Mogo Review 2022: Best Finance App in Canada?

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This post provides a detailed Mogo review covering the products and offerings of one of Canada’s most popular financial brands.

From free credit monitoring service to loans and many other financial products, Mogo is a full-fledged fintech app that caters to the financial needs of many Canadians. So if you’re wondering how the app works and whether it is right for you, then this Mogo review is for you.

In this Mogo review, I will go over all the fintech company’s products and services including its free credit score service and how they differ from their competitors to help you make an informed decision.


Who is Mogo?

Mogo is a Vancouver-based financial technology company that’s popular for its free credit score and monitoring services in Canada.

Founded in 2003, Mogo distinguishes itself from other fintech companies in Canada as a one-stop-shop for multiple financial products. Since its inception, it has managed to attract over 1.6 million users. 

In addition to free credit score and monitoring services, you can also access the following products on Mogo:

  • Prepaid card
  • Personal loans
  • Mortgages
  • Bitcoin
  • Investment products

Mogo is a publicly traded company. You can also invest in the Mogo stock through the Toronto Stock Exchange (TSX) and National Association of Securities Dealers Automated Quotations (NASDAQ). The stock is traded with the ticker symbol “MOGO”.

The company is currently developing a peer-to-peer payment solution to help Canadians make fast and cost-effective money transfers.

That being said, Mogo is currently available to all the residents of Canada except Québec. 


Mogo Products and Services

Below is a detailed overview of Mogo products and services for a better understanding of how the fintech company operates.

1. Mogo Credit Score & Monitoring Services

The free credit score and monitoring service offered by Mogo has made it a household name in Canada. 

You will get your Equifax credit score and credit report monthly for free when you open a Mogo account. In addition, you will get free identity fraud protection through MogoProtect.

However, the free credit monitoring service only lasts for your first 90 days of opening a Mogo account. You will need to apply for the free Mogo prepaid Visa card and use it at least once every 90 days to continue enjoying the free service.

Read my full Mogo Credit Score review here.

2. MogoCard

MogoCard is a free prepaid Visa card offered by Mogo in partnership with Peoples Trust. Like other prepaid cards, the MogoCard is not a credit card so you won’t have a credit limit. 

This means you have to deposit funds in the card yourself to use it like a regular credit card. As a result, you can easily control your spending and avoid credit card debt with MogoCard.

The card has a maximum of $10,000 balance and you can make free Interac e-Transfers and direct deposit to the card.

Besides offering access to unlimited free credit score monitoring and identity fraud protection, the MogoCard also stands out due to the following features: 

  • $0 monthly/annual fee
  • Free carbon emissions and carbon-sucking tree planted for every purchase
  • Free Interac e-Transfers, POS transactions and Visa direct deposits in Canada
  • No interest on purchase

That being said, the Mogo card has the following fees: 

ServiceFee
Monthly inactivity$1.99
Foreign exchange 2.5%
ATM withdrawal within Canada$1.50 + ATM fee
ATM withdrawal outside Canada$3 + ATM fee

Learn more: MogoCard Review

3. MogoCrypto 

Are you into crypto trading? You can buy and sell Bitcoin through MogoCrypto with no funding and withdrawal fees.

However, MogoCrypto has a 1% fee for buying and selling Bitcoin, which is relatively low compared to other exchanges.

When you deposit a minimum of $100 to your Bitcoin account for the first time, you will get a $5 bonus in satoshis.

The biggest drawback of MogoCrypto is the lack of choice and support for some of the other popular digital currencies like Ethereum, Binance Coin and more.

To trade these other cryptocurrencies, you should consider Bitbuy, a full-fledged crypto exchange or Wealthsimple Crypto. Both crypto platforms support several crypto coins.

4. Mogo Loans

Mogo Loans is a personal loan offering that provides up to a $35,000 limit and 5-year terms. The interest rate starts at 9.9% and you can get a no-obligation loan pre-approval that will not hurt your credit score. 

As expected, your MogoMoney loan amount and eligibility depend on your credit score. Mogo may require your consent for a hard credit check when assessing your application. 

The interesting thing is that Mogo offers a 100-day trial period that allows you to pay back the complete loan and receive all your interest payments for 100 days.

The Mogo loans are also flexible in their terms so you can pay down all the principal at any time with no penalty.

