Mogo is a Canadian-based digital financial platform that offers various financial services to help you manage your finances, take control of your money, and achieve your financial goals. Founded in 2003, Mogo has become one of the leading fintech companies in Canada, with over 1.5 million members and counting.
With Mogo, you can access various services, from personal loans and mortgages to credit score monitoring and bitcoin investing. But what sets Mogo apart is its commitment to financial literacy and empowerment.
So whether you’re looking for a new way to manage your money, improve your credit score, save for a down payment, or invest in cryptocurrency, Mogo has everything you need to succeed.
In this detailed Mogo review, we’ll take a closer look at Mogo’s features, benefits, drawbacks, and services, so you can decide if it’s the right platform for you.
Read on to learn more.
Pros
- Easy to use
- 24/7 online service
- Free credit score check and monitoring services
- Fraud detection
- Multiple financial products
- Free prepaid credit card
- Long loan repayment period
- Loan approval for bad credit
- 100-day money-back guarantee
Cons
- High-interest rates
- Undisclosed additional loan fees
- Double penalties (from the lender and your bank) if you default on your loan payments.
Mogo Products
Mogo provides six innovative products, making it stand out from the competition. Let’s explore the range of services offered by Mogo:
1. MogoCard
This is a free Visa Platinum Prepaid Card with no monthly or annual fees, transaction or point-of-sale fees, or interest or credit impact.
It is one of the best-prepaid credit cards in Canada, based on reviews from many Canadians. The maximum card balance is $10,000
Moreover, the MogoCard gives you the flexibility of a Visa Card while helping you control your debt, track your monthly expenses and automate your budget.
2. MogoCrypto
If you’re interested in trading cryptocurrency, MogoCrypto is a cost-effective means of buying and selling Bitcoin. You can trade Bitcoin from anywhere and anytime, using your mobile phone at real-time prices.
MogoCrypto offers a $5 bonus upon sign-up and $5 per referral. So whether you’re an expert or a novice cryptocurrency trader, MogoCrypto provides an intuitive platform that helps you stay on top of your game.
Traded on the TSX and NASDAQ, Mogo doesn’t have signup and account funding fees.
3. Mogo Credit Score Monitoring
Mogo offers free credit check and monitoring services using Equifax’s proprietary model. Mogo monitors your score free every 90 days to help you improve your credit score and overall finance.
You can view your credit score once you signup for an account. According to other Mogo credit score users’ reviews, the registration is quick, easy, and takes about three minutes to complete.
4. MogoProtect
MogoProtect safeguards your credit card from fraudsters. Mogo is the first and only company to offer free fraud protection to Canadians.
If you’re concerned about your credit card’s safety, with the MogoProtect, you don’t have to worry about any threat to your credit card, as you will receive email and mobile notifications once a potential threat is detected.
Additionally, Mogo guides you on what to do when it detects any potential threat to your credit card.
5. MogoMoney (Mogo Personal Loans)
If you’re looking for a no-obligation loan pre-approval without any impact on your credit score, MogoMoney is what you need. MogoMoney offers flexible personal loans with rates ranging from 5.9% to 46.96%.
Furthermore, you can receive up to $35,000 and pay it off anytime without worrying about a penalty. MogoMoney loan offers range from 6 months to 5 years. However, with one-time payments, MogoMoney offers higher loan amounts and lower rates.
There are two types of loans on MogoMoney: MogoLiquid and MogoMini. The MogoLiquid lasts for five years, and MogoMini lasts for a year.
Also, with the Mini line of credit, Mogo allows you to focus on paying only the interest at a time and pay the complete balance at any time. Borrowing money through MogoMoney takes just 3 minutes as the process is completely online.
6. MogoMortgage
A MogoMortgage is a low-cost mortgage with fixed and variable rates that fit any budget. As a mortgage brokerage, Mogo partners with leading Canadian lenders to offer the best mortgage rates and products.
However, to be eligible for MogoMortgage, you must have a minimum credit score of 640, at least a 5% down payment, and sufficient income to meet your monthly payments.
Mogo Fees: How Much Does It Cost?
While Mogo offers a lot of freebies, it charges fees for the following services:
MogoCard Fees
- Domestic ATM withdrawal = $1.50 (+ ATM fee)
- International ATM withdrawal = $3.00 (+ ATM fee)
- Monthly Inactivity Fee = $1.99 (applicable to those that didn’t use their credit card at least once in 365 days)
- Foreign Exchange Fee = 2.5%
MogoCrypto Fees
MogoCrypto has no fees for signing up, funding, withdrawing, or holding coins. However, 1% charges apply for every transaction you make.
