How can a MogoLiquid loan help get me out of debt?

Last Updated: Sep 27, 2018 01:49PM PDT

Mogo gives you a loan experience that's fast, easy to use, and transparent. If you’re having trouble keeping up with multiple credit card payments or other bills, or if you just wish there was a simpler solution, a MogoLiquid loan might just change your life. 

MogoLiquid is an instalment loan with a maximum term of about five years, which means that you can use it to pay off your other debt—and get out of debt way faster. Because you have a set term, you’ll know that once your term’s up, your loan will be paid off! This is unlike credit cards, which could take you up to 85 years to pay off if you were to make just the minimum payment. (Don’t believe us? Take a look at the fine print on your last credit card statement.)

Instalment loans can be a good option for consolidating your debt. This means you would take out a single loan at Mogo and use it to pay off debt at other places. Then, you’d continue to pay toward just the one loan until it’s paid off.

Here’s why that’s great:
  • You’ll only have one payment to worry about versus several.
  • You’ll only be paying interest to one place.
  • In the case of MogoLiquid, you’ll know that once your term’s up, so is your debt!
  • It can protect your credit score, especially if your utilization ratio is over 70% on a different credit product (e.g. if you have a $700 or more balance on a credit card with a $1000 limit).

Plus, you’ll get the added benefit of a free monthly credit score monitoring through your MogoAccount to help keep track of your financial health.

To see if you qualify for a MogoLiquid instalment loan, sign up for a MogoAccount. It only takes 3 minutes to sign up, won’t affect your credit score, and you’ll receive a decision instantly. Sign up now.

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