We're going to go out on a limb and say that your bank or credit card company probably doesn't lower your interest rates when you make your payments on time. Well... we do. Because financial responsibility is important to us (and key to Adulting), and if it means using gamification to proactively motivate you to get there, so be it.
At Mogo, we’re constantly looking for ways to make it easier to help people get in control of their financial health. This is where Level Up* comes in.
Here's how it works:
After 12 months, we’ll review your credit profile (things like credit score, how much credit you have outstanding outside of Mogo, etc.). If you've made all your payments on time and your profile looks like it’s still in good shape / hasn’t changed too much (hopefully it’s in better shape because you've amassed months of financial fitness knowledge from Mogo!), we’ll reward you by levelling you up to a lower rate. Either way, if you qualify for Level Up, we’ll let you know, so just focus on making those payments on time as that’s the most important part. ;)