According to studies, half of the Canadian citizens generate a financial budget to estimate their spending; they daily and religiously follow them to ensure that they will never go over budget. With this practice, we can say that Canadians are amazing people and financially literate. They also know how to manage their financial health and establish their financial goals through financial literacy.
You must ensure that your annual income is safely kept without compromising your daily needs, credit history, personal loan, and leaving a bad credit instead for your family.
Now there is a financial company that could help you monitor your financial budgeting while protecting your identity, safeguarding your hard-earned money, and providing you money tips for free to help you stay in your optimal financial health.
Stay with us as we discuss Mogo in-depth and introduce one of the Canadian companies that will become your tool to level your financial status. Read our comprehensive review of Mogo services; credit monitoring, personal loans, prepaid visa cards and crypto exchange.
What is Mogo?
Mogo Finance Technology Inc. is a Canadian publicly-traded Financial Management company specializing in giving its customers personal goals and financial freedom by utilizing their finances while ensuring that their customers are safe from money-hungry scammers through their identity fraud protection services.
Mogo is a personal finance multi-tool, allowing you to get out of debt, save more, invest, keep track of your finances and many other valuable features.
Mogo offers financial products at competitive rates, employing the best Mogo Product Specialist in the market, providing customers with comprehensive product details to guarantee transparent financial services through excellent Mogo services and Mogo Financial Expert.
With Mogo, your financial options are limitless as they offer you excellent customer service while ensuring that you get what you deserve as their customer. Based in Vancouver, Mogo provides that you make the most out of your finances by giving you personal finance tips and how to manage your credit by quantitative measures like debt to income ratio and monthly credit score monitoring.
To make Mogo get to the modern trend of contemporary financial institutions, Mogo (Canada) also offers online services to make your transactions easier and more convenient without compromising their commitment to identity protection by protecting your online identity through strict identity verification technology.
Unlike other fintech companies, Mogo is a legitimate company with clarity on company direction, has well-structured company procedures, an excellent company culture that drives the employees to strive better. This makes Mogo Canada a fantastic company based in British Columbia.
As part of their excellent company culture, Mogo gives high regard to their clients to the extent that they hire a customer service representative to provide top-level customer service to show care for the customers who patronize their services.
This fantastic culture attracts customers as there are many possibilities with Mogo’s financial tools, such as Mogo Visa, Mogo Bitcoin and Rewards, and Mogo Loans.
Four Simple Habits
Financial freedom is possible with Mogo’s suggested four simple habits that include: Monitoring and protecting your credit, controlling your spending, borrowing responsibly, and saving & investing wisely. With these four habits, you are empowered to handle your finances well, which helps you avoid unnecessary disbursements that could potentially hurt your financial health.
Monitoring and Protecting Your Credit
With Mogo, you are ensured that you can monitor and protect your credit without worrying about overcharged fees because there are tools that you can utilize and comes free of charge. Get a free credit score check and fraud protection now.
Controlling Your Spending
While Mogo is concerned about your financial health, this Canadian company is also concerned about the planet’s well-being. As Mogo offers MogoCard that helps you manage your spending, every transaction you make using MogoCard will plant a tree.
Borrowing is OK, especially if it means being responsible for your borrowed amount. Mogo offers an available credit for those who wish to avail available credit with pro-customer terms. Personal loans between $5000-$35,000. Mogo also helps you get mortgage-free faster by displaying mortgages at competitive rates.
Saving & Investing Wisely
Investing in cryptocurrency wisely can level up your financial health in the contemporary world. That being said, Mogo created Bitcoin & Rewards that lets you buy, sell, and earn cryptocurrency like bitcoin with Mogo.
Features of Mogo
Are you looking for accurate credit score monitoring, credit impact, credit rating, credit estimate, and loan rates? You can find it all at Mogo Inc., and there is more than just that. They also offer personal loans, prepaid visa credit cards, and buying & selling bitcoin.
These features are essential for more convenient transactions. Additionally, these features efficiently summarize how to manage your money sustainably by offering comprehensive measurement tools.
With that being said, here are the main features you can utilize while using Mogo:
This service is similar to the paid credit monitoring service offered by TransUnion and Equifax. However, you can get it free of charge as a Mogo user.
You can opt out of the credit monitoring services, but that is obviously after Mogo pulls your initial credit report and credit score.
