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.

MogoMoney Pros

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:

The concept of loans used to be based on a system of trust between a bank and a lender, and a guarantee that you would be responsible for the financial investment. Over the decades, credit scores have determined whether you are able to borrow money from a bank, and in many cases, millions of people get rejected each year due to a low or bad credit score or having to declare bankruptcy.

LendingMate is a credit service provider catered to the Canadian public who are struggling to source financial aid through the means of traditional banks. LendingMate will ask you to name a guarantor that will be responsible for paying back the loan you take should you be unable to yourself. Once a guarantor has been named, LendingMate will go through the application process to check all the personal and financial details provided.

How Do I Apply with LendingMate?

LendingMate allows Canadian citizens to apply for a loan without the use of a computer deeming their eligibility, and all that is required is that you have a friend or family member that can validate that you can pay back the loan and the interest rates that will be accrued. 

The process itself is very easy to follow and a specific repayment plan can be set up according to your individual financial needs. You will need to complete an online form defining how much you are loaning and what your repayment options are. Once your application is in process, LendingMate will call both you and your guarantor and ask the following types of questions:

To be Eligible for a LendingMate Guarantor Loan:

To Become a Guarantor, the Person Must:

The only instances where LendingMate will not approve an application is if you already have an active loan with them or another credit provider or if you have been declared bankrupt. LendingMate does not ask for your employment details, and you don’t need to be employed to be approved. LendingMate is completely free from certain cost implications, such as they won’t charge you for settling your account early. They will also not penalize you if your payment is late.

Benefits of Taking Out a Loan with LendingMate

LendingMate is an easy-to-use simple financial lender that offers basic guarantor loans. The system promises to pay out all loans within 24 hours of a successful application, as long as your guarantor has signed the agreement and is happy to put their name against your loan and all your identification documents are in order. The following are some of the other benefits of LendingMate:

LendingMate is big on building personal relationships and trust with their borrowers, which is why both parties will be contacted via a call regarding the application. LendingMate wants to ensure that both you and the guarantor are protected, without needing a computer algorithm to decide if you can lend money from the bank or not.

LendingMate FAQs

With any financial transaction like a loan, you will want to take the necessary precautions and do proper research before you sign any documents or submit identification information. 

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