kurtzfan Posted November 27, 2015 Share Posted November 27, 2015 Mogo- Has anyone heard of this company? Instead of getting line of credits, my friend decided to take the loan from Mogo. The amount you get will be based on your credit score. Min. can be $500. He mentioned that the interest rate is much lower than the banks. Is this company reliable? https://www.mogo.ca/ Link to comment Share on other sites More sharing options...
nuckin_futz Posted November 27, 2015 Share Posted November 27, 2015 ` Link to comment Share on other sites More sharing options...
jstewboy Posted November 27, 2015 Share Posted November 27, 2015 I've heard nothing but bad things about this company. Look up some reviews from previous customers of theirs. Link to comment Share on other sites More sharing options...
RRypien37 Posted November 27, 2015 Share Posted November 27, 2015 Don't borrow money unless it's a life and death situation. The vicious cycle of debt will swallow you whole as soon you jump in. Link to comment Share on other sites More sharing options...
literaphile Posted November 27, 2015 Share Posted November 27, 2015 17 minutes ago, RRypien37 said: Don't borrow money unless it's a life and death situation. The vicious cycle of debt will swallow you whole as soon you jump in. I'm not endorsing this particular lender (know nothing about it), but that's bad advice. Unless, of course, you can afford to purchase real estate with cash? Otherwise, following your advice, most people could never afford to buy a home. Link to comment Share on other sites More sharing options...
RRypien37 Posted November 27, 2015 Share Posted November 27, 2015 39 minutes ago, literaphile said: I'm not endorsing this particular lender (know nothing about it), but that's bad advice. Unless, of course, you can afford to purchase real estate with cash? Otherwise, following your advice, most people could never afford to buy a home. A mortgage being an exception of course. I meant for cars, clothes, TV's ect ect. Link to comment Share on other sites More sharing options...
inane Posted November 27, 2015 Share Posted November 27, 2015 Don't know mogo, but this sounds dumb. Link to comment Share on other sites More sharing options...
Lancaster Posted November 27, 2015 Share Posted November 27, 2015 Never a bad idea if you're trying to consolidate previous debt with much higher interest rates. Those short-termed ones for like $500 has APR of like 30%+. Link to comment Share on other sites More sharing options...
taxi Posted November 27, 2015 Share Posted November 27, 2015 I seriously doubt they have lower interest rates than the bank, at least not for anyone that actually needs the money. It's much harder to get a loan from a bank, and the interest rates tend to be lower. Money lenders like Money Mart, Money Tree, etc... will give a loan to anyone, but charge higher rates in order to account for the extra risk created by having more loans that might not get paid back. I can't see how a company like Modo would be able to give low interest rate loans and still operate. Maybe they work on a sliding scale via credit score? Link to comment Share on other sites More sharing options...
AlphaHoneyBadger Posted November 29, 2015 Share Posted November 29, 2015 On 11/26/2015, 8:59:36, RRypien37 said: Don't borrow money unless it's a life and death situation. The vicious cycle of debt will swallow you whole as soon you jump in. Less than .00002% of the worlds population lives that way, it isnt practical. A better suggestion would be to live beneath your means by 10% Link to comment Share on other sites More sharing options...
RRypien37 Posted November 29, 2015 Share Posted November 29, 2015 1 hour ago, AlphaHoneyBadger said: Less than .00002% of the worlds population lives that way, it isnt practical. A better suggestion would be to live beneath your means by 10% It is very practical. The problem with the first world is we have been taught and desire to live past our means. Coupled with consumerism and materialism results in the percentage you stated. I doubt the number is that low, considering majority of the impoverished third world doesn't even have the ability to take out a loan. Link to comment Share on other sites More sharing options...
Offensive Threat Posted November 29, 2015 Share Posted November 29, 2015 Heres something fun buried in the small print at the bottom of Mogos main webpage. Its even in an almost impossible to read font.: † MogoLiquid – O.A.C. installment loans from $5,000 to $35,000 with rates from 5.9% to 39.9% APR with terms of one to five years.‡ MogoMini – Based on 39.9% AIR and bi weekly payments, not including optional fees or services. Yes thats right. 39.9% interest PLUS fees. Even if you wouldnt be paying anywhere near that percentage it lets you know who you are dealing with. legalized loan sharks. Link to comment Share on other sites More sharing options...
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