A digital financial brand for the next generation of consumers leads a growing revolution in personal finance.
VANCOUVER, Sept. 29, 2015 /CNW/ - Mogo Finance Technology Inc. (www.mogo.ca,TSX: GO) announced today that the company issued its one-millionth loan at the end of July. The Vancouver-based online lender issued the loan to a customer who applied for it and was approved—in less than three minutes—entirely online.
It was an expected milestone for Mogo, the company that is bringing much needed disruption to the financial status quo with smart solutions for the next generation of consumers. "We've seen a strong increase in new Mogo members, in our customer base, and in repeat customers," said Dave Feller, Mogo founder and CEO. "Mogo is turning the financial services model on its head. We offer personal loans for Canadians that are designed to help them pay off their debt faster and at a lower cost. This milestone is proof that it's working."
The largest online lender in Canada, Mogo processes 30,000 loans per month. Its products, 24/7 online availability, and core commitment to social responsibility have drawn a dynamic and growing community of 130,000+ members—many of whom have recognized Mogo as a smarter alternative to credit cards. Online lending is only the first step on the path to Mogo's vision of a future with a fully digital financial experience.
Mogo is leading the charge in a fundamental shift in how Canadians view their personal finances. Debt-averse millennials are moving away from brick-and-mortar banks in search of a digital experience that encompasses greater convenience, transparency, and a packaged solution to debt. In doing so, Mogo hopes to not only improve, but also revolutionize the traditional banking experience. The Millennial Disruption Index reported that 71% of millennials would rather go to the dentist than listen to what banks are saying,* and a companion study by U.S. media corporation Viacom revealed that 33% believe they won't need a bank at all in the future.**
"Like Netflix did with home entertainment and car-share programs like Uber are currently doing to auto ownership, Mogo offers a more convenient and responsible financial solution. Something that gets them into financial shape," says Feller. "And we don't just provide products, we also educate our MogoMembers on how to manage their money and use credit wisely through engaging tailored content that we deliver straight to their inboxes and our cross-Canada 'Adulting 101 Road Show' events, which blend workshops and fun nights out, bringing financial education directly to the people. It's the whole package."
Time is money, which is why Mogo's innovative online lending platform streamlines the loan application process to as little as three minutes. Online lending is only the first step on the path to its vision of a future with a fully digital financial experience—74.6% of its transactions are currently approved instantly. Mogo's most transformative product is MogoLiquid, a one-to-five year term, unsecured personal loan of up to $35,000. It features:
- Rates as low as 5.9%—up to 70% cheaper than a credit card (with 19.9% interest rate)
- Terms of up to five years—with minimum payment, customers can get out of debt in a maximum of only five years
- Mogo's unique Level Up program, which lowers your rate every 12 months with on-time payments
Mogo is not just about convenience or technology; the company offers products that set consumers on a path out of debt and toward financial health. These all come backed by a 100-day money-back guarantee and dedicated customer service from Happiness Experts. At Mogo, membership is a right and not a privilege. It promotes social responsibility in a variety of ways: its Level Up program that lowers MogoMembers' rates over time; Smart Alerts that remind MogoMembers of payment due dates; and continuing financial content that both educates and inspires readers to lead them toward a lifestyle of financial health.
People can sign up for free with no obligation at mogo.ca to become a MogoMember and see which of the full range of loans they qualify for.
MogoMembers will receive priority invitations to get a second generation MogoCard, which is Canada's first and only free prepaid Visa Card with Chip & PIN and Paywave, multiple designs, and no monthly fee (or the accompanying soaring interest rates). It gives customers the financial control of a debit card with the convenience and flexibility of a credit card. Membership also opens the door to MogoPerks giveaways and access to cool events in Mogo's key markets across the country.
Mogo. Do more. Spend less.
At Mogo (TSX: GO), we are driven by the belief that technology and design can not only transform the way Canadians access financial solutions, but also give them a way to take control of their financial health. Through our online platform, we provide convenience, transparency, a more enjoyable customer experience, and greater value compared with traditional brick-and-mortar financial institutions. Since launching our first online loan product in 2006, Mogo has become the leading online lender in Canada, with over one million loans originated and the only full credit spectrum lender. With our ever-expanding portfolio of innovative and socially responsible financial solutions, including our unique Level Up program, free Mogo Prepaid Visa card, and Member Perks program, we're building a digital financial brand for the next generation of savvy Canadians. To learn more about Mogo—recently referred to as the potential "Uber of banking" by CNBC, Toronto Star and others—visit mogo.ca.
SOURCE Mogo Finance Technology Inc
For further information: Marci Hotsenpiller, Zinc Public Relations, Tel: (250) 650-6524, [email protected]