Mogo.ca is tries to present itself as a cool online financial lending company. But truthfully mogo.ca is a sinister and predatory financial lending company with nefarious intentions of scamming the financially gullible.
And gouging people with poor credit history. They are no different from all those shady money and payday lending institutions that you find around the corner in poorer neighbourhoods, only that mogo is worse, they are online.
Mogo.ca tries to portray a youthful, smiley, happy voice, cool generation X type language on their website and thru their customer service agents. Don't be fooled by their happy smiley tone of voice. Mogo.ca is a predatory that has evolved in appearance but deadlier than the rest.
Two months ago after I had seen their advert on the Toronto subway, i got interested. The advert amongst others, promised a free monthly equifax credit score monitoring and reporting service. That to me translates to about 9 dollars a month of free equifax credit monitoring service. So my friend and I signed up for mogo.ca. For me, I did not want a loan, I just wanted the free equifax credit score monitoring service, however my friend wanted a quick small loan of $2500.
1 Mogo.ca had advertised and promised for a free mogo secured credit/debit card on signing up. To this day, I have never got that secure card. When I login online, In place of my mogo secured card, i get an info message that says. mogo card, we are in beta mode, we are sending out invites, you are on the waiting list
2 Mogo.ca advertised and promised an immediate pre-approval for loans based on one's equifax credit score. Its two months now, I have not received any pre-approval for a loan. My online dashboard has an info message that reads: Sorry, you are not yet pre-approved, We are always updating our pre-approval process, stay tuned.
3 Mogo.ca advertised and promised a free equifax credit score. Its over two months now, I have yet to receive any equifax credit score. On my online dashboard, where my credit score would show, There is a permanent error messages that attempts to be cool, and reads: Weird, but looks like the credit bureau doesnt have any data on your credit. Give Equifax Canada a call at 1.800.465.7166
So, I called equifax, they advised me to get my full credit report from their website or wait for a credit report without a beacon score to be mailed to me. I opted to use my own credit card on equifax website and bought my credit report and credit score information, which I hold in my hand this very moment. My equifax beacon score is 822. (Excellent). And guess what?, My equifax report showed that mogo had accessed and queried my credit score twice on the same day of my online application at mogo.ca. One query was a hard query, while the other was a soft query.
I phoned mogo.ca and asked why they seem not to locate my credit information and yet it clearly showed on my credit report that they had queried my credit. Besides, I had also provided to Mogo, my SIN number, date of birth and on top of that, an electronic identity check which is performed by mogo.ca thru equifax at online signing up was successful. My identity had been confirmed or else account creation would have terminated.
After the phone call, all that the mogo agent could say was that they were going to get back to me., I was expecting them to ask me so send some identity documents etc, which they never did.
Even tho I have had a mogo account for over two months, there still remained one problem. I was unable to verify my phone number. The online system was supposed to send me a text message or a voice message to my mobile number so as to verify my number. But no matter how many times i requested a verification online, the system just does not send me the verification code. So, I gave up and left the mogo account dormant for a month until today.
So today, I decided to call mogo.ca to find out what was going on with my account. They finally told me that I was denied a loan. I also asked why I was unable to verify my number, the agent told me to hold on while he checked. Guess what? 2 mins letter, the phone went dead.
So I decided to use their online chat insead to find out why inspite of being employed and having a good credit score without any debts, I would be denied a pre-approval? Besides, I wanted to know if I would still be getting a free equifax credit report every month even if i was denied.
The agent on the chat told me that yes, I would still get a free credit score every month, and that, their system reviews accounts continually and that a NO today maybe a yes tomorrow if my indicators changed to be favourable to mogo.ca lending requirements. So I logged into to my mogo account, and there still was the message, that they were unable to get my equifax credit report, even if they said I was denied. So I decided to call mogo again and ask, since the chat was detiously slow. The agent took a while each time before replying.