The minimum requirements you need to apply for a MogoMoney are:

  • Live in a supported province or territory 
  • Reach your province/territory age of majority 
  • Have a supported steady income for at least 30 days 
  • Have a minimum of $13,000 annual net income
  • Possess supporting documents (such as your ID and bank information)

5. MogoTrade

MogoTrade is a commission-free investing app that offers ETFs and Stocks listed on major exchanges like NEO, CSE and NYSE exchanges.

The MogoTrade focuses on planet-saving stocks that are helping to combat climate change. The broker is approved by the Investment Industry Regulatory Organization of Canada (IIROC) and protected by the Canadian Investor Protection Fund (CIPF).

That said, the following are some of the key features of the MogoTrade:

  • Free live-streaming stock prices
  • Commission-free trading
  • $0 trading fees
  • $0 annual fees
  • No minimum balance
  • Registered and non-registered accounts

For now, you can only use MogoTrade by invitation. You can get on the waitlist by downloading the MogoTrade app on Google Playstore or App Store.

To increase your chance of getting early access, invite as many people as possible using your unique referral code. 

6. MogoMortgage

Are you looking for a low-cost mortgage in Canada? 

MogoMortgage may be your answer whether you’re a first-time home/property buyer, current home/property owner, new to Canada or a self-employed borrower.

MogoMortgage is a brokerage that connects you with some of the most competitive mortgage rates and terms in Canada.  

From fixed to variable mortgage rates, you can choose from different residential mortgage options on MogoMortgage offered by:

  • Banks
  • Credit unions
  • Private lenders 
  • Trust companies
  • Mortgage finance companies 

MogoMortgage amortization period is up to 25 years and the minimum down payment requirement is 5%.  

To qualify, you must meet the following requirements:

  • Your credit score should be 640 or more 
  • Have a stable income stream to meet your monthly payments
  • Have a minimum of 5% down payment

Once approved of MogoMortgage, you can track your mortgage terms, payment and prepayment options in your Mogo account dashboard. 


Pros and Cons of Mogo

So far we’ve learned about the products and services of Mogo. One clear thing is that they have their benefits and drawbacks which can be summarized as follows.

Pros

  • Free credit score and monitoring services: Getting your Equifax credit score and report means saving an average of $20. 
  • Free prepaid card: MogoCard offers a free prepaid card with no monthly fees, Interac e-Transfers fees, POS transactions fees and no Visa direct deposits fees.
  • Free identity fraud protection: With the increase in identity theft today, getting free identity fraud protection is an extra benefit and reward that you get for free with Mogo.  
  • Multiple financial products: Mogo is a one-stop-shop for all the basic financial products you need to get control of your finances.
  • Socially Responsible: Mogo helps you offset your carbon emissions at no cost. This not only helps improve your health but your community and the world at large. 
  • 100-day trial: Mogo Loans is one of the only few personal loans that offer this extra feature.

Cons

  • No insurance: While your MogoTrade deposits are covered by the Canadian Investor Protection Fund (CIPF), your deposits in other Mogo accounts are not insured by any public or private body such as the CDIC. 
  • Relatively high interest: The 9.9% minimum interest rate on loans offered by Mogo is on the high side. You can get better rates if you have a good credit score at other lenders.
  • Monthly report: While Mogo tracks your credit daily, it reports your performance monthly. You can access your credit score and report weekly by using other free credit score monitoring apps like Borrowell (Equifax) and Credit Karma (TransUnion).

How to Open a Mogo Account

You can open a Mogo account for free online or through the Mogo app available for download on Google Playstore and App Store. 

The following are the steps on how to open a Mogo account online: 

  • Click here to visit the Mogo sign-up page
  • Type your email address
  • Create a unique password of 8 characters (including 1 letter and 1 number or symbol)
  • Tick the consent box
  • Verify your email and proceed 

How to Cancel a Mogo Account

You can cancel your Mogo account at any time by contacting Mogo through their in-app chat. 

While the in-app chat is handled by a chatbox, your request will be reviewed by a human as soon as possible.

When contacting Mogo for your account cancellation, ensure you enter the email address you used to sign up on Mogo.


Is Mogo Legit and Safe?

YES! Mogo is a legitimate fintech company that has been operating in Canada for years and now counts more than 1.6 million Canadians as users. 

Security-wise, Mogo complies with the industry’s best practices in protecting your personal information. This includes the use of the:

  • Latest encryption technologies and protocols such as the Transport Layer Security (TLS)
  • Multiple zones and layers on firewalls 
  • Multiple third-party tools 
  • Centralized Security Incident and Event Management (SIEM) 

Regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Mogo has received numerous awards for its unique and reliable products and services. 

