The MogoMini is a line of credit, it is NOT a term loan. Minimum Payments consist of interest and fees for optional services and are automatically withdrawn from your bank account according to your pay frequency. This means that your balance will NOT be paid in full by making only the minimum payments as minimum payments do not include any portion of the principal balance.
For example, if you make every minimum payment for one year and do not make any additional payments, your principal balance will remain the same. You must make additional payments over and above your minimum payment to reduce your principal balance.
The MogoMini line of credit provides you with the flexibility to control your payment amounts. The automatic minimum payment covers the interest and fees while you control your principal payments. How quickly or slowly you pay off your line of credit will be determined by the principal payments you make. You can make payments any time you choose, you do not need to speak/chat with us to make a payment but you can do so if you prefer.
HOW TO MAKE ADDITIONAL PAYMENTS: We have several convenient payment methods: Interac e-Transfer, online banking Bill Payment or direct debit from your bank account. You can use our Support Bot at your convenience 24/7 to set up a principal payment to be automatically withdrawn from your bank with your regular minimum payment on your next scheduled payment date (2 business days’ notice is required). You can also use the Support Bot to request Payment in Full.
Select Loans / Manage Active Loan / Choose Make Extra Payment or Pay in Full.
SELF-SERVE PAYMENT OPTIONS
Email Money Transfer:
- Recipient Name: Mogo
- Recipient Email: email@example.com
- Security Question: Enter whatever you want, it doesn’t matter
- Security Answer: mogomoney
- Personal Message/Memo Field: Enter the "loan number" from your MogoMini line of credit agreement followed by your first and last name. Your "loan number" can be found by logging in to your MogoAccount at mogo.ca/login and accessing your agreements through your dashboard. (If you have been provided with your Customer ID number you can also use that, but do not use the Customer ID number found on your agreement.)
- Principal payments should be in increments of $5 if possible
- Payment received same day
Online Banking Bill Payment:
- Log in to your online banking and access Bill Payments
- Add payee “Mogo”
- Account Number: Enter the "loan number" from your MogoMini line of credit agreement. Your "loan number" can be found by logging in to your MogoAccount at mogo.ca/login and accessing your agreements through your dashboard. (If you have been provided with your Customer ID number you can also use that, but do not use the Customer ID number found on your agreement.)
- Principal payments should be in increments of $5
- Payment received within 2-3 business days
Monitor your line of credit balance with the MogoMini Snapshot, emailed 3-4 days before your minimum payment date. The Snapshot includes current principal balance, minimum payment amount, due date and other important information about your line of credit.
You can pay your balance in full at any time by using any of the above methods. You can request payment in full through the Support Bot. Select Loans / Manage Active Loan / Pay in Full.