Mogo Review 2021

  • Mogo app and online services are available 24 hours a day
  • Get free money tips through a money class
  • Get a guaranteed signup bonus of $5 with MogoCrypto

Get 2% cashback on eligible purchases using your MogoCard - Claim this offer

A little financial stability goes a long way. Thanks to Mogo, securing your finances and other aspects of your life are easier than ever. Mogo helps to enrich your life by giving you the tools you need to control your finances, monitor your credit, protect your identity, and more with ease. With Mogo in your corner, you’ll have the stability you need to spend your energy and attention on other things and give you an edge in life. Check out our Mogo review below to learn more about their services.

Mogo takes a well-rounded approach to your financial health. They help you to establish some essential good habits by making small changes along the way. By monitoring and protecting your credit, keeping spending in check, borrowing responsibly, and saving and investing wisely, your financial glow-up is well on its way.

What makes Mogo a good option?

Every brand strives to set itself apart by offering lots of incentives to its prospective customers and Mogo understands this perfectly. In addition to helping you monitor your credit score for free every month, it also offers mortgages, online personal loans and free identity fraud protection. More recently, Mogo has incorporated Bitcoin trading into its online platforms.

Mogo has made quite a name for itself as being the only FINTRAC-regulated company listed on the Toronto Stock Exchange and NASDAQ that offers low cost ways to invest in bitcoin. It is a fintech group that has been in operation since as far back as 2003. It currently boasts of having over 1.6 million members across its channels. 

A lot of things are eye-catching about Mogo such as the free credit score monitoring service, spending control and cryptocurrency trading. In most financial markets, Mogo has surely made a name for itself in Canada. With the wide range of financial products and services provided for customers, there may be more than a reason to check Mogo out. 

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Pros and Cons of Mogo

As with every other financial institution, using Mogo has its benefits and drawbacks. Weighing both side-by-side can help you decide whether or not using their products is right for you.

ProsCons
+ Easy to use
+ Get money tips and info
+ MogoCard
+ Get bonuses
+ Quick response time
+ Sustainability
– High interest rates
– Penalties
– Fees

Pros

Check out the pros we found users really enjoyed when creating this Mogo review.

Ease of use

The upsides to using Mogo are quite numerous and this is related to the easy accessibility of the services offered. You can sign up for Mogo in just 3 minutes and have access to all products and services available. The Mogo app and online services are available twenty-four hours a day. The app allows users to browse through a range of options and view their dashboard to get a full view of the products they are using.

Money tips and financial education

There are free money tips offered through Mogo’s MoneyClass. This is useful for any user who needs more financial education before proceeding to make money decisions.

Mogocard

The MogoCard, which is a prepaid card offered by the company is rightly adjudged to be one of the best available as no monthly or loading fees are charged. Plus, every time you tap your card Mogo will work with veritree to plant one tree. Through their partnership with veritree, Mogo is striving to reduce the carbon footprint of their company and clients.

Bonuses

The bonuses that come with using MogoCrypto also serve as an attractive side to using the company’s products. When you invest up to $10,000 in a month, you are eligible for a 0.5% bonus on all your bitcoin trades for that month. Even more so, when you invest directly in bitcoin with Mogo, you earn significantly more than when you invest in bitcoin funds.

Quick response time

With Mogo, you can sign up and apply for a loan in less than 5 minutes, and you can receive the funds as soon as the same day you apply. This is quite advantageous if you are in urgent need of the money. Also, if you have any dissatisfaction with the loan granted, there is a 100-day window where you can return the principal balance and get a refund of your interest and accrued fees.

Sustainability

Mogo is stepping up through their partnership with veritree to do business sustainably. Mogo plants one tree for; every new MogoAccount, every transaction using a MogoCard, every new Mogo app install, and every bitcoin trade with Mogo. Furthermore, they plant 10 trees for every new MogoMoney loan and 100 trees for every new MogoMortgage.

Cons

While paying much-needed attention to the accolades Mogo has achieved for itself over the years, you should also be aware of some considerations other users have encountered when using Mogo. 

High interest rates

While Mogo provides a convenient turnaround time for personal loans, if your credit is on the poorer side, you may encounter high interest rates for your loan. Follow Mogo’s advice of borrowing responsibly to avoid unhealthy amounts of debt and these high rates of interest.

Penalties

If you can’t make the loan payment on your promised date then an insufficient funds fee can be added to your outstanding loan payment, anywhere from $20 to $50. This could result in a dip in your credit score and other financial setbacks. To avoid insufficient funds charges while using Mogo, make sure to budget for how much you’ll have to pay on your loan every month given your current income.

