5 loans like Mogo

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.

Our top 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: goPeer
If you’re looking for fast funding: FlexMoney
If you’re looking for a quote without impacting your credit score: Fairstone

If you’re looking for similar eligibility criteria: Spring

Finder Rating: ★★★★★ 4 / 5 Go to site Read review

Spring Financial Personal Loan

$500 – $15,000
Loan amount

17.99% – 46.96%
APR

9 - 48 months
Term

• Info
• Features
• Details

Spring Financial is a viable option for borrowers with fair or bad credit who are having trouble getting approved for a personal loan via traditional lenders like banks or credit unions. And if you find yourself in a unique financial situation, Spring Financial may still help you with a loan, but you might need personal references and employment verification. You can apply for funding over the phone or online.

• High-risk applications, such as those with bad credit, can still apply.
• Flexible loan amounts ranging from $500 to $$15,000.
• No fees for applying, maintenance or any other hidden costs to use Spring's services.
• Loan repayments that start as low as $37 every 2 weeks.

• Interest rates of up to 46.96% if you have less-than-perfect credit.
• You may need to provide personal references and employment verification.

Loan amount	$500 – $15,000
APR	17.99% – 46.96%
Term	9 - 48 months
Interest Rate Type	Fixed
Min. Credit Score	500
Fees	No fees except $30 NSF fee
Origination Fee	N/A
Turnaround Time	Within 24 hours

If you’re looking for friendly, helpful customer service: SkyCap

Finder Rating: ★★★★★ 4.1 / 5 Go to site Read review

SkyCap Financial Personal Loan

$500 – $10,000
Loan amount

12.99% – 39.99%
APR

9 - 60 months
Term

• Info
• Features
• Details

You can qualify for a loan of up to $10,000 with SkyCap. Simply apply online and get approved for financing in as little as 24 hours. Interest rates start at 12.99%, which is higher than Mogo's 9.9%. However, loans cap at $10,000 compared to Mogo's $35,000, so if you need a larger amount of funding, this may not be your top choice. You'll also need a credit score of at least 550 and a minimum monthly income of $1,600.

• No prepayment penalties, so you can pay off some or all of your balance without fees.
• Lock-in terms ranging from as short as 9 months up to 5 years.
• Easy-to-follow online-only application, with decisions on your loan request within 24 hours.

• You must make over $1,600 per month to qualify for a loan.
• Nova Scotia and Quebec are not serviced.
• You must have a credit score of at least 550.

Loan amount	$500 – $10,000
APR	12.99% – 39.99%
Term	9 - 60 months
Interest Rate Type	Fixed
Min. Credit Score	550
Fees	No fees except a $50 NSF fee
Origination Fee	N/A
Turnaround Time	24 hours

If you’re looking for competitive rates: goPeer

Finder Rating: ★★★★★ 3.6 / 5 Read review

goPeer Personal Loan

$1,000 – $25,000
Loan amount

8% – 33.92%
APR

36 - 60 months
Term

• Info
• Features
• Details

goPeer is a great option if you're searching for lower interest rates and you have a solid credit history. It's a peer-to-peer online lending platform: Apply for a loan within 10 minutes, get an instant quote, and receive loan offers within 1 business day. The interest on your loan is paid directly to the people who lent to you, which is a neat feature too. Lean towards Mogo if you don't have good credit, though.

• If your credit score is strong, you may be able to score interest rates even lower than what banks can offer.
• An easy-to-use online platform for applying and perusing loan quotes and offers.
• Your loan is provided by fellow Canadians interested in investing and helping out peers.
• Pay off some or all of your loan without incurring any prepayment penalties.

• Interest rates that can creep up to as high as 33.92%.
• No in-person customer service if you prefer visiting a physical branch.
• Expect a one-time origination fee that's worked into your APR.
• Only accepts borrowers with a credit score of at least 600.

Loan amount	$1,000 – $25,000
APR	8% – 33.92%
Term	36 - 60 months
Interest Rate Type	Fixed
Min. Credit Score	600
Fees	Origination fee varies No application or prepayment fees
Turnaround Time	Receive a response within 24 hours of your loan application

If you’re looking for fast funding: FlexMoney

Finder Rating: ★★★★★ 4 / 5 Go to site Read review

FlexMoney Personal Loan

$500 – $15,000
Loan amount

18.9% – 46.93%
APR

6 - 60 months
Term

• Info
• Features
• Details

FlexMoney calls itself one of the fastest loan providers in Canada. Borrowers can apply for a loan anywhere between $500 and $$15,000 via a quick online-only application. Within minutes of submitting your application, FlexMoney provides you with an instant decision, with funds released within 24 hours directly to your bank account. All loan payments are automatically withdrawn from your bank account. You can design your repayment plan with weekly, fortnightly or monthly scheduling.

• Expect a quick online application with pre-approvals within 15 minutes.
• Flexible repayment plans with weekly, fortnightly or monthly scheduling.
• Loans that range from $500 up to $$15,000.

• Steep interest rates, starting at 18.9% to as high as 46.93% if you have bad credit.
• Your credit score is pulled to help FlexMoney determine what rate to offer you.
• You must have a minimum income of at least $2,000 per month.

Loan amount	$500 – $15,000
APR	18.9% – 46.93%
Term	6 - 60 months
Interest Rate Type	Fixed
Min. Credit Score	500
Fees	No application, origination or prepayment fees
Turnaround Time	Receive funds within as little as 24 hours

If you’re looking for a quote without impacting your credit score: Fairstone (unsecured loans)

Finder Rating: ★★★★★ 3.9 / 5 Read review

Fairstone Unsecured Personal Loan

$500 – $25,000
Loan amount

26.99% – 39.99%
APR

6 - 60 months
Term

• Info
• Features
• Details

Fairstone and Mogo share a similar selling point: Fill out a simple online application and receive a loan quote within minutes, without any obligation to take the loan and without any impact to your credit score. Fairstone's unsecured loans start at 26.99%, which is much higher than Mogo's 9.9%. They also cap out at $25,000 instead of Mogo's $35,000.

• Get a quick, no-obligation quote without hurting your credit score.
• Choose between applying online or in person, with 240 branches across Canada.
• Receive help from a one-on-one Lending Specialist to set up your loan.
• Flexibility with loan repayments, with a weekly, fortnightly or monthly schedule.

• Interest rates are quite high, to the tune of 26.99% to 39.99%.
• Loans cap out at $25,000, which is lower than Mogo's offering.

Loan amount	$500 – $25,000
APR	26.99% – 39.99%
Term	6 - 60 months
Interest Rate Type	Fixed
Min. Credit Score	525
Fees	No application, origination or prepayment fees
Origination Fee	None
Turnaround Time	Within 24 hours

How does Mogo compare?

You can read our review of Mogo for more details, but here are the highlights:

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.

Frequently asked questions

• How do I compare 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

• What can I use a personal loan for?

  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.

• What are the interest rates of personal loans?

  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.