Mogo Mini Review (December 2022) – Pros, Cons, Features, & Pricing

The Mogo mini product is an optional add-on you can purchase with your line of credit. It’s a service that you pay for with a flat, monthly fee. The Mogo Mini review details a bundled product that you can include as a benefit with your current loan or credit products with the company.

The Mogo Mini Service Bundle is a convenient way to add flexibility and assistance with payments, waiving fees, and e-transfer funding.

What makes Mogo Mini a good option?

Suppose you currently have at least one Mogo loan or product or multiple credit products or loans with the company. In that case, you may want the peace of mind that you’ll have some assistance if you encounter a temporary loss of income or circumstances that warrant delaying a payment.

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Last Updated: Dec 03, 2022

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Mogo Mini

  • On-time repayment helps your credit
  • Two skipped payments per year
  • Quick funding for small, short-term loans

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In addition to offering a variety of tools to help you in a difficult situation, you’ll be prioritized when applying for loans and other products at Mogo.

It’s not a mandatory option, though this Mogo Mini review offers some great options while you are an active member with at least one active loan or account.

You may not require all or most of the benefits provided by Mogo Mini, though it’s a great “insurance” if your situation changes and payment or fee can’t be made.

Pros and Cons of Mogo Mini score

Before you sign up for this service, consider the pros and cons of the Mini Mogo review. It’s generally a good product to have if you’re concerned about the possibility of fluctuating income, your circumstances, either temporary or permanent.

ProsCons
+ Small loan access
+ On-time repayment helps your credit
+ Two skipped payments per year
+ Quick funding
– Monthly service fees
– Fees for missed payment

The Advantages of the Mogo Mini Review

There are some significant advantages you’ll have access to when you sign up for the Mogo Mini bundle. One main feature is accessing a small loan, which can be re-accessed once it is paid in full. This product is similar to a short-term loan, though you must demonstrate that you can pay off the balance and interest in full.

If your monthly installment is returned by your bank due to insufficient funds or stopped payment, you may have the $50 Dishonoured Payment Fee waived if you pay the overdue amount within five business days.

According to the Mogo Mini review, you may also use the Skip a Payment service if you fall short on monthly expenses and need to catch up on household bills and additional, unforeseen items.

If you’re in a bind, the Mogo Mini review shows that one of the most significant benefits is to assisting in offering two skipped payments each year. This option offers you more time in between payments, so you can handle other financial obligations without having to worry about the impact on your credit rating or loan status.

The skipped payment option is also available when you repay the installment within five business days, which also waives the $50 returned funds or dishonored payment fee.

This benefit is available to customers just twice a year or once every six months. This is a substantial advantage to keep in mind for this Mogo Mini review, especially if you’re willing to pay extra for a bit more protection, even if it’s on occasion.

If you apply for a loan or credit product at Mogo, you’ll have priority status and be moved to the front of the “queue” so that you don’t have to wait on the approval or decision. This process allows you to access funds faster and handle your financial needs. You’ll also have the option of using e-transfer services without any fees.

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Drawbacks of Mogo Mini Review

Whether you use the product often or not, you’ll be charged the same fee every month. This means you may not receive the full benefits of this product and may end up spending more than anticipated.

For this reason, it’s essential to review your options and financial situation, including the types of payments and services you currently use, to determine if it’s worth the extra expense.

If you fail to repay your Mogo Mini loan in full, default on a payment and have no further skipped payment options left, you may be called to pay the entire balance, plus any applicable fees and interest.

While the Mogo Mini bundle offers some assistance in this regard, there are no long-term assistance programs or the ability to “freeze” loan payments or interest rates for a longer time.

What are the Mogo Mini features?

The Mogo Mini review indicates some great features that you can access through the Mogo Mini bundle. A Mogo Mini loan is an option if you need some extra funds. To qualify, you’ll need a bank account with a positive balance, and any previous loans from Mogo Mini must be paid in full, which must be visible on the bank statement.

When you assess the Mogo Mini review, you’ll notice a few options to help you skip or delay payment on a loan if you fall into financial difficulty. While this service is limited to once every six months, it’s a great option if you need to catch up on other expenses or experience a loss of income.

