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Mogo Passes "One Million Loan" Milestone
Tuesday, September 29, 2015Company Profile | Follow Company
Vancouver, BC, September 29, 2015--(T-Net)--Mogo Finance Technology Inc. (TSX: GO) announced today that the company issued its one-millionth loan at the end of July. The Vancouver-based online lender issued the loan to a customer who applied for it and was approved—in less than three minutes—entirely online.
"We've seen a strong increase in new Mogo members, in our customer base, and in repeat customers," said Dave Feller, Mogo founder and CEO. "Mogo is turning the financial services model on its head. We offer personal loans for Canadians that are designed to help them pay off their debt faster and at a lower cost. This milestone is proof that it's working."
The largest online lender in Canada, Mogo reported that it currently processes 30,000 loans per month. Its products, 24/7 online availability, and core commitment to social responsibility have drawn a dynamic and growing community of 130,000+ members—many of whom have recognized Mogo as a smarter alternative to credit cards, according to the company.
"Like Netflix did with home entertainment and car-share programs like Uber are currently doing to auto ownership, Mogo offers a more convenient and responsible financial solution. Something that gets them into financial shape," says Feller. "And we don't just provide products, we also educate our MogoMembers on how to manage their money and use credit wisely through engaging tailored content that we deliver straight to their inboxes and our cross-Canada 'Adulting 101 Road Show' events, which blend workshops and fun nights out, bringing financial education directly to the people. It's the whole package."
Mogo's online lending platform streamlines the loan application process to as little as three minutes. Online lending is only the first step on the path to its vision of a future with a fully digital financial experience—74.6% of its transactions are currently approved instantly, according to the company.
Mogo's most transformative product is MogoLiquid, a one-to-five year term, unsecured personal loan of up to $35,000.
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About Mogo
At Mogo (GO.TO), we are driven by the belief that technology and design can not only transform the way Canadians access financial solutions, but also give them a way to take control of their financial health. Through our online platform, we provide convenience, transparency, a more enjoyable customer experience, and greater value compared with traditional brick-and-mortar financial institutions. Since launching our first online loan product in 2006, Mogo has become the leading online lender in Canada, with over one million loans originated and the only full credit spectrum lender. With our ever-expanding portfolio of innovative and socially responsible financial solutions, including our unique Level Up program, free Mogo Prepaid Visa card, and Member Perks program, we're building a digital financial brand for the next generation of savvy Canadians. To learn more about Mogo—recently referred to as the potential "Uber of banking" by CNBC, Toronto Star and others—visit mogo.ca.
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