Mogo’s credit score and monitoring services are also accurate and provided based on one of Equifax’s proprietary models.


Mogo vs Borrowell 

Borrowell was the first to start a free credit score service in Canada followed by Mogo. With both companies offering credit monitoring services provided by Equifax, Canadians may have a hard time determining which company to go with. 

Borrowell

Rating 4.7/5

Free credit score and credit report

Interest-free cash advance to prevent NSF

Financial products recommendations

AI-powered credit coach

COST Free CREDIT BUREAU Equifax

The major difference between Borrowell and Mogo credit monitoring is how often they update their information. While Borrowell provides weekly updates, Mogo offers monthly updates.

Like Mogo, Borrowell also offers additional financial products such as personal loans, mortgages, credit cards, investment and bank accounts.

That said, the two fintech companies differ in some respects. For example, Mogo offers a prepaid Visa card while Borrowell recommends credit cards from some of the popular and reputable credit card issuers in Canada. 

Borrowell also has a dedicated AI-powered tool known as “Credit Coach” that removes the hassle of improving your credit score. 

With a $75 interest-free cash advance and a bill tracking tool, you have many of the tools you need to stay on top of your finances and start improving your credit score on Borrowell in no time.

The bottom line is that you can’t make the wrong choice with either Mogo or Borrowell as far as free credit scores and monitoring services are concerned. 

But if you’re looking beyond the free credit score and monitoring services, I recommend you consider the individual offerings of each of the apps before making a final decision. 

Read this Borrowell review to have a better understanding of how the two companies differ. 


Mogo vs Credit Karma

Credit Karma is another free credit score service provider in Canada.

Unlike Mogo, Credit Karma is based in the US but expanded to Canada in 2016. Nevertheless, it also offers free credit score services and reports just like Mogo.

However, Credit Karma uses the TransUnion credit scoring model while Mogo uses Equifax’s scoring model. This means that the two companies may offer different (but accurate) reports. 

Like Borrowell, Credit Karma also offers weekly reports while Mogo offers monthly reports.

Beyond the free credit score and monitoring services, Credit Karma also recommends different financial products to its users based on their credit profiles. This includes credit cards, personal loans and mortgages. 

Frankly speaking, you can’t also make the wrong choice with either Mogo or Credit Karma when looking for the best free credit score and monitoring app in Canada.

However, you should narrow your selection based on the company that supports the financial products you’re looking for at a favourable rate. 

Related: Borrowell vs Credit Karma Comparison


FAQs on Mogo Review

Is Mogo credit score accurate?

The credit score report you receive from Mogo is accurate and calculated based on one of Equifax’s credit scoring models. However, the score will likely be different from the ones you get from TransUnion. Also, lenders may not use the same scoring model as the one used by Mogo.

Is Mogo a good app?

Sure! Mogo is a good app that provides free credit monitoring services, identity protection and many other robust financial products. It serves as a hub for many of the financial products an average Canadian will need to take charge of their everyday finances.

Does Mogo affect credit score?

No. Your credit score will not be affected when you open a Mogo account because Mogo runs a soft check for that. But when applying for a MogoMortgage or personal loan, Mogo may conduct a hard check which can affect your credit score.

How do I pay back Mogo?

Follow the steps below to pay back your Mogo loan at any time: 
Login to your Mogo account
Initiate an in-app chat
Pick “Manage my active loan” from the options displayed and follow the steps.
Once processed, Mogo will deduct the loan automatically from your linked bank account.


Final Thoughts on Mogo Review

This Mogo review is positive. No doubt, Mogo is one of the top fintech apps in Canada that is known for its innovative financial products designed for Canadians. 

From its free credit monitoring services to stock and bitcoin trading, Mogo probably has something for everyone. 

Mogo may only offer monthly updates of your Equifax credit score and report, but the identity protection feature sets it apart from similar services in Canada. But if you’re looking for frequent credit score updates, you can go with either Borrowell or Credit Karma because they report weekly. 

Since each of the free credit score and monitoring apps have their pros and cons with different products, I recommend you choose the one that suits your needs.

Which app are you going with? Let me know in the comment below. 

Related Posts:

Mogo Review

Summary

Mogo is a Vancouver-based financial technology company that’s popular for its free credit score and monitoring services in Canada, also a one-stop-shop for multiple financial products.

Simon is a CPA by day and a Personal Finance Blogger by night. With over a decade experience in financial services, he's passionate about personal finance, investing and helping people take control of their financial life.

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