Fees

Ensure you read your loan agreements before you sign them to make sure you’re aware of all fees. Make sure that you read any deals and are aware of all fees before you agree to them. This goes with any financial deal and is a best practice to implement.

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Does Mogo provide quality services?

Yes. And just in case you are wondering about the legitimacy of Mogo and the quality of Mogo’s services, you can rest assured. The company has spent years catering to the financial needs of Canadians and has improved their service quality by adding more features.

Apart from Mogo being a publicly-traded company, it uses a bank type of security to protect your data. They also run a fully active customer care service that you can call or chat with a representative online. 

For a first-timer who has no previous experience with fintech companies, it might be wise to sign up for Mogo’s identity fraud protection. Before going on to request for a loan or invest in other services, going through the policies should be a part of your prompts.

Services offered by Mogo

Mogo offers a wide range of services and some of them include:

Mogo ServicesFeatures
Credit Score MonitoringFree, accurate credit score monitoring. Find errors, keep track, and improve your credit.
MogoProtectDetects threats to your online identity and guides you through keeping your ID secure.
MogoLoansYou can pay off your loan faster or all at once if you have extra funds on hand.
MogoMortgageGet competitive rates, advice, and a real-time dashboard to track your progress.
MogoCardNo monthly or loading fees when you use the card and doesn’t affect your credit score.
MogoCryptoOne of the best deals you can get on any cryptocurrency trading platform, only 1% fee.

Free Monthly Credit Score Monitoring

The top product offered by the platform is getting your credit score once you sign up as a member. By making use of the Equifax credit score which is updated monthly. Although there are banks that offer free credit rating services, some of them will send you junk mail after making use of your credit information. On the contrary, Mogo does not conduct its operations this way. Your credit score is free if you’re a member for the first 90 days. You’ll continue to receive your credit score after that if you’re using the MogoCard.

Read more about Mogo credit score →

MogoProtect

MogoProtect alerts you of potential threats to your identity as a user. Mogo will alert you when a new hard credit check is done on your Equifax credit bureau. When activity is detected, you are notified via email and push notification with next steps. Identity protection services are necessary in this digital age and with Mogo, you can have peace of mind at no cost.

MogoLoans

Personal loans are probably the most popular service offered by Mogo. They offer two types of loans – liquid personal loans and the Mogo Mini Line of Credit. Each has its own rate and terms. With MogoMoney loans, you can pay off your loan faster or all at once if you have extra funds on hand. This helps you get out of debt faster than on a traditional loan payment plan, so you can get back to saving and investing.

Read more about MogoLoans →

MogoMortgage

Whether you want to buy a home or you’re planning to renew your mortgage, Mogo offers competitive rates through its mortgage brokerage service. You can also obtain real-time counseling from the MogoMortgage team so that you can make the best financial decisions. With helpful tools on Mogo’s digital dashboard, you can follow your progress while you pay off your mortgage.

Read more about MogoMortgage →

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MogoCard

Mogo also provides Mogo Visa Platinum Prepaid Cards, also called MogoCard, to an exclusive group of customers. You can load the card with up to $10,000 and link it to your bank account so you can carry out transactions more seamlessly. There are no monthly fees or loading fees when you use the card. MogoCard is designed to help Canadians be climate positive, every transaction you make on the card equals 1 tree planted. All it would take is for each Canadian to plant 10 trees a month which would then help Canada become climate positive which is key to stopping climate change. While using the card, you are compelled to spend responsibly, 2/3rds of members report saving more than $200 a month. Because the card is not a credit card, you’re spending with it has no effect on your credit score.

Read more about MogoCard →

MogoCrypto

One of the easiest ways you can get into the crypto market in Canada is to make use of MogoCrypto. It allows you to buy bitcoin with just the click of a button. This service comes with a 1% fee when you trade on the app.

Read more about MogoCrypto →

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Cost of using Mogo

Costs associated with using Mogo services vary depending on what product or service you opt for.

For the personal loans, rates are between 9.99% and 47.42% within a loan term of 6 to 60 months. This depends on the loan amount you request, as well as your residential province, amongst other factors.

While the MogoCard has no monthly or annual fees, there are charges of $1.50 on every domestic ATM cash withdrawal and $3 for international ATM withdrawals. There’s also a 2.5% foreign exchange fee and a fee of $1.99 deducted every month on accounts after 365 days of inactivity.

While trading bitcoin and other cryptocurrencies with MogoCrypto, you incur a trading fee of 1% for every transaction you make. 

