Back to blog

When to Use Small Loans

As we’ve seen, the Canadian family is up against bigger expenses and debt than ever before. At times like these, it’s crucially important to remember how much debt we’ve got, the amount we can tolerate, and the amount of cash we need.

At Mogo, we offer a great low-cost, low-amount loan of $200 (called Mini Money). This is a great loan to take advantage of when you only need a little bit of cash, and don’t want to open yourself up to more debt than necessary.

These are expensive times, and you need a variety of loans to suit your needs and expense tolerance. It’s important when you’re using credit that you remember to get what you need instead of getting what you’re approved for. Just because you get approved for a $3,000 credit card in the mail doesn’t mean you should take that rate – by the same token, why take a $1000 payday loan when you only need a smaller amount?

Small loans like Mini Money are ideal for those small-amount situations. Take the cash you need, with payments under $10 and you’ve got your financial needs covered.

There’s no need to bite off more than you can chew – especially at Mogo where we’ve got your money when you need it (at whatever size you need). For times that you need a bit of a bigger financial boost, check out Zip Money and Pocket Money – with the same 1 hour funding guaranteeas Mini Money, but bigger amounts to borrow.

What are you looking for?

What are you looking for?