How to apply for a loan?
There are different ways to apply for a loan. You can do it online or complete the paper application and mail it to a Mogo branch. For users who want to apply for a loan online, Mogo will provide an instant decision in most cases.
The steps below will show you how easy and fast it is to borrow money from Mogo:
Create a free account. To do it, you need to go to the financial application of the official website of Mogo.
Submit the required information. Once you have created a Mogo profile, you can complete the essential details under "My Details." After that is done, you can submit your application by clicking the "Apply Now" button. You will answer some questions and then submit your loan application.
Review your application. After it is submitted, you will see your loan status at Mogo. When this financial technology company reviews your data, you will receive a notice by email and an SMS to your mobile device. You will know if you have been approved for credit and how much you can borrow as soon as possible after applying.
Get money fast via a direct deposit or cheque/paperless statements. After you have received final approval, Mogo will send a cheque or statement by mail within one day. If the money is electronically deposited directly into your bank account, it can be available in minutes. You can choose whichever way is convenient for you.
Reasons for rejection
Your application may be denied if you have a poor credit score. Generally, you will be rejected if the value of the asset(s) against which you are applying for the loan is less than $25,000. It can be a house, vehicle, or any other type of asset. Suppose you are rejected because your debt is too high, and you would need to pay more than $150 per month on average over the loan term. In that case, you probably will not be approved unless there is a discounted rate or special offer that otherwise qualifies you for a lower interest rate.
