If you have searched online for how to obtain your free credit score in Canada, you will likely have come across Mogo, one of three companies offering this service. The other two are Borrowell and Credit Karma.
In addition to free credit scores, Mogo offers online personal loans, mortgages, identity protection, a prepaid debit card, and a cryptocurrency trading platform.
Read this Mogo review to learn all you need to know about the company.
Who is Mogo?
Mogo Inc. is a fintech company that was founded in Canada in 2003. Its headquarters is in Vancouver, and the company also has offices in Toronto and Winnipeg.
Mogo is listed on the Toronto Stock Exchange and Nasdaq, and the Mogo stock goes by the ticker symbol “MOGO.”
As of 2023, Mogo states that it has over 1,600,000 members.
The company offers several products, including personal loans, identity fraud protection, mortgages, prepaid debit cards, and free Equifax credit score checks.
Users can easily access all these services using the Mogo app on both iPhones and Android devices.
1. Mogo Credit Scores
The days when Canadians paid $20 a pop to access their credit scores are gone. Now you can easily obtain your free score and credit report from three fintech companies:
- Mogo: Equifax credit score that is updated monthly (offered when you sign up for the free Mogo prepaid card).
- Borrowell: Equifax credit score and report that is updated weekly.
- Credit Karma: TransUnion credit score and report (updated weekly).
Some banks also offer these free services, so check your bank account dashboard to see if free credit scores are available.
The two main credit bureaus in Canada are Equifax and TransUnion. It is advisable that you monitor your credit using both services since their credit rating and reports can be different.
Note that while the credit score check is free, these companies may send you credit card offers through email based on your credit rating information. If you choose to apply for a credit card based on these emails, they are paid a commission by the card issuers.
2. Mogo Prepaid Debit Card
The Mogo Visa Platinum Prepaid card is currently only available to a select group of Mogo members. You can load up the card with up to a maximum of $10,000 CAD and easily link it to your bank account.
Similar to other prepaid cards in Canada (STACK and KOHO) that offer cashback rewards and budgeting capabilities, this MogoCard offers:
- No monthly account fees
- Real-time notifications and spending insights
- One pound of CO2 offset for every dollar spent
Some of the fees that may become applicable depending on your use of the card and which can add up are:
- Domestic ATM: $1.50
- International ATM: $3.00
- Cashload at Canada Post: $3.00
- Account inactivity fee: $1.99
- Foreign currency transaction fee: 2.5%
3. Mogo Identity Fraud Protection
This service is referred to as MogoProtect and alerts you of potential threats to your identity, e.g. if they suspect that a fraudster is using your personal information to apply for credit.
When there are hard credit inquiries on your file, Mogo sends you an email notification within 24 hours so you can take quick action to remedy the problem if the inquiry points to fraudulent activity. This can save you a lot of stress and money.
This service is similar to the paid credit monitoring service offered by TransUnion and Equifax; however, you can get it free of charge as a Mogo user.
If all you want is your credit report, the credit bureaus must provide that to you once a year upon request. However, this is not available to you monthly.
4. Mogo Mortgage
Mogo’s mortgage brokerage service is exclusively online and offers fixed and variable rates. I have actually found their posted rates to be highly competitive compared to those posted by the Big banks.
As per the Mogo website, you can apply for preapproval if you have a minimum credit score of 640, a minimum 5% down payment, and a source of income to cover your monthly payments.
Looking for the best mortgage rates in your area?
5. Mogo Personal Loans
Mogo offers a variety of online installment loans – MogoLiquid and MogoMini.
This personal loan service is similar to the kinds of loans that you can obtain through LoanConnect, a personal loan search engine in Canada.
MogoLiquid offers borrowers $500 to $35,000 for up to a 5-year term. The interest rates on MogoLiquid loans are from 9.9% to 46.96%.
MogoMini offers borrowers loans from $1,000 to $3,500 with a 47.42% AIR. For example, if you borrow $1,000 for one year, your total repayment is $1,474.20 (excluding optional fees and services).
Is Mogo Legit?
Yes, Mogo is a legitimate company that is publicly traded on the Toronto Stock Exchange and Nasdaq. As per its website, the company uses bank-type security to protect your data.
They may also share your information with their marketing and affiliate partners.
Bad Credit Loans in Canada
The fact is that if you have bad to poor credit, your chances of qualifying for a loan at competitive rates are really low.
What are your choices if you need to borrow money with bad credit?
Bank: Visit your bank to determine if you qualify for a loan. They may deny you outright, or you may be offered a high-interest loan that is significantly cheaper than a credit card or payday loan.
Use a Credit Card: Cash advances on credit cards come with interest rates in the 20% to 25% range (plus upfront fees of 1-3%). While this will cost you dearly, it is cheaper than a 600% APR payday loan.
There are also credit cards for bad credit with lower rates on cash advances. Pay off your credit card balance in full as soon as possible.
Apply for a Loan Online: Companies like LoanConnect, Borrowell, and Mogo offer personal loans for all kinds of credit.
- Loan Connect: A search engine for loans up to $50,000 and rates from 6.99% APR to 46.96% APR.
- Mogo Loans: Offer loans up to $35,000 with rates from 9.9% to 46.96%.
Frequently Asked Questions
Checking your score won’t affect it because it is considered a soft inquiry or check. However, if you proceed to apply for their other products, e.g. mortgages or loans, a hard check is conducted and may impact your credit score.
MogoCard is their Visa prepaid card which is currently available on a limited basis.
A credit score of less than 650 is seen as bad to fair; 650-750 is considered a good credit score, and 750-900 is excellent.
You can chat with their customer service online or call them at 1-800-980-6646.
The Mogo app allows members to access all Mogo services using their smartphones. It is available on the App Store and Google Play.
Mogo is not a payday company.
Yes, Borrowell is a legitimate company with over 1 million members in Canada. It uses bank-level encryption to protect your private information. If you choose to apply for a credit card through Borrowell, the credit card companies pay them a referral fee. Checking your credit score with Borrowell does not hurt it.
Yes, Credit Karma is a legitimate company that offers free credit score checks in Canada and the United States.
In my opinion, the Mogo free credit score and identity fraud protection services are worth signing up for as part of your personal finance management.
Related: Best Bitcoin Trading Apps in Canada.
2 thoughts on “Mogo Review 2023: Free Credit Scores and Loans”
I have had Mogo account for over 2 years now. Adding to the Cons side of Mogocrypto, they will not issue any statement that reflect your holding. Imagine if the company go under or the website get shut down, what do account holder has to prove ownership? It does not make sense that account holder do not have prove of ownership of our hard earned money.
I use their protection, bitcoin, and prepaid services and so far so good. Fast e-transfers or you can link it to your bank. Feel free to use my referral code so we can get $10 each!