Is Mogo Safe & Legit?
Yes. Mogo is safe and legit. It is known across Canada for providing real credit checks and trusted financial products.
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) regulates the company. Mogo has received numerous awards for its excellent service, including the Fintech Innovation Awards (2006) and the Canadian Mortgage Award (2016)
Also, 95% of your Bitcoin assets are saved offline in cold storage, away from cyber criminals. MogoCard is issued by People’s Trust company, under the license of Visa International. However, the card is not insured by the CDIC.
In addition, the company’s current activities are monitored by the Consumer Credit Act and the Competition and Consumer Protection Act.
What Makes Mogo Unique?
After using Borrowell and Credit Karma didn’t take long to identify Mogo’s uniqueness in the credit check industry. While other fintech companies focus on providing credit checks and monitoring services, Mogo takes a step further to provide credit protection.
As a result, Mogo is the first and only fintech company in Canada to offer free identity fraud protection, credit checks, and monitoring services. It’s obvious why Mogo has attracted over 1.6 million members in less than two decades.
Mogo is also unique due to its financial products, such as cryptocurrency, mortgages, loans, and a Prepaid VISA debit card.
How to Open a MogoAccount
Opening a MogoAccount takes only 3 minutes and is free. Depending on your choice, you can open a MogoAccount on the Mogo website or its mobile app, available on Apple Store and Google Playstore.
Here are the steps for opening a MogoAccount on the Mogo website:
- Visit the signup page
- Enter your email address
- Create a password
- Accept the Mogo Terms of Use and Privacy and Security Policy.
- Verify your email
- Provide your personal details
- Select the service(s) you need
That’s all. You can now proceed to experience a seamless credit score service and more.
Mogo vs Credit Karma
Mogo and Credit Karma are both digital financial platforms that offer similar services, but they have some key differences that may make one a better fit for you than the other.
Credit Karma is primarily known for its free credit score monitoring and credit report services. It provides users access to their TransUnion and Equifax credit scores and reports and personalized recommendations for improving their credit. In addition to its credit monitoring services, Credit Karma also offers personal loans, credit card recommendations, and tax preparation services.
Conversely, Mogo offers a wider range of financial services, including personal loans, mortgages, credit score monitoring, identity fraud protection, and bitcoin investing. Like Credit Karma, Mogo provides users access to their Equifax credit score and personalized recommendations for improving their credit.
One of the key differences between Mogo and Credit Karma is their approach to financial literacy. Mogo strongly focuses on education and provides users with various resources and tools to help them improve their financial literacy and achieve their financial goals. Credit Karma, while offering some educational resources, primarily focuses on providing users access to credit scores and reports.
READ: Borrowell vs Credit Karma vs Mogo
Final Thoughts on Mogo Review
If you are tired of struggling to manage your finances? Mogo is worth considering. This Canadian-based digital financial platform, Mogo, offers a range of innovative products, including personal loans, mortgages, credit score monitoring, and even cryptocurrency trading.
With over 1.5 million members and counting, Mogo is committed to empowering its users with financial literacy and tools to achieve their financial goals. Plus, you have a free prepaid credit card and a 100-day money-back guarantee, so what have you got to lose?
Sign up with Mogo today and start your journey towards financial freedom.
All the best!
FAQs on Mogo Reviews
Does Mogo Affect Your Credit?
No. Mogo conducts a soft inquiry. This means that its credit check doesn’t affect your credit score. Only a hard inquiry can affect your credit score in the future.
Is Mogo Credit Score Accurate?
Yes. Mogo provides an accurate credit score using the Equifax proprietary model. However, each credit bureau measures different factors when calculating your credit score. So Mogo’s credit check may differ from other credit checks.
Which Credit Bureau Does Mogo Use?
Mogo uses the Equifax credit bureau to provide free credit scores and monitoring services.
How Long Does it Take to Get Money from Mogo?
It takes Mogo 30 minutes to process money to your MogoCard if sent through Visa Direct or Interac e-Transfer. However, it could take up to 1 day to process the funds to your MogoCard if there are many transactions.
If you have more questions about this Mogo review, let me know in the question section.
