What can I use the MogoMini line of credit for?

You can use your line of credit for pretty much anything you like. While Mogo asks during the application process what you're using the funds for, it doesn't add any stipulations for how the funds should be used.

Is MogoMini a payday loan?

It isn't. Mogo says it's a line of credit that's potentially 88% cheaper than a payday loan. It's a payday loan alternative.

I got the MogoMini Line of Credit, now what?

Once you have a MogoMini Line of Credit, you can access the cash whenever you need it, and you'll only have to repay what you withdraw. Keep an eye out for your outstanding balance that needs to be repaid and make sure you're staying on top of your monthly repayments.

Do I have to pay any fees?

You won't pay any fees for using the Mogo application process and you are under no obligation to accept what you have been approved for. However, if you take out a loan, you may come across fees and charges for late or missed payments and non-sufficient funds.

Can a MogoMini line of credit improve my credit score?

No, Mogo does not report MogoMini repayments to either of Canada's credit bureaus. That means that repaying your line of credit on time won't contribute positively to your credit history.