Like many other online lenders, Mogo has ganged a reputation for offering loans to people with bad credit. The only thing you need to have is a consistent flow of income. From the Mogo reviews online, the company has also gained a reputation for offering loans within a period of 30 days rather than the standard 14 days every other online lender offers. This, therefore, has made them the number one choice for most Canadians. They have also availed a simple online application process for their customers. Besides, they process the cash as soon as your information checks out. However, with every experience, there are always lessons to be learned. Below are some of the lessons learned by customers who have interacted with Mogo and provided their feedback on the internet.
Lessons from online customer Mogo Reviews
Do not borrow more than your paycheck. As already seen, Mogo does not ask for a perfect credit score. Instead, they rely on your salary, hence having a consistent source of income guarantees that you receive the loan. It is important to make sure that you borrow a loan within the limits of your income. This guarantees that you are able to pay back the money once you get the loan. Borrowing more than you can handle affects your ability to repay. This way, you can complete your loan within the agreed time, improve your credit score and move on to other projects that may help you build a financially stable future.
Always pay on time. Just like any other loan, borrowing from Mogo requires that you repay the loan in time. Failure to do so results in accrued debts that will finally come to affect you. Other than a deteriorating credit score, you might find yourself having to pay fines and in other cases a lawsuit if your failure to repay persists for a long while. Needless to say that if you are having problems with repaying, your experience according to Mogo reviews will not be pleasant as they do everything in their power to get their money back. Therefore, the key is getting the loan and repaying it in time.
If you cannot be able to repay within the specified time, communicate with Mogo agents. Even if you borrowed a loan within your limits, circumstances change and you might not be able to pay within the agreed time. When this happens to you, you can always talk to Mogo agents who will listen to your case and you will be able to renegotiate your payment terms. In addition, you will not be charged any late payment charges. One important thing to remember is that you can only renegotiate your repayments if you have a valid reason and this is before your repayment period has lapsed.
It is better to present yourself to their store in person. Mogo offers both online and in-store services. There are times when the company experiences very high numbers of customers through their online platforms and calls. This results in delayed services. Although the company is working on improving this, if you experience the delay and you are anywhere close to one of their stores, take a few minutes out of your schedule to pay them a visit. This will guarantee fast services as well as in-person services that are better than online interactions. You may be able to even ask questions and get fine details on the loan you are planning to take. You may also be able to negotiate better terms in person rather than over the internet.
Mogo guarantees quick loans to their customers. However, from customer Mogo reviews, it is evident that getting the best out of these loans requires following the agreement to the letter. When you fail to comply, the company will make sure to contact you consistently until you respond. If this fails, they will file a lawsuit that will guarantee their money back. Whenever you borrow money from Mogo, make sure that you honor the agreement. It is clear from customers who have given positive feedback that after using these services, they end up upgrading to getting a Visa card from the company. Those who fail to honor the agreement have bad experiences. Make sure to pay the loan within the specified time to be able to experience the positive aspects of borrowing from Mogo.