Imagine securing a loan in the same way we now hail a taxicab—online and done within minutes. If Vancouver's Mogo Finance Technology has its way, everyone will be able to get access to low-interest-rate loans within 180 seconds by just filling out a bit of information on its site.
The company, which was started by David Feller and his twin brother Greg in 2003, said it's trying to disrupt the credit card and payday loan markets by giving people who are in debt money to pay off their high-interest-rate credit cards. So far, Mogo's only available in Canada, but Feller does want to eventually let Americans use the site.
There's no customer service representative and no bank branch to visit—it's all about the user experience, just like Uber, said David Feller, Mogo's CEO.
"If we look out 10 years from now, customers are going to look for an Uber-like experience across the board, including with financial services," he said. "Our software has been designed properly, so there's no need to talk to a rep; it's intuitive, just like Uber."