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.

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 quote without impacting your credit score: Fairstone

If you’re looking for similar eligibility criteria: Spring

Go to site Read review

Spring Financial Personal Loan

$500 – $35,000
Loan amount

9.99% – 46.99%
APR

6 - 60 months
Term

• Info
• Features
• Details

You can apply for a Spring Financial loan if you're having trouble getting approved for a personal loan via banks or credit unions.

• High-risk applications, such as those with bad credit, can apply.
• No fees for applying, maintenance or any other hidden costs.

• Interest rates of up to 46.99% for bad credit.

Loan amount	$500 – $35,000
APR	9.99% – 46.99%
Term	6 - 60 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

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SkyCap Financial Personal Loan

$500 – $10,000
Loan amount

19.99% – 39.99%
APR

9 - 60 months
Term

• Info
• Features
• Details

Apply online and get approved for financing in as little as 24 hours. SkyCap will work with you so you can get a loan with affordable payments.

• No prepayment penalties, so you can pay off some or all of your balance without fees.
• Easy-to-follow online-only application.

• You must make over $3,333 per month to qualify for a loan.
• Nova Scotia and Quebec are not serviced.
• You must have a credit score of at least 600.

Loan amount	$500 – $10,000
APR	19.99% – 39.99%
Term	9 - 60 months
Interest Rate Type	Fixed
Min. Credit Score	600
Fees	No fees except a $50 NSF fee
Origination Fee	N/A
Turnaround Time	24 hours

If you’re looking for competitive rates: LoanConnect

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LoanConnect Personal Loan

$500 – $50,000
Loan amount

6.99% – 46.96%
APR

3 - 120 months
Term

• Info
• Features
• Details

LoanConnect is an online broker. Fill out 1 application and get matched with multiple loan offers.

• Fast, free and easy to use.
• Get pre-approved within minutes of applying.

• Interest rates up to 46.96%.
• No in-person customer service.

Loan amount	$500 – $50,000
APR	6.99% – 46.96%
Term	3 - 120 months
Interest Rate Type	Fixed
Min. Credit Score	300
Fees	No application, origination or brokerage fees
Origination Fee	0
Turnaround Time	Receive funds within as little as 24 hours.

If you’re looking for fast funding: Loans Canada

Go to site Read review

Loans Canada Personal Loan

$300 – $50,000
Loan amount

6.99% – 46.96%
APR

3 - 60 months
Term

• Info
• Features
• Details

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

• Easy online application
• Quick deposits
• High loan amounts of up to $50,000
• No collateral required to secure your loan

• Interest rates can reach as high as 46.96%
• No online quotes provided

Loan amount	$300 – $50,000
APR	6.99% – 46.96%
Term	3 - 60 months
Interest Rate Type	Fixed
Min. Credit Score	300
Fees	No application, origination or brokerage fees
Origination Fee	0
Turnaround Time	Receive funds within as little as 24 hours.

If you’re looking for a quick, no-obligation quote: Fairstone (unsecured loans)

Read review

Fairstone Unsecured Personal Loan

$500 – $25,000
Loan amount

26.99% – 39.99%
APR

6 - 60 months
Term

• Info
• Features
• Details

Fill out Fairstone's application online and get a free quote without impacting 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.