The total cost of a Mogo loan is prone to differ based on the interest rate you are offered, the circumstances of your employment and the time given to repay the loan. Your total credit score, annual income and the debt you already have also play important roles in how much it may cost to borrow through Mogo.

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Are Mogo’s services insured?

While there is no clear-cut insurance protection for customers using Mogo’s services, efficient systems are in place to ensure the safety of your funds. There is a bank-type security and an identity fraud protection system. Also, 95% of your bitcoin assets are stashed away offline in cold storage, safe from cybercriminals. We also know that Mogo is a verified online platform with 1.6 million members.

It is also regulated by the Financial Transactions and Report Analysis Centre of Canada (FINTRAC). FINTRAC ensures all activities on Mogo’s platforms are within legal boundaries. The MogoCard is issued by People’s Trust company under the license of Visa International. This card, however, is not insured by the Canada Deposit Insurance Corporation.

Consumer protection is an important aspect of any financial tech company. Mogo’s platforms have identity fraud protection that delivers information based on inquiry through email in 24 hours.

Furthermore, the activities of the company are also monitored by the Consumer Credit Act and the Competition and Consumer Protection Act. The company is publicly listed and has been in the business for nearly two decades. There are occasional poor reviews, however these have never been due to unsafe services. As much as you might want to be skeptical before beginning to use their products, you should also be aware that the company is completely legal. It is registered with the Financial Transactions and Report Analysis Centre of Canada (FINTRAC) and activities are closely monitored for fraud.

Is Mogo’s customer service good?

Customer service is one area the company could still improve on. With chatbot technology still improving its customer experience, we recommend emailing or calling the customer service number if your enquiry is more complex. Responses appear to be automated, with the chat bot so you can expect the basic info, but not customized responses. This could be frustrating, especially when you desire immediate response and action.

However, live chat support is available for loan application processing and prepaid card assistance. In addition to the 24/7 support chat bot, Product Specialists are available from 9:00 AM to 5:30 PM EST, Monday to Friday.

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How are Mogo’s online platforms?

Mogo’s website is quite easy to navigate and user-friendly. The homepage is brightly colored with good reviews from selected members who use some of the products offered. To see what rate and amount you qualify for on a MogoMoney loan you’ll need to sign up which takes less than 3 minutes to complete. You’re under no obligation to take the loan, so if you don’t like your rate or offer amount then you don’t need to take it.

The dashboard each member gets when they sign up displays their credit score. The user-friendly nature of the app allows intending customers to complete their applications all online. With just a few clicks, you can sign up for as many products as you wish. This is also applicable to the Mogo app.

How to get started with Mogo

To set up an account with the platform is quite easy. You can complete the required steps in a few minutes.

First, start by downloading the Mogo app and create your MogoAccount. Once on the app, you will notice that the interface is simple and easy to navigate. You may also choose to download the company’s mobile app and sign up from there.

Setting up mainly consists of you providing some personal information and passing some verification stages. You will have to complete these steps before you can get into the nitty-gritty of the platform.

Personal information required includes:

  • full name
  • address
  • phone number
  • date of birth

Your credit score is provided based on the information you provide. Furthermore, you must complete a verification step before you can see your credit score. To verify your identity, questions relating to your credit report will be asked. Your identity has to be confirmed through a credit bureau, Equifax, before granting you access to your dashboard which displays your credit score.

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You are required to have a minimum income of $13,000 before you can be granted a minimum loan amount with Mogo to ensure you won’t run into debt issues or difficulty repaying the loan. The minimum loan amount is set at $300. Customers with higher credit scores and more proven financial responsibility are allowed to borrow loans up to a maximum of $35,000. In any case, the lower your credit score, the higher your interest rates are likely to be for borrowing.

After signing up, you can then view the different loan options. You can select what type of loan interests you. It is important to go through the terms and conditions very carefully before completing an application.

Mogo will pre-approve your loan application in a few minutes if you qualify. You will also be required to input your signature, upload important documents and then return the contract for finalizing the process. Additional documents required may vary, depending on what loan type you are applying for. You can also choose from any of the many products offered, including the prepaid card, identity fraud protection and MoneyClass.

Not sure Mogo is right for you?

If you’re having second thoughts about going with Mogo, here are some viable alternatives. The top two similar fintech companies are Borrowell and Credit Karma.

