Mogo Canada offers access to free Equifax credit scores, identity fraud protection, and several other innovative financial products. If you’d like to monitor your credit score without the monthly fees, Mogo can help.
Like Credit Karma and Borrowell, this platform also serves as a comparison platform for rates on loans, mortgages, and more.
This Mogo review covers how it works and whether it is legit.
What is Mogo?
Mogo is a financial technology company with over 1.9 million members.
It has offices in Vancouver, Surrey, and Winnipeg, and held its initial public offering in 2015.
If you are interested in the Mogo stock, it is listed on the Toronto Stock Exchange and Nasdaq under the ticker symbol “MOGO”.
Mogo’s current products include:
- Credit scores
- Identity fraud protection
- Prepaid Visa Card
- Personal loans and mortgages
- Bitcoin trading
- Stock trading
The company recently acquired Moka, a spare change investing app that’s available in Canada and France.
It is also in the process of fully launching a stock trading platform called MogoTrade.
Mogo Free Credit Score
Mogo members get free access to their updated Equifax credit score every month.
Your Canadian credit score is a 3-digit number that ranges from 300 to 900. A higher credit score (700+) tells lenders that you are creditworthy, and they are more open to lending you money.
To get your free Mogo credit score, you need to obtain and activate MogoCard, its prepaid Visa Card offering.
Get the process started here (takes 3 minutes).
If you are looking to improve your score, Mogo provides regular resources and tips on how to raise your score.
Mogo Visa Prepaid Card (MogoCard)
The MogoCard helps you to offset your carbon emissions whenever you pay for purchases using the card.
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This is how it works:
1. Apply for the free Mogo Visa Platinum Prepaid Card and activate it.
2. Every time you tap the card, a tree is planted on your behalf.
To achieve this, Mogo works with the Eden Reforestation Projects through Veritree.
The company offers personal loans through various lending partners.
Loan amounts range from $500 to $35,000 and the interest rate you pay is between 9.90% and 46.96%. You can borrow funds for up to 5 years.
Here are some of the best personal loan options in Canada.
As a mortgage broker, you can also use the platform to find competitive mortgage rates.
Mogo Crypto (Bitcoin Trading)
MogoCrypto is a bitcoin trading app.
After funding with CAD fiat using Interac e-Transfer or wire transfer, you can place crypto trades in just a few clicks.
A price spread (fee) of up to 1% applies to both buy and sell transactions. There may also be mark-ups applied by the crypto exchange Mogo uses.
Mogo has an ownership stake in Coinsquare.
Downsides of MogoCrypto include:
- You can’t move your coins to a personal hardware wallet
- Fees are on the high side
- It only supports Bitcoin trading
Mogo Identify Fraud Protection
This identity fraud protection service sends you an alert whenever there is a hard inquiry on your credit profile.
For example, if a lender pulls your credit record while assessing your application for a new credit card or loan, Mogo will send you an alert.
This can help you detect if your identity has been compromised so you can take urgent action to prevent fraud.
This service is free if you have an active MogoCard.
Note that Mogo only monitors your Equifax credit file.
Mogo credit score is free and there’s no fee to access it as long as you have an active MogoCard.
The same applies to Mogo’s identity fraud protection service.
Mogo loans have interest rates ranging from 9.90% to 46.96%. Other penalties may apply if you don’t make scheduled payments on time.
For MogoCrypto, you pay a 1% fee on all trades plus a mark-up set by Coinsqaure.
The MogoCard is free, however, these fees may apply depending on your use:
- Domestic ATMs: $1.50
- International ATMs: $3.00
- Inactivity fee (after 1 year): $1.99
- Foreign currency transaction fee: 2.50%
Is Mogo Canada Legit?
Mogo Finance Technology Inc. is a legit company that is publicly traded on the TSX.
It is also regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).