Are you looking for a reliable company to get a personal loan in Canada without affecting your credit score? You should try Mogo Loans Review. Mogo Loans are available to Canadian citizens within a few minutes and without impacting their credit score. However, before you should apply for loans or any other offered service, you should be aware of the company based on online Mogo Loan Reviews.
Overview of Mogo Financial in Canada
Mogo is a leading financial and technology company in Canada. It offers a wide range of products to help customers with their finance. Even though Mogo’s main product is Mogo Loans, it also offers other products. These include the Mogo Trade trading app and Mogo Card or Mogo Visa Platinum Prepaid Card, and Mogo Crypto. At the same time, the company helps its customers in various finance-related activities, like spending, borrowing, investing, and tracking the overall credit score.
Vital Aspects of Personal Loan by Mogo Loans
According to Mogo Loans Reviews, Mogo personal loan has the following vital aspects-
|Amount of Personal Loan||Between $200 and $35,000|
|Term of the Loan||From 6 months to 60 months|
|Eligibility Criteria||A minimum of $13,000 income in a year with a credit score of 500|
|Rate of Interest||9.9% to 46.9%|
|Applicable Fees||Two conditions, which include• A fee between $20 and $50 for insufficient funds • Missed or potential late payment fee|
Types of Mogo Personal Loans Available
Mogo Loans Reviews have further revealed the following types of personal loans offered by Mogo Financial according to the credit score.
|Loan Type||Maximum Loan Amount||Loan Term Range||Credit Score||Rate of Interest|
|Mogo Personal Loan||Between $5,000 and $35,000||6 months to 60 months||Fair and Good||9.9% to 21.5%|
|MogoLiquid||Up to $15,000||6 months to 60 months||Bad and Fair||29.9% to 46.9%|
|MogoMini||Up to $3,500||Single day as it is the alternative topayday loan||Bad Credit||47.42%|
Requirements to Fulfill to Get Mogo Personal Loans
You should fulfill the following requirements to apply for Mogo personal loans-
• You must be a citizen of Canada.
• Make sure you have the majority age in your residence or province.
• You must have a minimum annual income of $13,000.
• You should possess a credit score without any insolvency or bankruptcy.
• You should produce a bank statement to show the last deposited payroll and your last 1-month or 30-day activity.
• You should get a valid ID to prove your home address.
Checklist to Sign Up for Any Mogo Loan
Before you should create your account or sign up to apply for Mogo personal loans, you should check the following-
• Find out whether the offered loan is eligible for a money-back period of 100 days.
• Get information about the overall cost of your loan in terms of fees and interest.
• Make sure you know the breakdown i.e., principal vs interest of your payments.
Steps to Apply for Mogo Personal Loan in Canada
According to Mogo Loans Reviews, you should follow the below easy steps to fill out your application within only 5 minutes.
Create Your Mogo Account
Use your email address to create a Mogo account.
Answer a Few Basic Questions
After you logged in, answer a few questions asked by Mogo Financial Group. Later, you will get loan offers with the help of a soft credit check. Here, the questions are related to your-
• Name and date of birth
• House-related information
• Employment information
Submission of Documents
Now, if you want to proceed with any of the loan offers, you should submit your government-issued ID and bank statements for your identity and income verification.
Get the Money/Loan Amount
You may choose Interac e-Transfer or direct deposit method to get money or loan amount from Mogo Financial Group.
Pros and Cons of Mogo Personal Loans
Pros of Mogo Financial Loans
Flexibility in Loan Offers
One of the biggest benefits of Mogo personal loan offers is that it involves flexibility in loan offers. Accordingly, you may get flexible loan amounts from a minimum of $200 to a maximum of $35,000. Besides, you will get flexibility in loan terms, as you may repay your loan from 6 months to up to 60 months.
Elimination of Prepayment Penalty
Mogo loans are payable anytime without any prepayment penalty fee.
Availability of Free Quotes
You may create free Mogo accounts online and check the rates, for which you qualify. Doing so will keep your credit score unchanged and you do not require applying for any loan.
Simple and Quick Application Process
Right from the beginning to the end, the entire application process is simple. Besides, you get quick approval of your application. The reason is Mogo approves and provides funds within only one or two business days.
Applicable with Bad Credit as well
Mogo Financial Group will consider your personal loan applications even when you lack the perfect credit score.
Get a Loan Regardless of Legitimate Expenses
You may use the money obtained from Mogo Loans for several legitimate expenses. These are payment of your down debts, payment for a new car, finance to renovate your home, or payment for a big purchase.
Mogo loans allow you to return the principal amount within only 100 days to get your fees and pay interest back.
Cons of Mogo Financial Loans
Extremely High Maximum Interest Rate
If you have a fair or good credit score as per Canadian credit bureaus, you may easily get loans at an affordable interest rate. However, personal loan interest rates may go to a maximum of 46.9% for borrowers with bad credit scores. Mogo considers such borrowers as riskier borrowers and applies a credit line rate of more than 47.4%.
Costly and Optional Loan Protection
Loan protection safeguards the credit score and finances in special situations. However, it may be somewhat costly. Hence, before you should look for loan protection, understand different instances to get the coverage you want.
Conditions in Money-back Guarantees
You may not get the money-back guarantee of 100 days period in every type of Mogo loan you apply for.
Mogo personal loans work well for people with bad and good credit scores. The flexibility in the loan amount and its term has made it a preferable option among borrowers. Furthermore, the group offers 100 days of money-back guarantee in some personal loan packages. Therefore, we recommend borrowers work responsibly and check the loan offer in detail before applying for a loan with Mogo Financial Group.