Cost of using Mogo Mini?

The monthly cost of the Mogo Mini bundle package is $14.99 monthly. This fee is automatically added to any current pre-authorized payment plan that you have with Mogo for loans or credit products. Ideally, it’s essential to assess your current loans and financial status to determine if this product is a worthwhile expense that will generate enough perks for the cost.

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Who is the Mogo Mini bundle for? Should you use Mogo Mini products?

The Mogo Mini bundle is excellent for people who are already paying off a loan or are anticipating starting with Mogo and want a bit of extra protection. It’s ideal if you plan on using more than one of the Mogo Mini bundle’s products so that the monthly fee pays off and works best for your financial plan.

Whether or not you expect some changes in your monthly income or available funds, the Mogo Mini bundle can serve to give you a bit of flexibility when there’s an unexpected bill or urgent expense that takes priority.

It’s also a product meant for people committed to improving their credit, though they have a realistic view of how a bit of leeway can make their financial situation easier at times.

Not sure if the Mogo Mini bundle is right for you? Alternatives to Mogo Mini you can consider

Suppose you’re not certain that the Mogo Mini bundle will provide sufficient benefits to you after reading the Mogo Mini review, or you find that loan products offered through Mogo are not a good match. In that case, there are some other options you may want to consider.

Short-term loans with flexible options may be available to you through companies like Loans Canada, Fairstone, and Loan Connect. These companies and other private lenders may have a grace period for delaying one or more payments over a year or specified time.

It’s important to discuss any repercussions that may result from a missed or returned payment, as some companies may charge severe fees or penalties while others are more lenient.

The availability of flexible repayment terms and contracts may depend on your current credit score, repayment history, and income.

If you have an overdraft with your bank or qualify for this product, this may help you when you need to access extra funds to make a payment or cover a fee. Banks and credit unions may offer protection insurance on specific credit products, which may offer you a lower interest rate or other benefits when you need financial assistance.

Payday loans are a popular option for some people, though they charge high fees if you repay late or return them to the bank. Trust companies and private lenders are often considered when a bank denies a loan, though the interest rates are varied and may be higher than usual.

Considering this Mogo Mini review, assessing all your specific needs and the risks involved is essential. The bundle of services offered may be worth the extra “premium” if you are at moderate risk of missing a payment.

Conclusion

When you consider additional or add-on services to a loan that offers a level of protection, it’s crucial to consider comparable products and similar protective services that give you peace of mind. You’ll want to ensure that the products you buy match what you need.

The Mogo Mini review offers a great option if you need a break once every six months, but ultimately, you’ll need to calculate the monthly fees and weigh this expense with the overall benefits.

The Mogo Mini review concludes that this add-on may not be the best offer for someone who can quickly pay off a loan without issues. Alternatively, taking a small withdrawal from an overdraft or savings account may offer the same protection without the monthly fee that’s required as per this Mogo Mini review.

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FAQs about Mogo Mini

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.

What do I need to get money?

For a successful application, you need to be:

  1. Living in British Columbia, Alberta, Manitoba, Ontario, New Brunswick, Nova Scotia, PEI or Newfoundland
  2. The age of majority in your province
You may also need:
  1. A minimum annual net income of $13,000
  2. A steady income for at least 30 days—some income types may not be accepted
  3. Verification information such as your bank information and a copy of your ID

How do I get my money?

There are a couple of ways in which you can receive your MogoMoney and we're always working on adding new ways for you to access your MogoMoney! Our current methods available are: Depositing the funds directly into your bank account, or we can send you the money through an Interac e-transfer (Email Money Transfer). For MogoLiquid, we can only deposit the funds directly into your bank account at this time. Not all options will be available to all MogoMembers.

Why MogoMini?

MogoMini is up to 88% cheaper compared to a regular payday loan. Your interest and optional fees are covered by your minimum payments. MogoMini is really flexible as it allows you to pay your loan whenever you can.

How do I track my money on MogoMini?

MogoMini will provide you with daily Money Moves.  Money Moves can support you in monitoring your spending so that you can avoid debt.

September 24, 2022
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