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Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Mogo's pay off

Finanso.Multilogin™

Repayment of loan

There are various options for loan repayment. It includes the following;

  • Bi-weekly repayments;

  • Monthly repayments;

  • One lump sum installment, plus interest and fees on some loans;

  • Separate loan repayments through automatic digital payments from a bank account or a credit card;

  • Loan repayment by cheque.

Loan extension

Suppose you have chosen the option to make repayments by automatic direct deposits or payments from another source. In that case, your loan will automatically extend if you cannot pay your balance in full when due. Once the extended term has ended, the remaining balance will be transferred to a new loan. Ensure that any payment plans offered with your loan include extending the terms if you need longer than initially planned to pay off your credit.

Early repayment

You can make early loan repayments at any time. There are no penalties applied.

FAQ

How can I find out the remaining balance?

To find out the balance remaining, you may contact the Customer Care team by sending a request at the "Contact Mogo" page for the loan amount and the payment schedule you had agreed on. However, if you did not make any payments, the remaining balance would be transferred to a new loan or used to pay off any existing loans.

What to do if the payment has failed?

If the payment has failed, you can contact Mogo's Customer Care team through the official website. If the payment failed several days ago, you should ensure that the loan balance is still applied to your account.

Is it possible to arrange a loan restructuring?

Yes, you may contact the Mogo team and ask for a loan restructuring. You will have to provide all the relevant data regarding your repayment arrangements. If you cannot make installments, there can be some concessions that Mogo may offer, such as choosing a new payment plan or applying for another loan.

What to do if I missed the payment?

The following is certain: you will be charged a late payment fee, and if the missed payment exceeds a certain period, your interest will also increase. However, as long as you made your payment on time for the last six months in a row, Mogo can disregard any missed payments. If you miss any of these six payments, you might not have enough credit history to be approved for another loan with Mogo.

Calculate loan payments in Mogo

Mogo calculator will allow you to calculate an approximate payment schedule for the loan

Loan amount
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Enter the desired loan amount

CAD
CAD
USD
5000 $
35000 $
Loan term
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Specify the loan term for the calculation

months
days
12
60
Province

What to pay attention to when applying for a loan from Mogo

  1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
  2. You can check the availability of the relevant license (copy) at the branch of the lending company.
  3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
  4. Availability of lending policies.
  5. The procedure for applying for a loan.
  6. The procedure for concluding the loan agreement and receiving the payment schedule.
  7. Other conditions for granting loans.

We recommend

  1. To check out the interest rates and frequency. 
  2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
  3. Check whether the loan agreement contains information about the total cost of borrowing.
  4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
  5. Speed of loan processing.
  6. Accessibility – alternative lenders often operate where there are no bank branches.
  7. For the borrower - high interest on the loan.
  8. For an investor, the safety of funds is not guaranteed by the state.

What distinguishes Mogo from banks:

  1. Simplicity - loan processing is less formalized than in a bank.
  2. Fast loan processing.
  3. Accessibility.
  4. For the borrower - high interest on the loan.
  5. For an investor, the safety of funds is not guaranteed by the state.
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