The agent on the phone this time was rude, arrogant and very impatient. I asked if indeed mogo had got a copy of my credit report, he could never answer with a yes or no to my question. I asked him if mogo denies people with stella credit reports. He said its the mogo computer system that decides automatically, so he cant answer the question. I asked if they had a copy of ny credit report. He was short of admitting that they had a copy of my credit report from equifax but repeated to me that: "apart from mogo.ca using equifax credit score, be it good or bad, mogo.ca uses complicated algorithms to determine legibility and that these algorithms use multiple indicators like, employment, payment ability, liquidity, earning ratio etc etc". The agent continued to avoid my questions, on what went wrong with my applications. He decided to become rude, he raised his voice in an attempt to psychological intimidate me, so that I would not ask any more why questions, But I just kept calm and asked him instead to calm down and to be patient as well as to hear me out. I think this rattled him. He then changed tactics and tried speaking to me in that mogo type condescending yet happy voice, the voice that an english speaker uses when he encounters a native of a foreign island who does not speak english.
He expected that I would get angry. But I obliged him and calmly persevered. He tried talking to me as if I was stupid and I could not understand mogo.ca algorithms. I just instead humbled down and asked him more questions. It was clear that the agent got irritated and lost his cool. He then said he had to go, there were other customers waiting on the phone line. I accepted his request and asked one more fina question. I asked him how I could close my account. He got angry and lost his cool, he did not anser my question but was, screaming and being tense. "is there anything else i can do for you? He just hanged up the phone on me, before I could say 'no and thank you'.
My friend on the other hand, who has a relatively not great equifax score of 649 and several late payments but no delinquency on his equifax record, was pre-approved for a loan of $1400. He accepted the $1400, and was shocked when mogo.ca debited $220 from his bank account, each month for two months. In his mind he thought that he had paid off $440 of the $1400 loan to mogo.ca. I guess he had not read the fine prints clearly.
When he phoned mogo, Only to find out that the $440 was just the interest and was not the principle. He still owed the $1400 principle to mogo. He nearly had a heart attack. He was livid. He then had to borrow money elsewhere from a friend and paid of the whole amount of the mogo loan. Buy yet to discover that on the third month, there was still another $57, that was debited from his account by mogo. He phoned mogo, to find out what the $57 was for.Tthats when the at first nice happy go lucky voice of the mogo agent, turned from being angelical to devilish. The agent became rude, tried to bully my friend, tried to make it look like it was my friend who is an idiot and he spoke as if my friend was trying to take advantage of mogo.ca. He continued to rumble as if mogo.ca was a savior to my friend, and it was my friend that does not understand mathematics and he was not there to teach him that. My friend was so angry. I had to calm him down. Now he does not want to ever hear the word mogo again. Nor did he get to understand what the $57 dollar debit was all about. He just closed his account with mogo.
I on the other hand, will wait to see if mogo will send me the free credit report, they promised.
It is obvious that mogo agents are trained to handle customers in a certain ways, depending on various situations. But all in all, these mogo agents are trained to be nasty people, like boiler room collection agents. Sadly lots of people are bullied and intimidated by these mogo agents and end up paying thru their teeth and nose. I wonder if mogo agents get any sort of commissions? I also wonder how many of mogos customers have indeed gotten a personal loan at a rate of 5.9%. How honest is their interest rate determining system. So if credit score alone is not the determining factor for what interest rate to charge, what is?
IT IS ALSO BLATANTLY OBVIOUS THAT MOGO.CA HAS BEEN FALSELY ADVERTISING WITH FAKE PROMISES INORDER TO LURE CUSTOMERS TO SIGN UP. MOGO.CA HAS FAILED TO DELIVER ON PROMISES OF SERVICES FOR WHICH THEY ARE INCAPABLE OF DELIVERING AS OF YET.
SO WHY DOES MOGO ADVERTISE FOR SOMETHING THAT THEY STILL DONT HAVE IN PLACE. WHY DONT THEY INFORM PEOPLE THAT THESE SERVICES ARE YET TO COME AT TIME OF ADVERTSISING. THEY MISREPSENT AS IF THE SERVICES ARE ALREADY IN EXISTENT.
IN THAT WAY, I WOULD NOT HAVE WASTED MY TIME SIGNING UP. IT IS PRACTICALLY A SCAM, WHEN A COMPANY LURES NEW CLIENTS WITH PROMISES THAT THEY CANT DELIVER..
Tip for consumers: DONT BELIEVE MOGO.CA. STAY FAR AWAY FROM MOGO.CA THEY ARE JUST A MIRROR AND SMOKE COMPANY WITH CROOKED HANDS IN YOUR WALLET.
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