Mogo Finance provides online loans ranging from $500 to $35,000, with flexible terms of 1 to 12 months. The borrowing process is simple; select the amount and term, apply for the loan, and receive the money. To be eligible, you must be a permanent resident of AB, BC, MB, NB, NL, NS, ON, & PEI, be of legal age, earn at least $13,000 annually, and have stable employment for the past 30 days. For instance, if you borrow $2,000, you’ll pay a fee of $495.16, making your total repayment $2,495.16 over 12 months. Similarly, a $5,000 loan for 6 months would result in a total payment of $6,444, including a $1,444 fee.
Mogo Finance review
Mogo Finance, a financial service provider, offers online loans ranging from $500 to a hefty $35,000. The flexibility in the loan amount is matched by the loan term, which spans from 1 to 12 months. The borrowing process is simple and straightforward, starting with the selection of the desired loan amount and term. Following this, an application for the loan is submitted, and upon approval, the money is received.
The loan terms set by Mogo Finance are quite specific. Only permanent residents of AB, BC, MB, NB, NL, NS, ON, and PEI are eligible. The applicant must have reached the age of majority in their respective province. A minimum annual income of $13,000 is required, and the applicant must have been steadily employed for the last 30 days. This employment can be full-time, part-time, or even self-employment.
The repayment structure is also clearly outlined. For instance, if a loan of $2,000 is taken, a fee of $495.16 is levied, making the total repayment amount $2,495.16 over a term of 12 months. If you opt for a larger loan, say $5,000 with a term of 6 months, you would be looking at a total payment of $6,444, including a fee of $1,444.
In conclusion, Mogo Finance offers a range of loan options with clear terms and conditions, and a straightforward application process, making it a viable option for those in need of financial assistance.
Table of repayments
| Amount | Fee | Total payment | Term |
| $2 000 | $495.16 | $2 495.16 | 12 months |
If you will get the loan of $5.000 with the term of 6 months, your totally payment would be $6 444. The fee is $1 444.