PERSONAL FINANCE BLOG

Money shouldn´t stop making your plans come true. Learn how personal loans can help you!
MoGo Personal Loans Review
16 Nov 2018

MoGo Personal Loans

Borrowing money can be a harrowing experience if you have trouble keeping track of long commitments over time. How much have you paid, and how much more do you still owe? With MoGo personal loans, you’ll never have to wonder about the answers to these questions, because you will always have them available to you.

Take out a loan that gives you all the information you need as you go along, right on your smartphone.

You are interested if

You need to borrow money, but are afraid of losing control or being left out of the loop during the lending process.

 

Key Points

Brief Description MoGo personal loans provide you with a mid-sized amount of money and the tools to make sure you can manage your borrowing experience properly without too much trouble.
Limits and Deadlines You can borrow up to $35,000, with larger potential loan amounts being granted to those with higher incomes and better credit. Repayment usually happens over 2 to 5 years, but terms can vary outside of these limits depending on the individual case.
Urgency You can supposedly finish applying in just 3 minutes if all goes well, and if you then use the online verification option, you could have your money in hand the same day.
APR Range Extremely good credit prospects can qualify for an APR as low as 5.9%, but conversely, very poor ones may be charged up to 45.9% APR instead.
Closing/Origination Fees None – the stated APR includes all costs to you.
Early Payment Fees None.
How to Contract the Product MoGo personal loans are applied for and distributed entirely online. Just fill out the short application forms on their website to get started and you’ll find out almost immediately if you’ve been approved.
Main requirements To get one of these loans, you must be of age (at least 19), have a bank account and some income, and be able to provide the requested documents (proof of income, a bank statement, and one piece of ID issued by the government). You can do this the normal way or entirely digitally.

About MoGo Personal Loans

Main Features

MoGo personal loans may look a little complicated at first glance, but they are actually very simple and convenient to use once you get the hang of it. These medium-sized loans are available on very flexible terms and come with plenty of support to help you understand what’s going on.

To keep you up to date on what is happening with your loan, MoGo uses an app they’ve developed that keeps track of all of your payments and when you are expected to have paid off the sum entirely. If you’ve been doing exceptionally well, this fact will be noted and you may be automatically offered a lower interest rate for the rest of your repayment term as a reward. The app even give you a free monthly update on your credit score right there on the dashboard through their partnership with Equifax, so you can see what impact your loan payment behaviour is having on your overall financial future.

As an added benefit, if you are unhappy with how things are going in the first 100 days after you’ve received your loan, you can cancel it by paying back the principal amount and have MoGo refund any interest and fees you’ve paid back to you. This puts you in ultimate control of the whole borrowing process. You can also speak to an online representative at any time if you have any questions you cannot find the answers to on your own.

MoGo also charges much more moderate rates than most online loan companies. Some lucky customers could see themselves paying as little as 5.9% APR, although it must be emphasized that these people are in the minority. Most will still pay a considerable amount less than what other lenders would charge, though (about 22.9%). It may be slightly harder to qualify for a loan with this company, but if you can get accepted, it’s something to be very happy about.

How Does It Work?

Like most loans nowadays, you can get MoGo personal loans by starting with a short online application form. That form will be processed automatically in just a few minutes, and if you’re approved, you could have your money in less than 24 hours. Before you do, however, you must either submit the necessary documentation or undergo the completely secure online verification process.

When it comes to repaying the loan, it should be easy to stay on schedule thanks to all the extra help you’ll be getting with monitoring and incentives. Remember, failing to follow through appropriately on your repayment promise won’t just incur fees and damage your credit score in this case – it will also hurt your chances of lowering your interest rate.

Conclusions

MoGo personal loans aren’t just loans, but an entire package of financial tools. With all of this to help make them an attractive choice, they could easily justify charging higher interest rates than many other lenders; instead, their rates are wholly in line with those of their competitors, if not a little lower than them. This impressive balance of value and function makes them a strong contender in the financial marketplace.

MoGo: Changing the Face of Online Lending

MoGo was first founded in 2006 with the goal of providing a fresh new alternative to traditional banking. They have largely succeeded in this goal and now have offices in Toronto, Winnipeg, Vancouver and Surrey. Using technology is obviously not strange concept in the online loan market, but MoGo strives to unlock the full potential of innovation in this market. They have won several prizes for this aspect of their work in contests like the Fintech Innovation Awards and the Canadian Mortgage Awards. If you like doing things the newest, easiest way, you’ll love getting a loan with this forward-thinking company.

What We Think

MoGo personal loans are a great borrowing option for anyone who is technologically savvy. They offer an incredible number of technological aids and extra services to their customers to help give them an incredibly smooth, positive experience with their loan. The one drawback is that you’ll need to be fairly comfortable with technology in order to use most of the extras they provide, but now that most of us use a compute or smartphone every day, that will rarely be a reason to pass over this great modern lender.