Whether you want to secure a competitive interest rate or prefer to obtain quotes without hurting your credit score, Mogo has got you covered. However, it’s important to comparison shop before deciding on a lender, so here’s a look at loan alternatives that are similar to Mogo but may better suit your needs.
5 loans like Mogo
If you’re looking for similar eligibility criteria: Spring If you’re looking for friendly, helpful customer service: SkyCap If you’re looking for competitive rates: LoanConnect If you’re looking for fast funding: Loans Canada If you’re looking for a line of credit: Fora
If you’re looking for similar eligibility criteria: Spring
Loans Canada offers loans for all types of borrowers, including people with fair or bad credit. Fill out an application to get matched with lenders that are open to financing you. You can typically receive your funds in as little as 24 hours
Fora is a suitable option if you're looking for an alternative to Mogo's MogoMini line of credit. You can apply and get approved with a low credit score
Funding as soon as the same business day
A portion of each payment is allocated to the principal
Withdraw as little or as much as you need to
High interest rates
Loan amount
$1,000 – $10,000
APR
19.9% – 46.9%
Term
Open
Fees
$0
How does Mogo compare?
You can read our review of Mogo for more details, but here are the highlights:
Pros
Create a free Mogo account online to see what rates you qualify for. Doing so won’t hurt your credit score.
An easy-to-follow online application from start to finish, with approvals and funding within 1 to 2 days.
Pay off some or all of your loan anytime without incurring prepayment penalties.
Applicants with bad credit will be considered.
Cons
Interest rates reach as high as 46.96% for riskier borrowers.
Residents of Saskatchewan, Quebec, Newfoundland, Yukon, Northwest Territories and Nunavut are not eligible.
What do I need to apply for a personal loan?
To be eligible for a Mogo personal loan and loans like Mogo, you need to meet the following criteria:
You must be a resident of British Columbia, Alberta, Manitoba, Ontario, New Brunswick, Nova Scotia or Prince Edward Island.
You must be at least 18 years old, or the age of majority in your province.
You may also need to have:
A minimum annual income of at least $13,000
A steady income for at least 30 days
A bank statement with your full name, account number and payroll deposit
Bottom line
Mogo is known for allowing borrowers to obtain loan quotes without affecting their credit score, a quick and easy online application, and fast funding. But other players in the online lending space share these features too. Before deciding on a lender, make sure you do your research and compare interest rates, fees and terms of multiple personal loans. You may find an alternative option that will save you money or make it easier to manage your loan in the long run. Compare more personal loans.
When you’re comparing lenders and shopping for a personal loan, you’ll need to zero in on factors such as:
Eligibility criteria to make sure you can qualify
APR, or interest rates and fees to determine the true cost of borrowing
Loan amounts and terms, to make sure you can borrow as much as you need, with sufficient time to repay your loan
Repayment options, including weekly, fortnightly or monthly scheduling, and the option to pay off some or all of your loan without incurring prepayment penalties
Customer reviews, so you know your lender provides great service
You can use your personal loan for virtually anything, as long as it’s legal. Most people use their personal loan to cover emergency expenses, consolidate debts, pay for a major life expense, such as buying a car or planning a wedding, or making renovations to their home.
Personal loan interest rates in Canada will vary greatly, depending on factors such as your credit score, income, term length, lender, and whether you’re putting up collateral or not.
Typically, they range from 3.5% to as high as 47%. Bear in mind, you’ll need near-perfect credit to qualify for the lowest advertised rates. Lenders will also check that you have a steady stream of income that’s sufficient to manage monthly loan repayments.
Carmen Chai is a freelance writer at Finder, specializing in financial products. She is an award-winning Canadian journalist who has lived and reported from major cities such as Vancouver, Toronto, London and Paris. She has reported on personal finance, mortgages, and banking products for nearly a decade.
A detailed review of the features, interest rates, fees, and pros and cons of Fairstone loans.
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