Right. OP would be responsible, hence the caveat. I don't know how you managed to equate a caveat to absolving responsibility and painting them like they hold a gun to people's heads. I also didn't say Mogo was literally a "payday loan shop"; I said they are targeting that crowd, which they very clearly are. Are all of their offers clearly presented? I've seen the 100 day deal mentioned in many places, but never any actual terms and conditions related to it, which, to me, is a red flag.kenchau wrote: ↑Nov 2nd, 2017 9:29 amI'm actually very familiar with Mogo, as I use it for the free credit score monitoring. The offers are quite clearly presented. This offer is not any different than balance transfer offers that you refer to that are offered by most banking institutions on credit cards (i.e. don't pay the balance off in time, or the monthly minimum interest, then your rate jumps from 0% to double digits).
While at the same time, Mogo also offers 5-year variable mortgages at 2.35% or 5-year fixed mortgages at 2.89%. Probably not the lowest in the industry, but certainly in line and competitive with the big banks. Hardly just a "pay-day loan" shop.
Let's not absolve these "victims" of all responsibility and paint all these institutions like they held a gun to people's heads to take the loans out or something.
You need someone with an umbrella not a fork