MogoBorrowellCredit Karma
Credit MonitoringFreeFreeFree
Cashback2%NANone
SecurityBank-levelBank-level128-bit encryption
Get OfferGet OfferGet Offer

Borrowell

Borrowell was the first company to offer free credit scores to customers in Canada. The company provides free credit score reporting every week, with product recommendations tailored to match your profile. Your information is protected with bank-level security. Other services offered include personal loans and mortgages, with well-researched information about insurance services that best suit you.

Read more about Borrowell →

Credit Karma

Credit Karma offers services similar to Borrowell. Credit monitoring, personal loans and mortgages are just some of those services offered by Credit Karma. They also provide additional features such as identity monitoring, articles and blogs.

Comparable to Mogo’s prepaid Visa card functionality are Stack prepaid Mastercard, Koho prepaid Visa card and Koho premium Visa card.  Unlike the MogoCard, the above-named cards are available in all provinces of Canada. However, they do not offer 2% cashback as Mogo does.

Similarly, loans offered by other institutions which may be said to be less controversial are very much available for your review. Although Mogo loans are easier to get approved with credit scores as low as 540, people have complained about the extremely high interest rates that come with them.

Other similar options include loans provided by LoanConnect, Coast Capital Savings and Fairstone. Each of these platforms has its own varying eligibility criteria.

Mogo Review Conclusion

Mogo has seen a fast rise in the number of users due to their simple loan application steps and enviable offers in the past year. The easy-to-use website and mobile apps, quick response time and different bonuses have endeared the company to 1.6 million members across Canada. Many discounts and promos abound for the different types of loans and the application processes are quite simple.

At the same time, high interest rates on loans have made them sour to the taste of many others. Nonetheless, Mogo remains a viable option for anyone who needs an urgent loan or needs some extra cash for a project. The fintech company, Mogo has become a household name in most provinces in Canada. We recommend them for people who want to control their spending and improve their saving habits and at the same time help the planet, those who are interested in the cryptocurrency market and people in need of urgent loans. 

Mogo Services

mogo review - comparewise2

Mogo provides a range of financial products and services for Canadians.5 minutes

mogo 5-comparewise
Credit Score Monitoring

Free, accurate credit score monitoring. Find errors, keep track, and improve your credit.

mogo 2-comparewise
MogoProtect

Detects threats to your online identity and guides you through keeping your ID secure.

mogo 3-comparewise
MogoLoans

You can pay off your loan faster or all at once if you have extra funds on hand.

mogo-account-signup-comparewise
MogoMortgage

Get competitive rates, advice, and a real-time dashboard to track your progress.

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MogoCard

No monthly or loading fees when you use the card and doesn’t affect your credit score.

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MogoCrypto

One of the best deals you can get on any cryptocurrency trading platform, only 1% fee.

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FAQs about Mogo

How long does it take for money to be added to my MogoCard?

Visa Debit transfers are instant! You’ll have access to your money as soon as you complete the transfer.

For Interac e-Transfer, once we’ve received the transfer you sent us, you can expect the money to be added to your MogoCard in as little as 30 minutes.1

If you have one of our original MogoCards, with a QR code printed on the back, you can still add money via Canada Post. Once you’ve completed your transaction, you’ll have access to your money instantly!

Is Mogo legit?
Yes. And just in case you are wondering about the legitimacy of Mogo and the quality of Mogo’s services, you can rest assured. The company has spent years catering to the financial needs of Canadians and has improved their service quality by adding more features.
What is MogoCrypto?

MogoCrypto is a simple and low-cost way for Canadians to buy and sell cryptocurrencies like bitcoin.

With all the hype around bitcoin, many Canadians are interested in getting on board. MogoCrypto provides an easy-to-use platform to allow our Members to be part of the cryptocurrency movement!

What types of loans does Mogo offer?

Mogo has loans that cover most Canadians’ needs. We offer loans from $300 to $35,000 with rates starting at 9.9% APR.

To see which MogoMoney personal loan product(s) you qualify for, sign up for a MogoAccount. Signing up doesn’t impact your credit and you’re not committing to taking a loan, so there’s no harm in checking!

What types of mortgages does Mogo offer?

Mogo specializes in residential mortgages, both conventional (your down payment or equity is equal to 20% or more of the property value/purchase price) and high-ratio (your down payment or equity is less than 20% of your home value/purchase price).

Mortgage solutions include fixed and variable rate mortgage options with terms between 1-10 years. We work with banks, trust companies, credit unions, mortgage finance companies and private lenders to secure the best offers for you.

We offer our services to first time home buyers, current homeowners, vacation property homeowners, self-employed borrowers, and new to Canada borrowers.

August 21, 2021
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