Mogo Reviews Rating: 4.8/5
Gone are the days of paying $20 to check your credit scores in Canada. With the advent of fintech companies, you can now check your credit score free and fast.
However, not all fintech companies offer the same credit check services.
One of the three major fintech companies in Canada that stand by what it offers is Mogo.
After using Borrowell and Credit Karma to check my credit scores for years, I now understand why Mogo is unique and trusted by over 1.6 million members.
That said, there are many things you need to consider before using Mogo.
Here I provide an unbiased Mogo review using my personal experience and what I have seen work for others.
What is Mogo?
Mogo is a fintech company offering free credit score, monitoring and protection services to Canadians.
In addition, Mogo provides a wide range of financial products such as:
- Prepaid Visa debit card
Established in 2003 with headquarters in Vancouver, Mogo has more than 1.6 million members as of the time of writing this review.
That said, Mogo uses the Equifax credit bureau to provide a free credit score and monitoring services to its members.
However, since Equifax’s proprietary model determines the Equifax credit score, the credit score may vary with other credit bureaus.
Notwithstanding, Equifax’s proprietary model is accurate based on the factors it measures.
As you continue reading these Mogo reviews, you will learn more about what Mogo entails.
Is Mogo Legit?
Mogo is legit based on the fact that it provides real credit checks and trusted financial products.
Furthermore, the company is regulated by FINTRAC, the Financial Transactions and Reports Analysis Centre of Canada.
Moreover, Mogo has received numerous awards for its excellent service, which includes.
- Fintech innovation awards (2006)
- Canadian Mortgage Award (2016)
What Makes Mogo Unique?
After using Borrowell and Credit Karma, it didn’t take me long to identify the uniqueness of Mogo in the credit check industry.
While other fintech companies focus on providing credit checks and monitoring services, Mogo takes a step further to provide credit protection.
As a result, Mogo is the first and only fintech company in Canada to offer free identity fraud protection in addition to free credit checks and monitoring services.
Thus, it’s obvious to see why Mogo has attracted over 1.6 million members in less than two decades of existence.
That said, Mogo is also unique due to its financial products such as cryptocurrency, mortgages, loans, and a Prepaid VISA debit card.
Continue reading to learn more about what makes Mogo unique and popular in Canada.
Mogo Pros and Cons
Before using any credit check service, it’s essential to know its pros and cons.
Here are the pros and cons of Mogo as per my personal experience and other users’ experience:
- Easy to use
- Free credit score check and monitoring services
- Fraud detection
- Multiple financial products
- Free prepaid credit card
- Long loan repayment period
- Loan approval for bad credit
- 100-day money-back guarantee
- The MogoCard is not insured by the Canada Deposit Insurance Corporation (CDIC).
- Double penalties (from the lender and your bank) if you default your loan payments.
Mogo provides six innovative products which make it stand out from the competition.
Here we’ll take a look at Mogo’s products one after the other:
This is a free Visa Platinum Prepaid Card with no monthly fees, annual fees, transaction or point-of-sale fees, interest or credit impact.
Moreover, the MogoCard gives you the flexibility of a Visa Card while helping you control your debt, track your monthly expenses and automate your budget.
If you’re interested in trading cryptocurrency, MogoCrypto is a cost-effective means of buying and selling bitcoin.
So whether you’re an expert or novice cryptocurrency trader, MogoCrypto provides an intuitive platform that helps you stay on top of your game.
Traded on the TSX and NASDAQ, Mogo doesn’t have signup and account funding fees.
3. Mogo Credit Score Monitoring
Mogo offers free credit check and monitoring services using Equifax’s proprietary model.
Thus, Mogo monitors your score free every 90 days to help you improve your credit score and overall finance.
As the name implies, MogoProtect safeguards your credit card from fraudsters. Mogo is the first and only company to offer free fraud protection to Canadians.
If you’re really concerned about the safety of your credit card, there’s nothing more than protecting it against potential threats.
So with the MogoProtect, you don’t have to worry about any threat to your credit card as you will receive email and mobile notifications once a potential threat is detected.
Additionally, Mogo takes a step further to guide you on what to do when it detects any potential threat on your credit card.
5. MogoMoney (Mogo Personal Loans)
If you’re looking for a no-obligation loan pre-approval without any impact on your credit score, MogoMoney is what you need.
MogoMoney offers flexible personal loans with different rates ranging from 9.9% to 47.42%.
Furthermore, you can receive up to $35,000 and pay it off at any time without worrying about a penalty.
That said, MogoMoney loan offers range from 6 months to 5 years.
However, with one-time payments, MogoMoney offers higher loan amounts and lower rates.
Also, with the Mini line of credit, Mogo allows you to focus on paying only the interest at a time and pay the complete balance at any time.
Finally, borrowing money through MogoMoney takes just 3 minutes as the process is completely online.
A MogoMortgage is a low-cost mortgage with fixed and variable rates that fit any budget.
