Mogo Money Review

Mogo Money ReviewMogo Money is a payday loan lender based in Vancouver, Canada. It is a company established to provide customers an alternative solution for their short-term cash needs, addressing the hurdles of high service fees and interests. The company offers loans of up to $1,700 with a 30-day borrowing period. Around 90% of loan applications are said to be approved by the company.

What makes the company different from others that offer short-term cash is its Mogo Card. This reloadable prepaid Visa card offers a number of advantages for those who have short-term cash needs.

Mogo Money Review – The Mogo Card

The Mogo Card is the best option for getting the approved loaned amount because it is the fastest and it also offers a number of privileges. It is Mogo’s way of offering the benefits of a credit card without the disadvantages associated with it. It has the owner’s name embossed on it and provides Visa services without interests. There are also no load fees or monthly and yearly card charges involved. The Mogo card also features a variety of designs.

Applying for Loans
Loan applications can be done online or in-store. The first loan application will take around half an hour but the succeeding loans should be much faster. For online applications, a secure online form will have to be completed. Having a bank account, PayPal account, or Mogo Card is important for online loan applications because the approved loan will be given to the applicant through online fund transfers or direct deposits.

Approved loans sent to the customer through a Mogo Card take less than 5 minutes. PayPal transfers are sent within 10 minutes. Bank transfers require an hour to be reflected on a customer’s account. Direct deposits, on the other hand, take up to 3 days to be completed.

Requirements
Applying for a Mogo short-term loan requires more than just having a steady source of income and being of legal age. The company will do customer qualification assessments for every application. Identity verification will be conducted. Mogo is usually generous in approving loan so it would be worth a try asking the company for some explanation if your loan application is declined.

Mogo’s Short-Term Loans
Mogo claims that their loan service allows customers to save on their costs of borrowing. The company can help in lowering the $42.50 average fee for an NSF charge. A Mogo loan is said to cut 90% of standard online payday loan charges. Mogo features a section that comprehensively details its rates and fees and compares them to those offered by credit card companies.

For the company’s “Mini Money” loans, customers can borrow up from $100 to $500. For a typical $200 loan, the biweekly cost is $3.66. This is lower than the $6.47 overdraft fee charged by banks for two weeks. It is also considerably lower than the two-week credit card cash advance fee charged by banks plus standard 24.99% interest. Likewise, this cost means a bargain when compared to the possibility of incurring a $29 fee for a credit card used over its limit.

With Mogo Money’s Zip Advance loan, customers can apply for a loan up to $1,500. A typical $200 loan has a biweekly cost of $24.82, which is almost half of the $46 commonly charged on a two-week payday loan. This is also a very low price to pay for avoiding the possibility of getting charged $87.50 for NSF fee in Canada.

Store Locations
Mogo has stores in the provinces of Alberta, British Columbia, and Ontario. Its physical stores serve customers in Edmonton, Calgary, Vancouver, Surrey, Ottawa, Scarborough, and Mississauga. The company’s website is generous in giving information about its stores. The respective addresses, contact details, and schedules of hours of operation are presented along with pictures, interactive maps, and parking information. These details are definitely useful for customers.

Our Recommendation
Mogo Money seems to offer a good payday loan service. The way it presents this service is just a little confusing because it provides too much emphasis on the Mogo Card. The company’s website is also too high on the marketing elements that the more important details customers should know seemingly get concealed. The comparisons they make to highlight their loan services are also somewhat skewed and bordering on deceptive marketing. Nevertheless, the company offers fair rates with APR of 47.88% for Mini Money loans based on the biweekly payments. It’s just important to meticulously go over the company’s website to be properly educated with the options.

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