Making the right choice… for you

Mogo’s mission is to save Canadian’s $1 billion dollars in unnecessary fees, so you know we’re serious about helping you make smarter choices when borrowing money. We’re also serious about being open, honest and transparent – and for us that means making sure you know when our solutions make sense… and when they don’t. So keep reading and find out if Mogo’s right for you.

mogo’s the smarter choice for you if…

• You’re already using or thinking of a payday loan. Simply put, you can save up to 50% over a payday loan when you borrow with Mogo. We offer 30 day loans online. That’s is twice as long as you can borrow with a payday loan – which means an average savings of 50%…now that’s smarter.
• You occasionally bounce cheques. Bouncing a cheque will typically cost you $82.50 ($42.50 from your bank and $40 from the merchant). You could borrow $200 with Mogo for about half that cost… not only saving you money but saving your credit rating.
• You only make minimum payments on your credit card balance each month. Canadian’s currently carry about $90 billion in credit card debt… many making only the minimum payment each month, driving the true cost of borrowing a few hundred dollars into the thousands. In fact, charging $500 on a credit card that already has a $2000 balance will cost you over $1400 making only minimum payments. With Mogo you can borrow the $500 for about $115 in fees – and because you pay it back quickly, the cost (and your debt) doesn’t continue to grow.
• Need a little extra money between pay cheques. Unfortunately life doesn’t happen on our pay schedule – which means even the most carefully planned budget can be thrown off by unexpected expenses. When that happens and you don’t have the time (or option) to use other bank products (like a line of credit), Mogo provides a quick, no hassle, short term solution.
• Regularly overspend and go over budget. If you’re an impulse shopper and are surprised every month at how much debt you’ve incurred, short-term loans that require you to pay them off in full monthly may be a smarter choice for you as they’ll force you to be much more conscious in your spending.
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mogo may not be right for you if…

• You pay your credit card off in full regularly. If you have your credit card spending under control and are paying off the balance regularly, then that’s the best choice for you. Make sure you’re using a credit card that offers advantages like discounts at your favorite merchants, reward points (such as Air Miles) and no annual fees.
• You have access to lower cost options. A line of credit and small loans through a bank typically have very low interest rates. If you have access to these products, use them. Of course, you should still shop around, not all banks are equal, and even if you have most of your accounts at one bank, you may find a better deal at another.
• Friends and family can help you out. OK, for many of us asking friends and family for help is the last thing we want to do, but if you are lucky enough to have some rich friends or family members you’d be crazy not to start there first.