Personal Finance

Mogo - 100 day free loan?

  • Last Updated:
  • Nov 10th, 2017 3:26 pm
Tags:
Deal Addict
Nov 25, 2014
1345 posts
555 upvotes
Newton Brook, ON
kenchau wrote:
Nov 2nd, 2017 9:29 am
I'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.
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.
You need someone with an umbrella not a fork
Deal Addict
Sep 23, 2009
3912 posts
1105 upvotes
So the real question is how detrimental having a short-term loan from a typical D-lender to your credit score?

Maybe the free $50 isn't worth it as another lender won't give you good rates as you utilized mogo?

They used mogo? How desperate for credit was this client? Possibly ask client for skidaddy (drug dealer) contact?
Member
User avatar
May 1, 2015
215 posts
93 upvotes
Toronto, ON
renoldman wrote:
Nov 2nd, 2017 10:24 am
So the real question is how detrimental having a short-term loan from a typical D-lender to your credit score?

Maybe the free $50 isn't worth it as another lender won't give you good rates as you utilized mogo?

They used mogo? How desperate for credit was this client? Possibly ask client for skidaddy (drug dealer) contact?
that is true, i would be interested to know if any RFD members have taken a MOGO loan and how that has affected their credit? Keep in mind they do provide mortgages as well.
Rogers Unlimited Canada Wide Calling, Texting, 5GB data & Spotify for $55 (Scorreee!)
Newbie
Nov 14, 2013
3 posts
Mississauga
Has anyone successfully cancelled/repaid their loan under this 100 day money back policy?

I am curious because I have some high interest CC debt. I will have the money to cover it in aprox 100 days, however I want to avoid the several hundred dollars of interest in the meantime. So if this works as advertised, I should be able to use the loan to pay the CC now, and then repay the full loan within 100 days without interest/fees. I am just wary since things like this often don't pan out (hidden restrictions etc).
Deal Addict
Aug 24, 2016
2211 posts
1118 upvotes
Mogo, and their rates are a joke.
My daughter decided to sign up for a Mogo account strictly for the monthly score monitoring.
When she signed up, the only check box she checked was "credit score monitoring"
She did not check loan or any other box.
But she was prompted with a loan offer still.
Up to 15k at 16.9%!!
Are these guys for real?
Sure she only has a few years of credit history, but everything is positive. Never any negatives at all.
Very low utilization on credit cards, and this past December she went for a personal loan at RBC and was approved with a rate just over 8% including prime.
These guys want double that rate?
What the heck do they want for their lowest 5.9% rate?
850+ score and no debt?
Someone that has no need for the money? :facepalm:
Member
May 7, 2017
293 posts
121 upvotes
coolintheshade wrote:
Nov 10th, 2017 2:31 pm
Mogo, and their rates are a joke.
My daughter decided to sign up for a Mogo account strictly for the monthly score monitoring.
When she signed up, the only check box she checked was "credit score monitoring"
She did not check loan or any other box.
But she was prompted with a loan offer still.
Up to 15k at 16.9%!!
Are these guys for real?
Sure she only has a few years of credit history, but everything is positive. Never any negatives at all.
Very low utilization on credit cards, and this past December she went for a personal loan at RBC and was approved with a rate just over 8% including prime.
These guys want double that rate?
What the heck do they want for their lowest 5.9% rate?
850+ score and no debt?
Someone that has no need for the money? :facepalm:
Trust me. People take it. Look at Easyhome.
Deal Addict
Aug 24, 2016
2211 posts
1118 upvotes
BeanFinn wrote:
Nov 10th, 2017 2:56 pm
Trust me. People take it. Look at Easyhome.
I don’t doubt that, but a 17% rate for someone with great credit is just laughable.
I’d really like to hear rates that others are getting from Mogo as well.

Top