As a mortgage brokerage, Mogo partners with leading Canadian lenders to offer the best mortgage rates and products.
However, to be eligible for MogoMortgage, you must have:
- 640 minimum credit score
- At least 5% down payment
- Sufficient income to meet your monthly payments
While Mogo offers a lot of freebies, it charges fees for the following services:
- Domestic ATM withdrawal = $1.50 (+ ATM fee)
- International ATM withdrawal = $3.00 (+ ATM fee)
- Monthly Inactivity Fee = $1.99 (applicable to those that didn’t use their credit card at least once in 365 days)
- Foreign Exchange Fee = 2.5%
MogoCrypto has no fees for signup, funding, withdrawal, and holding coins. However, 1% charges apply for buying or selling crypto.
Mogo Reviews: My 5-Star Rating
Here’s how I arrived at the 4.8/5 star rating of this Mogo review.
|Ease of Use||*****|
|Credit Monitoring Frequency||***|
As you can see, Mogo is doing well in most aspects, making my Mogo reviews positive.
Due to its ease of use, features and innovative products, virtually everyone will find Mogo suitable.
However, Mogo needs to improve its monthly credit monitoring frequency to meet the competition’s weekly frequency.
Nevertheless, I recommend Mogo to everyone looking to improve their credit score and stay on top of their finances without breaking the bank.
How to Open a MogoAccount
Opening a MogoAccount takes just 3 minutes, and it’s free.
Depending on your choice, you can open a MogoAccount on the Mogo website or its app, available on Apple Store and Google Playstore.
Here are the steps of opening a MogoAccount on the Mogo website:
- Visit the signup page
- Enter your email address
- Create a password
- Verify your email
- Provide your personal details
- Select the service(s) you need
That’s all. You can now proceed to experience a seamless credit score service and more.
Mogo vs Credit Karma: Which to Choose?
Here we’ll compare Mogo with one of the top competitors, Credit Karma (formerly Noddle).
Credit Karma is an American-based credit service provider with more than 100 million members across the US, UK, and Canada.
Like Mogo, Credit Karma offers free credit score and monitoring services using Equifax and TransUnion credit bureaus.
Thus, both Mogo and Credit Karma are legit and safe. They offer accurate credit scores and monitoring services as per the factors they measure.
That said, your credit history duration, payment history, credit reports and credit card usage are the factors used to determine your card score.
Additionally, other credit bureaus consider your potential to default payment or file for bankruptcy among the factors of determining your credit score.
Since each credit bureau uses its model to determine your credit score, you may not have the same result from Mogo vs. Credit Karma.
Based on my findings, Equifax and TransUnion use more than 20 different factors to calculate credit scores. This also means that you may not get the same result from the two credit bureaus.
Thus, it may be challenging to choose from Mogo vs. Credit Karma. But it doesn’t have to be so.
All you need to make a choice is to examine your needs. Are you just after the credit score and monitoring services?
Or are you looking for a credit score and monitoring services with the additional protection of your credit card against potential threats?
While Credit Karma offers credit score services, personal loans, and credit cards, Mogo offers credit score services, credit protection, loans, mortgages, cryptocurrency, and debit cards.
So depending on your needs, you may find either Mogo or Credit Karma suitable.
Nevertheless, since both the fintech companies offer free credit score services, you can open both accounts and benefit from Equifax, and TransUnion reports.
Overall, my Mogo review is positive, and I recommend it to everyone looking for more than a credit score service.
Verdict on Mogo Review
Now you understand what Mogo entails and its edge over other credit score service providers in Canada.
With lots of free perks and innovative products, Mogo has something for everyone.
From free credit score service, credit protection, personal loans, mortgages, cryptocurrency, and a debit card, Mogo is your one-stop shop for all things that concern your finance improvement.
That said, I have been using Mogo for years, and I can now tell the difference. So this Mogo review was born out of my personal experience and what I have seen work for others.
Hopefully, you will take a step further to give Mogo a try and come back here to thank me later.
All the best!
Frequently Asked Questions on Mogo Reviews
Does Mogo Affect Your Credit?
No. Mogo conducts a soft inquiry. This means that its credit check doesn’t affect your credit score. Only a hard inquiry can affect your credit score in the future.
Is Mogo Credit Score Accurate?
Yes. Mogo provides an accurate credit score using the Equifax proprietary model.
However, each credit bureau measures different factors when calculating your credit score. So Mogo’s credit check may not be the same as other credit checks.
Which Credit Bureau Does Mogo Use?
Mogo uses the Equifax credit bureau to provide free credit scores and monitoring services.
How Long Does it Take to Get Money from Mogo?
It takes Mogo 30 minutes to process money to your MogoCard if sent through Visa Direct or Interac e-Transfer.
However, it could take up to 1 day to process the funds to your MogoCard if there’s a high amount of transactions.
If you have more questions about this Mogo review, let me know in the question section.