At Mogo we’re on a quest to give consumers another option to the credit card life. If you’re like many of us here at Mogo, you’re either currently in credit card debt or have been before. We all know how easy credit cards have made it to spend more than we can pay back.
If you do owe money on a credit card and you can’t afford to pay it off, you may easily find yourself paying just the minimum payment and potentially spending decades paying off your debt.
Big idea #1 – Borrow by the day, not by the decade
We thought there had to be a better way, and that’s how we came up with MogoMini. Taking inspiration from the car sharing movement, where companies like Zip Car and Car2Go now make cars conveniently available to rent by the hour and/or day, we thought that same idea could work for credit.
Instead of giving people access to a big credit limit like credit cards where you can easily find yourself in so much debt that it can take decades to pay off, what about giving people access to a small amount of money (up to $3500) and like car sharing come up with a daily rate of $0.13* per $100 that makes it affordable to borrow money by the day. And, you can get pre-approved without it impacting your credit score!
Questions? Have them answered on our FAQ page