How can I pay down my loan?

Last Updated: Jul 23, 2018 02:55PM PDT

Mogo does all the work when it comes time for you to make a payment. All MogoMoney products come with a pre-authorized debit agreement. This means we set up a pre-authorized debit for the payment amount and payment date according to your agreement.

If you want to make an additional partial or full payment outside of your regularly scheduled date and amount, just follow these steps:
  1. Log into your MogoAccount.
  2. Chat with us through your MogoAccount at least 2 business days before your next payment is due.
  3. Select "Manage my active loan" from the chat menu and follow the steps provided.
Your request will be sent to the appropriate team for processing. The additional payment will be withdrawn from your bank account. 

Remember that payments for some loans don't include any principal amounts, so you need to make extra payments to bring down the principal. Find out more

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