With Mogo, you are ensured that you can monitor and protect your credit without worrying about overcharged fees because there are tools that you can utilize and comes free of charge:
- Free Credit Score Monitoring – With this free accurate credit score monitoring, you can monitor your credit score and use it because it is vital for your financial health.
- MogoProtect – This innovation is the first and only offered identity fraud protection tool among Canadian companies and is offered free by Mogo Inc. The process is done by monitoring your Equifax credit bureau daily for inquiries. Afterward, MogoProtect will send you an SMS and an email whenever it has detected a potential threat.
Personal Loans (Mogo Mini)
Of course, having personal loans is fine, but not to the extent that it burdens your financial health so much that you are already struggling to make ends meet. Mogo would like to help you in this area by offering MogoMoney, which is crafted to be specialized in your loans.
MogoMoney – With MogoMoney, you can get back to savings without hurting you with burdensome requirements because you can pay all loans offered at MogoMoney fully without penalty fees. Another thing is that if you pay on time, you could enjoy lower rates or higher loan amounts.
- MogoMoney rates start from 9.9% up to 47.42%.
- You can loan amounts ranging from CA$300 to CA$35,000.
- Loan terms are six months to 60 months (5 years).
Note that MogoMoney is an open type of credit. By that, it means that the customer pays interest-only and can pay the balance in full at any moment.
Learn more about Mogo Personal Loans here.
Prepaid visa Credit Card
When we say Mogo is concerned about your financial health, including your loans. As stated in the four simple habits suggested by Mogo, one of them includes controlling your spending, and this is where a Mogo Prepaid Card enters.
- MogoCard – To help you further with your spending control, Mogo made a tool called MogoCard. It is a free visa prepaid card. What’s good about this card is that it makes every transaction worthwhile because every transaction you make using the MogoCard plants a tree.
With approximately Can$17 billion in debit, credit, and cash transactions per year in Canada, 14% of those transactions were done on the MogoCard; the country would achieve its goal of emitting carbon.
With the excellent platform provided by the MogoCard, you will improve your spending control, but every transaction will make it worthwhile for the planet we live on.
Apart from the financial literacy and online system, Mogo also covers the cryptocurrency market by offering cryptocurrency trading platforms and exchanges through the Mogo Bitcoin.
Bitcoin & Rewards – With this feature, you can buy, sell, and even earn bitcoin using Mogo. The only requirement is to sign up and fund your bitcoin account. Do not worry because it’s free, and there’s even a bonus of getting CA$5 free by adding CA$100 or more to your Bitcoin account. Pay a low
The good thing with Bitcoin & Rewards is that there is only a 1% trading fee whenever buying and selling bitcoin, with no annual fees.
Mogo has partnered with Moka, an automated saving and round-up tool. You can learn more about Moka here. Mogo Wealth has all the features of Moka combined in your Mogo account.
Frequently Asked Questions about Mogo
What are credit bureaus?
Also known as Credit Reporting Agency, Credit Bureau is an organization that researches and collects information about the individual’s credit data. The credit data that Credit Bureau has collected will then be sold to creditors because these data help them come up with a wise decision.
Is there an inactivity fee?
Among the fees you will pay for Mogo, there is an inactivity fee for a card that hasn’t been used for 365 days. After that, Mogo will charge a monthly fee of $1.99.
Do they require a minimum credit score?
Since Mogo is a fin-tech company that offers to lend, there is eligibility for you to meet first before being approved, and one of them is a minimum credit score of 500.
Like any other lending company, you can encounter fees at Mogo but what makes them stand out is their considerable fees that are not overpriced. These are some of the basic fees that you may encounter while doing a transaction with them:
- Domestic ATM withdrawal – $1.50 (plus the ATM fee)
- International ATM withdrawal – $3.00 (plus the ATM fee)
- Foreign Exchange Fee – 2.5% of the transaction
- Monthly Inactivity Fee – $1.99 (Only applies if the card has been inactive for 365 days.)
Is Mogo Right for Me?
In short, yes – there is a Mogo product you can use. You can sign-up for an account to gain access to any of these features in the future!
Best Credit Monitoring Tool for Canadians
Get Personal Loans with Poor Credit in Canada
Mogo Finance Technology is a Vancouver-based fintech company founded in 2003 that provides a wide range of financial services to Canadian clients. Mogo Finance Technology Inc is dedicated to helping Canadians manage their finances by providing a wide range of financial options to cope with life’s most stressful situations. Mogo Finance truly lives by the Mogo Finance slogan, which aims to help Canadians “solve their financial problems.”
