Payday loan companies have been the focus of much criticism – some of it just. Recognizing the need for change, and believing the best way to solve a problem is to be part of the solution, Mogo seized the opportunity to enter the industry and create a friendly, transparent company offering solutions for people in need of short-term loans. With this in mind, it became Mogo’s mission to save Canadians $1 billion dollars in unnecessary fees… and we continue towards this goal every day.
When you consider the true cost of borrowing with Mogo, in many cases it is less than other options – and therefore a smarter financial choice. Just consider these examples:
1.Bank NSF fees: If you choose not to borrow money and instead bounce a cheque, it will typically cost you $82.50 ($42.50 from your bank and an additional $40 from the merchant) – plus your credit score will be dinged. Alternatively, you could borrow $300 from Mogo for about $60, saving you both money and the hassle and embarrassment of bouncing a cheque, while at the same time protecting your credit rating. That’s a smarter choice.
2. Credit Cards: A 19% APR may seem less expensive than using Mogo – but that’s only the case if you pay off your entire balance regularly (which, based on the $90 Billion of credit card debt in Canada is rare). If you were to charge $500 on a credit card with no existing balance and make only the minimum monthly payments (typically 2% of balance), it would cost you $216.40 to borrow that money. Now, let’s say you had a $2000 balance on your card (an average balance for Canadians) and then charged an additional $500. If you keep making only the minimum payments, that $500 will cost you over $1,479.36 to pay off. Alternatively, borrowing $500 from Mogo will cost you about $105. Again – a smarter choice.
3. Payday Loans: The logic here is simple – Mogo’s 30 day smart loan is 50% cheaper than any payday loan. Canadians spend $1 billion in payday loan fees per year – using Mogo’s 30 day smart loan would save Canadians about $500 million. Again, Mogo is a smarter, more affordable choice.
When you consider the savings Mogo has to offer in any of those situations, you can see we’re serious about providing smarter, more affordable options. Is it always smarter – no, not necessarily. That’s why we encourage potential customers to visit www.mogomoney.com/ismogoright and find out if Mogo is the right choice for them.
About Mogo
Mogo is Canada's #1 short term lender. Mogo aims to become the amazon.com of money lending through better service, no hassles, the lowest price and no hidden fees. As the friendliest loan in town, Mogo is revolutionizing financial services in Canada by offering consumers convenient access to small loans, short terms and easy amounts to pay back. Additional information may be found at: http://www.mogomoney.com. Questions may be addressed to Philipp Postrehovsky at 604-659-4383 or philippp@mogomoney.com.
When you consider the true cost of borrowing with Mogo, in many cases it is less than other options – and therefore a smarter financial choice. Just consider these examples:
1.Bank NSF fees: If you choose not to borrow money and instead bounce a cheque, it will typically cost you $82.50 ($42.50 from your bank and an additional $40 from the merchant) – plus your credit score will be dinged. Alternatively, you could borrow $300 from Mogo for about $60, saving you both money and the hassle and embarrassment of bouncing a cheque, while at the same time protecting your credit rating. That’s a smarter choice.
2. Credit Cards: A 19% APR may seem less expensive than using Mogo – but that’s only the case if you pay off your entire balance regularly (which, based on the $90 Billion of credit card debt in Canada is rare). If you were to charge $500 on a credit card with no existing balance and make only the minimum monthly payments (typically 2% of balance), it would cost you $216.40 to borrow that money. Now, let’s say you had a $2000 balance on your card (an average balance for Canadians) and then charged an additional $500. If you keep making only the minimum payments, that $500 will cost you over $1,479.36 to pay off. Alternatively, borrowing $500 from Mogo will cost you about $105. Again – a smarter choice.
3. Payday Loans: The logic here is simple – Mogo’s 30 day smart loan is 50% cheaper than any payday loan. Canadians spend $1 billion in payday loan fees per year – using Mogo’s 30 day smart loan would save Canadians about $500 million. Again, Mogo is a smarter, more affordable choice.
When you consider the savings Mogo has to offer in any of those situations, you can see we’re serious about providing smarter, more affordable options. Is it always smarter – no, not necessarily. That’s why we encourage potential customers to visit www.mogomoney.com/ismogoright and find out if Mogo is the right choice for them.
About Mogo
Mogo is Canada's #1 short term lender. Mogo aims to become the amazon.com of money lending through better service, no hassles, the lowest price and no hidden fees. As the friendliest loan in town, Mogo is revolutionizing financial services in Canada by offering consumers convenient access to small loans, short terms and easy amounts to pay back. Additional information may be found at: http://www.mogomoney.com. Questions may be addressed to Philipp Postrehovsky at 604-659-4383 or philippp@mogomoney.com.