Updated - October 18, 2022
In 2020, Mogo became one of the largest financial technology companies in Canada with over 1 million members.
So what's the buzz all about?
During these times of financial instability, financial health is a constant concern. Canadians are looking for all sorts of ways to become financially resilient in these uncertain times. Many have turned to the one-stop financial management platform, Mogo.
Mogo is a financial technology company that enables digital money management.
Is Mogo Legit?
Before using any sort of financial platform, you should always confirm its legitimacy. Fortunately, you can rest assured that Mogo is a verified and trusted platform.
If anything, users should know that Mogo is regulated by the Financial Transactions and Reports Analysis Centre of Canada. FINTRAC tracks and monitors companies to prevent illegal financial activity.
Mogo has been featured in Apps We Love, CBS News, and it won the Canadian Mortgage Award in 2017.
Mogo Services and Features
Free Credit Score
With Mogo, you can check your Equifax credit score without compromising it. When you create a free account, you can receive updates on your credit score every month.
Unlike other platforms, Mogo offers rewards for users who improve their credit scores. The user with the most improved credit score in one month can win $200.
Mogo Prepaid Visa Card
Mogo offers the Mogo Visa Platinum Prepaid Card, also known as the "MogoCard."
Members can earn 1% cash back in Bitcoin on purchases made in Canada. On transactions outside of Canada, members can earn 2% cash back in Bitcoin. Every month, these cash back rewards are deposited in your Bitcoin Rewards account.
Members can easily fund their card by enabling auto-transfers from their bank. Using a pre-paid card instead of a credit card is likely to reduce your spending and improve your financial health.
As of January 2020, Mogo users can help fight climate change by spending via the MogoCard. For every dollar that a member spends with the prepaid Visa, Mogo pledges to offset one pound of CO2. The MogoCard is the first card to offer an environmental incentive like this.
To further make users aware that they're helping save trees in the Amazon rainforest, Mogo added an Amazon rainforest background (with sounds included!) in their app, and it's just really cool and quite pleasant to look at. While this is an attractive aesthetic feature, it's designed to inspire members to be more mindful of their spending habits.
Level Up Your Money Game with Mogo
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MogoMortgage is one of Mogo's newest features. Members can take out mortgages with a down payment of less than 20% of their home value. The minimum down payment is 5%.
Mogo provides a search platform for mortgages with 2-5 year terms and variable or fixed rates. Several trusted Canadian lenders are part of Mogo's search network. Acting as a broker, Mogo works with the lenders to find the best rates for their customers. Borrowers must have a minimum credit score of 640 and proof of sufficient income.
Keep in mind that MogoMortgage isn't just for those looking to take out a loan on a new house, you may use it for renewal or refinancing options as well.
Mogo offers personal loans for up to $35,000 with rates starting at 9.9% APR.
Members also have the option to pay off the loan principal in full without any penalty charges.
Loans are available to residents of Ontario, British Columbia, Nova Scotia, Newfoundland, Prince Edward Island, Alberta, New Brunswick and Manitoba. Eligible borrowers should have a minimum annual net income of $13,000. This income should also prove steady for at least 30 months and borrowers must be able to prove it.
Identity Theft Protection
Cybersecurity has become a priority due to the COVID-19 pandemic, as a significant portion of employees started working remotely. Due to these circumstances, cybercrimes involving theft of personal information have become much more frequent.
In fact, the Canadian Internet Registration Authority (CIRA) reported that 56 % of organizations had to start training their employees to combat cyber attacks specifically because of the rise in cyber crime.
With Mogo, you can rest assured that you'll be protected from fraud activity related to your finances.
MogoProtect is Mogo's identity fraud protection program which safeguards members by monitoring their Equifax credit record closely. The platform specifically identifies hard credit inquiries and notifies members whenever an inquiry is processed.
MogoProtect reviews the Equifax credit bureau every day for new credit check activity.
How to Buy Bitcoin in Canada With Mogo
Due to Bitcoin's stratospheric rise during 2021, you've no doubt heard about it. However, it's retail adoption, although on the rise, is still lacking. If you're interested in participating in the current cryptocurrency craze before Bitcoin's price skyrockets any further, Mogo can help you by providing an easy way to buy Bitcoin.
Mogo provides easy access to start investing in Bitcoin. In December 2020 alone, Mogo saw a 108% increase in new bitcoin accounts. Mogo provides a simple interface, allowing both new and experienced crypto investors to easily place trades and instantly purchase Bitcoin.
In case you're weary, Mogo offers first-time users $5 free to purchase their first sats (smallest units of bitcoin) to start investing.
Mogo at a Glance
For many people, finances are one of the largest sources of stress. Mogo aims to provide financial resources and education to improve the lives of Canadians by giving them the means and knowledge to improve their financial health. The platform is, therefore, designed to help members improve critical areas of their finances.
However, while insurance products aren't part of Mogo's offerings, they are also crucial to protect yours and your loved ones' finances. From pet insurance to life insurance, Insurdinary has you covered. Get a quote today.