In this Mogo Finance Technology review, we will take a detailed look at all the features this company offers and its services and products. Mogo currently offers six products: personal loans, identity fraud protection, mortgage, prepaid debit card, Equifax free credit scores, and Equifax bitcoin exchange. In addition to helping you monitor your credit score for free every month, Mogo also offers mortgages, online personal loans, and free identity fraud protection.
To receive a free Mogo Canada credit score, you need to obtain and activate a MogoCard, a Visa prepaid card. Mogo Credits Canada offers one of Canada’s best-prepaid credit cards, backed by Mogo card reviews from many Canadians. In addition, Mogo offers various online installment loans: MogoLiquid and MogoMini. Consider the Mogo Mini Line of Credit if you are looking for a flexible loan option.
With a mini line of credit, Mogo allows you to focus on paying interest only once and paying off the entire balance at any time. So, if you’re in financial trouble and need quick access to cash, the Mogo Mini Line of Credit is an option that offers more flexibility than payday loans. For example, suppose you are buying a line of credit. In that case, Mogo Mini is a great competitor with a lot of flexibility in repayment options and opportunities to apply for additional funding and lower interest rates.
Mogo Review Canada
Mogo is the right choice, as confirmed by the many positive Mogo reviews, whether you need a quick loan or a higher-than-usual mortgage rate. Mogo Minis generally have lower interest rates and better terms than payday loans. Still, borrowers can find better options through personal loans and lines of credit offered by banks and credit unions. While Mogo offers a convenient turnaround time for personal loans, you may face high-interest rates on your loan if you have a poor credit profile. In addition, while Mogo loans with a credit score of just 540 are easier to get, people complain about the sky-high interest rates that come with it.
While other fintech firms focus on providing credit check and monitoring services, Mogo goes one step further by delivering credit protection. Mogo is the first and only company to offer free fraud protection to Canadians. As a result, Mogo is the first and only fintech company in Canada to provide free identity fraud protection and free credit checks and monitoring services.
Our Verdict: 8/10
Our Review of Mogo Money Management & Identity Protection;
Mogo offers a wide range of financial management services, financial products and free identity fraud protection services only for Canada. In addition to free credit scores, Mogo offers online personal loans, mortgages, identity protection, prepaid debit cards, and cryptocurrency exchange. However, Mogo is also unique in its financial products such as cryptocurrencies, mortgages, loans and VISA prepaid debit cards. From free credit scores, credit protection, personal loans, mortgages, cryptocurrencies and debit cards, Mogo is your one-stop-shop for improving your finances.
If you’ve been searching the internet to get a free credit score in Canada, you’ve probably come across Mogo, one of three companies that offer this service. Mogo has partnered with Equifax, one of Canada’s two major credit bureaus, to track your credit score for free and help you stay financially healthy.
In the Mogo app, users can discover many useful features in their credit scores and learn how to improve them. The service is similar to the paid credit monitoring services offered by TransUnion and Equifax, but you get it for free as a Mogo user.
Mogo helps you enrich your life by giving you the tools you need to manage your finances, track your credit, protect your identity and more with ease. Unlike credit cards, Mogo is designed to help you spend less, so you have more money to save and invest.
All in all, Mogo is a great loan provider that can help you cover your medical bills, past-due college loans, or anything else you need a personal loan for. You can quickly get a personal loan from Mogo Finance ranging from $500 to $35,000. Mogo is a publicly-traded mortgage and financial management company based in Vancouver with a market capitalization of approximately half a billion dollars at this writing.
Yes, Mogo is a legally listed company listed on the Toronto Stock Exchange and Nasdaq. Mogo Canada has offices in Vancouver, Surrey and Winnipeg and had an initial public offering in 2015. The company is also fully rolling out a stock trading platform called MogoTrade.
Mogo is one of Canada’s top three fintech companies that stick to what they offer. Mogo is legal because it provides accurate credit checks and reliable financial products. As mentioned above, Mogo Credits Canada offers six fairly easy-to-use products: free credit scores and reports, mortgage loans, short-term personal loans and long-term loans, identity fraud protection, cryptocurrency trading, and Visa prepaid cards.