For those looking for an unsecured loan, MogoMoney is a lender that is offering a simplified and fast process to its customers. Unlike many traditional lenders, MogoMoney doesn’t have one set interest rate; rather, the customer is given a rate that is based on their own credit score. This means the interest rate can vary from 9.9% to 47.42%. While that interest rate obviously can be extremely high, the idea is that those with bad or poor credit can at least still have the option of being approved for a loan.
Mogo Financial is the official lender behind the MogoMoney service. As touted, this process is meant to be quick and easy so it’s normal to get pre-approval for a loan in under five minutes. The lender also encourages people to go ahead and make an account, as this unlocks exclusive features. Features include protection from ID fraud and it will give you the ability to check your credit score and actually track and monitor it. The idea is that you can be more informed of your financial standing.
MogoMoney Standout Features
MogoMoney boasts a number of standout features meant to apply to a wide array of potential customers. Top features include:
MogoMoney Product Rating
In terms of a product rating, MogoMoney scores 2.8 out of 5 stars, which leaves some room for improvement. A big part of why its score is on the lower side goes back to its interest rate. The starting rate of 9.9% seems completely reasonable for a quick loan, but the fact it can go up to 47.42% is extremely scary. The high interest rate is meant for those with poor credit, so knowing that you are potentially getting into a loan with that much interest doesn’t make much sense.
On the flip side, the rating also reflects the fact that it is an easy-to-use service that doesn’t turn people away despite their credit rating. Pre-approvals are quick and easy to get, which means access to your funds isn’t weeks away – it can be same day or next day. And then the other big thing it has going for it is the fact you can choose to pay it off in full any time, thereby avoiding future interest, and there won’t be a penalty fee.
How the Rating is Determined
The rating is determined using a very basic process in order to keep it fair and unbiased. For each of the features MogoMoney offers the product is rewarded. It is also pitted against other lenders to see how it stacks up in terms of those features. From there a simple math equation is used in order to translate the number into a rating out of five stars.
For those interested in the MogoMoney pros and what can potentially make this a great option for you, there are quite a few worth taking note of.
MogoMoney – What to Be Aware Of
Just like with anything, MogoMoney has a list of things that you need to be aware of and watch for. This will help you to make an informed decision where money is concerned. A few red flags to at least be aware of include:
Here are a few basic FAQs to be aware of if you’re considering a loan with MogoMoney. This quick guide can help you to better understand what MogoMoney is, and if it’s right for you.
There’s no need to worry about whether or not MogoMoney is legitimate, as it is a publicly traded Canadian company. It is traded on both the NASDAQ and TSX. The majority of its loans are delivered through a 3rd party lender, which is EasyFinancial – a legitimate company.
To put it simply, this is a Canadian fintech company that has a wide portfolio of various products in the financial sector. Outside of its loans it also offers the MogoCard and free credit score reports. It’s not just confined to loans.
At first glance you may assume MogoMoney is no different than a payday loan, but that’s not the case. Payday loans are meant to be paid back in full quickly, usually by your next payday, and their interest rates are extremely high. A loan through MogoMoney is more like a traditional loan in that you have more time to pay it back, plus there are flexible terms. However, it should be noted that the interest rate with MogoMoney can also be high – 47.42%, but that’s nowhere near as high as the 400% that some payday lenders charge.
If you’re interested in getting a loan through MogoMoney, the process is very quick and simple. Everything can be done online through the app. Pre-approval is fast, in many cases taking just minutes. Once approved for the loan you can expect to receive the cash within a couple of days.
You’ll notice that you can also create a Mogo account when you visit the website. This is recommended as it provides you with additional features and allows you to see all the financial products that Mogo offers. Some of the additional features Mogo offers are MogoCrypto, prepaid credit card, MogoProtect (this service isn’t free), MogoMortgage, and free access to your credit score on a monthly basis.
If you want to be able to see your credit score, that can be done any time, and there is no need to have an account or any products with MogoMoney to access it. The credit score can be accessed online, the process is quick and simple, just like with their other products.