{"id":938345,"date":"2021-08-13T17:21:39","date_gmt":"2021-08-13T21:21:39","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?p=938345"},"modified":"2025-04-15T02:19:52","modified_gmt":"2025-04-15T06:19:52","slug":"mogo-mini-line-of-credit-review","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/personal-loans\/mogo-mini-line-of-credit-review","title":{"rendered":"MogoMini Line of Credit review"},"content":{"rendered":"

What is Mogo?<\/h3>

Mogo is a Canadian web-based financial company founded in 2003. It offers a broad range of finance products in the areas of borrowing, spending, investing and even credit score tracking. Some of Mogo\u2019s financial products include the Mogo Visa Platinum Prepaid Card<\/a> (also known as the \u201cMogoCard\u201d), trading app (\u201cMogoTrade<\/a>\u201c) and Mogo loans. The company\u2019s headquarters is in Vancouver, BC, but offers its products across Canada.<\/p>

MogoMini Line of Credit features<\/h3>
Feature<\/th>Details<\/th><\/tr><\/thead>
Loan amount<\/td>$300 \u2013 $5,000<\/td><\/tr>
Loan term<\/td>Open<\/td><\/tr>
Interest rate<\/td>34.37%<\/span><\/td><\/tr>
Fees<\/td>
  • Non-sufficient funds fee: $50<\/li>
  • Funds transfer fee: $19.99<\/li><\/ul><\/td><\/tr>
Serviced provinces<\/td>BC, AB, SK, MB, ON, NB, NS, NF, PEI, NU, NT<\/td><\/tr>
Basic eligibility criteria<\/td>Min. income of $35,000 \/year, min. credit score 600<\/td><\/tr><\/tbody><\/table>

Go to site<\/a><\/p>

What we like about the MogoMini Line of Credit<\/h3>

Lines of credit are pretty handy in case of a financial emergency, and MogoMini is no exception. Here\u2019s the lengthy list of perks that come along with a MogoMini Line of Credit:<\/p>

  • Anyone can apply.<\/strong> Mogo says all borrowers, even those with a bad credit history, can apply. Eligibility requirements are at a baseline: You must be of the age of majority in your province and you must earn a minimun income of $35,000\/year.<\/li>
  • An online-only application process with a quick turnaround on loan decisions.<\/strong> Borrowers can apply for a MogoMini Line of Credit completely online after setting up a Mogo account. You should receive a no-obligation pre-approval within just minutes after applying.<\/li>
  • Manage your line of credit completely online.<\/strong> Mogo has a user-friendly app and dashboard to help you keep track of your account, including making withdrawals from your line of credit and managing upcoming payments. You can even set up alerts to remind you of an upcoming due date.<\/li>
  • Cheaper than a payday loan.<\/strong> Mogo suggests that its line of credit is up to 88% cheaper than a payday loan. It estimates that the MogoMini interest charge is $1.82 per $100 per 14 days, while payday loan rates are $14 for every $100 borrowed.<\/li>
  • Flexible repayments.<\/strong> Minimum loan repayments cover just your interest and extra fees. You can pay off all or part of your loan whenever you like without incurring any prepayment charges.<\/li><\/ul>

    What to watch out for<\/h3>

    Before you decide to shoulder more debt, it\u2019s wise to take stock of the drawbacks that come with a MogoMini Line of Credit. They include:<\/p>

    • Steep interest rates.<\/strong> Interest rates are set at 34.36%, which is higher than what you\u2019d get if you applied for a personal loan or line of credit via a traditional lender, such as a bank or credit union. Some online lenders may even have lower interest rates on offer too. It\u2019s important to make payments to your principal instead of just paying the interest.<\/li>
    • Low maximum borrowing amount.<\/strong> You can only borrow up to $5,000 with a MogoMini Line of Credit. This amount may be too low for some borrowers.<\/li>
    • Potential for additional charges.<\/strong> Borrowers will face some sticker shock from various charges, including email money transfer fees ($19.99) and insufficient funds fees ($50). To waive these charges, borrowers must buy a MogoMini Service Bundle at $15.99-$16.99 per month to receive perks like free email money transfers, skip a payment twice a year, and priority funding so you receive your cash faster.<\/li>
    • No in-person interaction.<\/strong> While Mogo has head offices in Vancouver, Surrey and Winnipeg, you can\u2019t visit a physical storefront to receive in-person customer service.<\/li><\/ul>

      Is Mogo legitimate?<\/h3>

      It is. Mogo was established in 2003 and now has more than 1.6 million members borrowing cash via its platform. It has a headquarters in Vancouver, with satellite offices in Surrey and Winnipeg. The fintech company has also garnered several awards, including Apple\u2019s 2019 Apps We Love and a Canadian Mortgage Award for best use of mobile technology. Mogo has been featured on the CBC, the Globe and Mail, Business News Network and the National Post. It started publicly trading on the Toronto Stock Exchange and Nasdaq in 2015.<\/p>

      Summary of Mogo reviews<\/h3>
      Feature<\/th>Details<\/th><\/tr><\/thead>
      BBB accredited<\/td>No<\/td><\/tr>
      BBB rating<\/td>A-<\/td><\/tr>
      BBB customer reviews<\/td>1.1 out of 5 stars, based on 72 Mogo reviews<\/td><\/tr>
      Trustpilot score<\/td>1.6 out of 5 stars, based on 99 Mogo reviews<\/td><\/tr>
      Customer reviews verified as of<\/td>February 15, 2024<\/td><\/tr><\/tbody><\/table>

      What do Mogo reviews have to say?<\/h3>

      People who have taken out a loan from Mogo have complained about its poor customer service and high interest rates. Those who gave it favourable reviews commented on its fast and easy application process.<\/p>

      Alternatives to the MogoMini Line of Credit<\/h3>