfinancial. This partnership helps Mogo generate additional fee-based subscription & services revenue.

Wrap up

Mogo is a customer-friendly service that provides its clients with a classy website and app with an easy-to-use interface. If you are in need for a quick loan or a better interest rate of mortgage than you normally have, Mogo is the right choice, as the many positive Mogo reviews will confirm. 

All in all, Mogo is a great loan provider that can help you cover medical bills, overdue college loans, or anything else that you need a personal loan for.