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Tuesday, 02 September 2014 15:01

Business Spotlight: Mogo Financial

Business Name & Address
Mogo Financial, 104- 2130 Lawrence Ave E, www.mogo.ca, 1-800-980-6646

Brief description of your business

We are a short term financial service company, we offer our customers the choice of loaning online or at our retail stores.
We are up to 90 % cheaper than any Payday loan in Canada or regular cash advance services.
We are out to disrupt the financial services in Canada, small loans and FREE Prepaid Visa cards are only the beginning.

How long has your business been operating in the Wexford Heights area?

We have been operating in Wexford Heights area since February 2007.

Why did you pick Wexford Heights?

Great store location, very assessable to our customers by Transit or walking, lots of parking space.

What makes your business special?

The internet has helped bring a new level of convenience to so many things and we think consumer lending should be next. Borrowing money shouldn’t be full of hassles, headaches and waiting for an approval. Instead, there should be transparency, anytime accessibility, multiple options and the ability to earn better rates and terms, even if you have less than perfect credit. This will be the future of consumer lending and we’re focused on leading the way.
We’re starting with an innovative line of short term loans that challenge conventional wisdom by giving people access to smaller amounts that are meant to be paid back quickly. Long term loans are next, and we’re working hard to launch them as soon as we can. Our “level up” program lets people with not-so-good credit work their way to better rates. Our goal is simple: convenient online access to a full range of loans, no matter what your situation.

Most interesting thing you've witnessed in the neighbourhood?

The Taste of Lawrence is always exciting. Lots of food, drinks, crafts and entertainment. Everyone always seems to be having a great time. This is a great event to help grow your business.

What has changed about your business since you first opened?

Well, we think it’s time for a change, and believe there’s been a real lack of innovation in Canadian financial services. We believe that consumers want more convenient and innovative solutions delivered in a simple and transparent way. We also think that adding a little fun and excitement may be just what the doctor ordered.

What do you enjoy most about your business?

The personal customers interactions. The majority of our revenue are generated from our repeat customers who have been using our services for years.

What is your customer's favourite thing about your business?

We think that one of the biggest problems with consumer credit is that most banks don't want to deal with you unless your credit is perfect. We've designed a model where even people with bad credit can get approval. With our unique Level Up program every loan you pay back helps you earn points towards unlocking the next level, giving you access to more options, lower rates and more money.

Any exciting news or events happening in the next 6 months in your business?

We are about to launch term loans that are suited for consumers with good to great credit, making Mogo the first and only online lender in Canada to offer a full spectrum of loans for anyone looking for fast and convenient access to money, regardless of their credit. Our term loans will start at rates as low as 6.99% on a 3 year term with amounts up to $25,000. All delivered through the same convenient and transparent online experience.