There are several things you could look for when you’re trying to decide on a company from which to borrow some money: their rates, their approval ratings, their customer service, and so forth. You’ll often have to trade one thing for another in order to secure your priorities, but not always. MoGo loans are fairly large, available at potentially very good rates, and are backed up by several helpful extras to make your time borrowing with them a little easier and more pleasant.
MoGo Loans at a Glance
MoGo’s primary business is credit monitoring services in the vein of Credit Karma or Borrowell, but on top of those indispensable services, they also offer their own MoGo loans. These are available to customers with a wide range of credit scores, although the interest rates you’ll be asked to pay do vary based on how good you look as a credit prospect. If your score and other indicators like a lack of past bankruptcies are good, you could get a great deal and only end up paying a 5.9% APR on your loan. Conversely, if your credit is lacking or you’ve had a checkered history with delinquency, your rate will probably be closer to the maximum 45.9% APR that MoGo sometimes asks for. There’s no way to know which of these ends of the spectrum you’ll be on unless you apply and see, but you can make a rough guess based on your current credit standing.
The amount you will be offered also varies depending on similar details about your financial history, although your income has a bigger role to play in this facet of the process than the other. Again, people who look like the best prospects will get the best offers, going all the way up to $35,000 in some cases. Repayment time frames are generous, though, and range from 2 years up to 5 years. If that amount doesn’t seem like something you could feasibly repay within that time frame, it’s safe to assume that you’ll probably be offered much less. Feel free to submit an application and review the results if you want to know for sure what you’ll get – you’re under no obligation to accept the offer if it turns out that you don’t like it.
An App To Help You Out
Since MoGo’s primary focus is still to provide credit information to consumers and help them to improve their overall financial profiles, it should come as no surprise that they also place a lot of emphasis on good behaviour among their borrowers. They don’t just ask you to do you best and hope it works out, though; they’ve chosen to be active participants in your credit journey by putting together a set of digital tools to help you regiment yourself over the period of time where you are making payments to them. These can all be accessed through MoGo’s comprehensive smartphone app.
This one little program not only lets you keep track of your loan payments and see how much you have left to pay (both for the current month and in general), but it also shows you what your credit score looks like right now and displays information from your full credit report that is updated on a weekly basis. You can use this to track your progress if you’re aiming for better credit by the end of your repayment period, or just to monitor your credit usage for red flags and signs of fraud. Either way, it’s nice to have this additional utility baked into an app that is so helpful already – and that’s not even all it does! You can also buy and trade Bitcoin within the interface if that’s something you were interested in, too. The app exists in versions compatible with either Apple or Android devices and is completely free to download and use. If you’re diligent about using it as intended, it should be a great help to you as you work to pay off what you owe to this lender, and you might even get a better final credit score out of the deal.
Changed Your Mind? No Problem
Borrowing money is a big decision and lenders always hope that borrowers did not take it lightly when they made it. However, you can put several days’ worth of thought into something and still come to a conclusion that you later regret sometimes – that’s just part of life. If that happens to you with regards to your MoGo loan, though, you actually get the chance to turn back time and reverse that decision that you wish you hadn’t made. If at any point within the first 100 days of your loan you feel that you would rather cancel your loan and forget it ever happened, you can. MoGo will refund you all of your loan expenses up to that point and divest you of all obligations you have toward them. This is conditional on you returning the full loan amount that you borrowed to begin with, of course. You can do it for any reason, including small things (like being frustrated at the customer service you are receiving) or no reason at all: there are no questions asked. Since it’s time-limited, this is not a free pass to get out of paying your interest fees, but it does allow you to feel extra safe when borrowing from this lender and potentially clean up an ill-advised debt.
Some Closing Thoughts On MoGo Loans
It may be somewhat of a long shot for the average applicant, but at least in theory, MoGo loans can come at some of the cheapest rates available for Canadian borrowers. This promise is somewhat undermined by the fact that, as we just mentioned, relatively few will qualify for the lowest advertised rates, and those that fall in the upper end of the range will be paying fees that are at least on par with what other lenders charge, if not greater. The great app and refund offer both provide reasons to choose this lender that have nothing to do with their charges, but we still recommend being careful about what you set your sights on when you choose to borrow from this lender. Be realistic about your prospects and you’ll be more satisfied in the end.