Frequently Asked Questions

If you can’t find the answer you were looking for to your Mogo-question here, give us a shout at 1-800-980-Mogo (6646)

1. (a) What do I need to qualify for Zip Money Loans?

• A minimum annual income of $15,000.
• Be paid through direct deposit.
• Active employment by the same employer for a minimum of 3 months. Mogo loans are not available to customers whose only primary income is derived from pensions, employment insurance, maternity/paternity leave, disability, worker’s compensation or any other government supplements.
• A current bank statement showing 30 days of transactions that clearly identifies your name, account number and your last 2 pay roll deposits.
• A minimum of 1 references we can contact to verify your relationship.
• Your Social Insurance Number (SIN)

1. (b) What do I need to qualify for Pocket Money Loans?

• Minimum net pay of $500 bi-weekly
• Active employment by the same employer for 3 months

Be sure to bring these items to the store with you:

• Most recent pay stub
• minimum 3 months employment at current job
• minimum bi-weekly net pay of $500
• Current bank statement
• if you have online banking you can print your statement out in the store
• Valid government-issued photo ID
• A personal cheque or if you don’t have any cheques an EFT (Electronic Funds Transfer) form from your bank
• Your SIN number (not required but very helpful!)

Worried that you’re missing something? Still have questions?? Just find the store closest to you and give them a call.

2. (a) How long does it take to get my money online?
It depends on what you choose. You can get your money same day, 7 days a week for a small fee or soon as the next business day at no cost. Here are all your options:

Same day money, 7 days a week

As soon as the next business day:

Below are cut off times if you chose to have money deposited into your bank account:

After your first loan you can get reloans funded within ½ an hour during business hours using your free Mogo debit card that you’ll get in the mail.

2. (b) How long does it take to get my money in store?

If you head to one of our stores you’ll walk out with your loan in about 15 minutes, 7 days a week.

Once you’ve borrowed with us once, you can access new loans even faster. Reloans in the store take about 5 minutes… unless you want to take a few extra to catch up with your favourite customer service representative.

3. What hours is Mogo open to serve you?

Mogo customer care centre hours are (in Eastern Standard Time):
Monday to Friday: 8 am to 11 pm | Saturday: 10 am to 6 pm | Sunday: noon to 6 pm

Mogo stores are open Monday to Friday: 8 am to 8 pm, Saturday: 8 am to 6 pm and Sunday: 11 am to 5 pm. All times local.

4. Do I have to Mogo online?

You can Mogo online or in-store – whichever way you’re most comfortable with.

5. Do I have to get a Mogo debit card?

You don’t have to do anything you don’t want to do. You can choose to Mogo via direct deposit, or have a Mogo debit card mailed out to you if you are borrowing online. If you are borrowing at one of our stores you can Mogo via a Mogo debit card or receive a cheque. (Keep in mind, though, that the Mogo debit card it is the fastest and easiest way to re-cash with Mogo and have access to your funds immediately.)

6. Can I Mogo on disability, pension, maternity leave or EI?

Currently Mogo only offers service based on employment. That said, Mogo is always looking into new ways to qualify our customers.

7. Does Mogo do a credit check when I apply for a loan?

That depends on whether you apply online or in one of our 9 stores.

Online we will run a credit check and verify your application information, where as in the store we will not do a credit check but will verify some of your application information. Either way, with 9 out of 10 approval, you know we’re a whole lot easier to impress than the banks.

8. What is Mogo’s approval rating?

9 out of 10 people are approved – those are some pretty good odds. So what makes you one of the lucky 9? We look at a combination of bank activity, employment and, if you’re applying online, your credit score.

9. (a) How much money can I borrow in the stores?

We’ll loan up to 40% of your net pay on your first loan – up to $500 (come on, that’s better than a first date kiss)!

If you come back for more you can borrow up to 60% of your net pay – up to $1500 (well, except for BC residents – legislation has you grounded to 50%). How much you’re actually approved for is based on a bunch of the things listed above, but we’ll try our best to meet your needs.

9. (b) How much money can I borrow with Zip Money?

Loans range from $300 all the way up to $1500.

10. How do you determine my rate for Zip Money?

Simply put, we try to ensure we give you the best rate out there for what we offer… and we offer everyone the same rate… sort of!

Rates do depend on where you live. We’re proud to be licenced lenders in all provinces that have legislation, and our rates are based on those guidelines.

11. How do I re-loan online?

Simple – just send us a current bank statement (which is really simple using our automated process) showing your Mogo payment has cleared, your recent pay and proof of overdraft if you have a negative balance. That’s it… simple eh?

Just click here to reloan now and have your cash loaded to your Mogo debit card within the hour.

12. What’s this “fully automated process” for loaning and reloaning – and will it work for me?

We’re still trying to come up with a catchy name – but the fully automated process is exactly that. You can take a “picture” of your bank online bank statement and submit it through our super simple program. It takes only seconds to download it, and means you can finish your loan application without even leaving your seat – not to mention all the trees you’ll save.

To use our automated process you’ll need Windows XP or later and Internet Explorer 7 or later. If you don’t have online banking access or can’t use the tool you can fax or e-mail us the required bank statement.

Oh… and keep checking this answer… we’re working on making this process even more automated for even more people.

13. There were some changes to the class action refunds, what happened there?

As the total amount of class member claims exceeded the value of the Settlement Fund available to pay the claims, all refunds were calculated as a proportional share of the Settlement Fund. The amount of each claimant’s proportional share was indicated in the June 9, 2011 letter sent to all claimants. However, since that letter was sent out, there was a successful claimant appeal, resulting in the need to pay an additional refund from the Settlement Fund. According to the terms of the Settlement Agreement, the inclusion of this added refund reduced the other claimants’ proportional share of the Settlement Fund, resulting in slightly smaller refunds for everyone.
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