Finance lingo: what does “full spectrum” mean?

You may have heard the term “full spectrum” before—or not, because no other financial brand in Canada is currently full spectrum other than us.

The idea of being full spectrum is essentially about offering a range of products of services for customers with different needs. In financial services, this may mean having different types of savings accounts for people with different savings goals—or, maybe a range of interest rates for people from a wide range of credit backgrounds.

Take Uber, for example. Not only does Uber have the “regular” Uber, there’s also UberBLACK (their super fancy black car service) and uberX (their everyday, less expensive option). And for even lower budgets, there’s uberPOOL for—you guessed it—carpooling. Uber truly has an option for every budget.

What full spectrum means for interest rates

Well, our MogoLiquid rates start at 5.9% and currently go up to 45.9%**. MogoMini and MogoZip have higher rates and are meant to be short-term solutions for people who don't have amazing credit.

By offering this wide range of products, we're allowing more Canadians to open the door to better options, even if your credit’s past track record hasn’t been that great. Being full spectrum also means that we can provide options for our customers who have not-so-great credit to Level Up into lower rates and better products over time.

This way, you’ll have a good shot at improving your financial health, especially with tools that we give you when you sign up, like the MogoCard and credit score. If you do have amazing credit and you can get an unsecured loan at a lower interest rate at the bank, great! We’re all for keeping your cost of borrowing down.

Full spectrum = more options

That being said, MogoMoney is an awesome alternative to:

Sometimes the banks are great, but they’re not always an option. And compared to bouncing cheques and paying NSF and payday loan fees, you could still be saving a ton of interest with a MogoMoney loan—even at a higher rate.

If you’re thinking about getting a loan, why not open a MogoAccount and see what option you qualify for?

*Based on comparison of MogoMini $1.83 per $100 for 14 days (AIR 47.71%) to payday loan rate at maximum provincial rate cap of $21/$100 in Ontario.
**Rates subject to change.