The MogoMini Service Bundle is an optional add-on to complement our MogoMini line of credit product. For a recurring flat fee, you'll get the following benefits along with your line of credit:
Free Moka Account
Moka is an automated saving and investing app designed to help Canadians achieve financial freedom. Just sign up by visiting www.moka.ai which will direct you to install the Moka app. Upon successful sign up, the regular subscription fee for Moka will be removed. Moka costs up to $15 a month, but is free with your MogoMini Service Bundle. Moka has been helping Canadians save and invest since 2017. Saving money can be hard, but with Moka you can start with as little as $5 a week and the automated Moka experience will take it from there. You choose what to do with the money you’ve saved and invested. Use it to pay down debt, pay for a vacation or save for retirement. All at no cost to you while you’re an active MogoMini Service Bundle member.
Skip a Payment Twice a Year
Need extra time to make your regularly scheduled payment? Twice a year (once every 6 month period), we will allow you to skip your minimum payment. That means we’ll completely waive the interest and fees that you’d be charged otherwise. You may also use this benefit if you missed a payment but repay it back within 5 business days, which allows you to also waive the dishonoured payment fee.
Free Email Money Transfer Funding – a $19.99 fee
Re-Accessing Funds Waiting Period Waived
If your MogoMini line of credit is paid in full and you wish to re-access funds, we will waive the three day waiting period to ensure your previous payment has cleared first. However, you must provide a bank statement that shows the payment clearing your account and your account must have a positive balance.
Dishonoured Payment Fee Waived
If your payment is returned and you remit the defaulted payment within 5 business days, we will waive the Dishonoured Payment Fee ($25 in AB or $50 all other provinces). You can use this benefit in conjunction with the Skip a Payment benefit.
Mogo has the ability to call your MogoMini line of credit due in full if you default on or miss any payment. With the MogoMini Service Bundle, your MogoMini will remain in good standing if you miss one payment. Based on your history, Mogo may allow up to two missed payments before closing your MogoMini line of credit and calling the outstanding balance due in full.
Your line of credit advance will be immediately placed at the front of our queue, helping you get your money even faster.
All benefits will be detailed in your agreement. The fee for the MogoMini Service Bundle is $15.99 or $16.99 based on principal balance, payable on each minimum payment due date.