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MogoMini Line of Credit review

Access up to $3,500 via a flexible line of credit available to borrowers with bad credit and low incomes.

If you’re in a financial pinch and you need quick access to cash, a MogoMini Line of Credit provides plenty of flexibility compared to payday loans. Withdraw only what you need, make payments on the interest only, and repay your outstanding principal at any time. But that flexibility comes with high interest rates.

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Interest Rate


Max. Loan Amount


Min. Credit Score

MogoMini Line of Credit at a glance

  • Revolving line of credit
  • Only repay interest on the amount you use
  • Available to bad credit borrowers
  • Low income threshold requirement
  • Small maximum loan amount
  • High interest rate
  • Not available in Quebec or the Yukon

What is Mogo?

Mogo is a Canadian web-based financial company founded in 2003. It offers a broad range of finance products in the areas of borrowing, spending, investing and even credit score tracking. Some of Mogo’s financial products include the Mogo Visa Platinum Prepaid Card (also known as the “MogoCard”), trading app (“MogoTrade“) and Mogo loans. The company’s headquarters is in Vancouver, BC, but offers its products across Canada.

MogoMini Line of Credit features

Loan amount$1,000 – $3,500
Loan termNo end dates
Interest rate47.42%
  • Non-sufficient funds fee: $50
  • Funds transfer fee: $19.99
Serviced provincesBC, AB, SK, MB, ON, NB, NS, NF, PEI, NU, NT.
Basic eligibility criteriaMin. income of $13,000 /year, min. credit score 500
WebsiteGo to site

What we like about the MogoMini Line of Credit

Lines of credit are pretty handy in case of a financial emergency, and MogoMini is no exception. Here’s the lengthy list of perks that come along with a MogoMini Line of Credit:

  • Anyone can apply. Mogo says all borrowers, even those with a bad credit history, can apply. Eligibility requirements are at a baseline: You must be of the age of majority in your province and you must earn a minimun income of $13,000/year.
  • An online-only application process with a quick turnaround on loan decisions. Borrowers can apply for a MogoMini Line of Credit completely online after setting up a Mogo account. You should receive a no-obligation pre-approval within just minutes after applying.
  • Manage your line of credit completely online. Mogo has a user-friendly app and dashboard to help you keep track of your account, including making withdrawals from your line of credit and managing upcoming payments. You can even set up alerts to remind you of an upcoming due date.
  • Cheaper than a payday loan. Mogo suggests that its line of credit is up to 88% cheaper than a payday loan. Its estimates peg MogoMini interest charges at $1.83 per $100 per 14 days, while payday loan rates in B.C., Alberta and Ontario are $15 per $100.
  • Opportunity to “Level Up”. If borrowers keep up with their loan repayments for 3 consecutive months, they can “Level Up”, unlocking opportunities for a higher credit limit of up to $35,000 and lower interest rates from 16.9% to 46.96%.
  • Know your credit score for free. Mogo members receive free Equifax credit score monitoring.
  • Free Mogo Visa Platinum prepaid credit card. Mogo account holders also receive a free prepaid credit card to use with their daily spending.
  • Flexible repayments. Minimum loan repayments cover just your interest and extra fees. You can pay off all or part of your loan whenever you like without incurring any prepayment charges.

What to watch out for

Before you decide to shoulder more debt, it’s wise to take stock of the drawbacks that come with a MogoMini Line of Credit. They include:

  • Steep interest rates. Interest rates are set at 47.42%, which is higher than what you’d get if you applied for a personal loan or line of credit via a traditional lender, such as a bank or credit union. Some online lenders may even have lower interest rates on offer too.
  • Low maximum borrowing amount. You can only borrow up to $3,500 with a MogoMini Line of Credit. This amount may be too low for some borrowers.
  • Potential for additional charges. Borrowers will face some sticker shock from various charges, including email money transfer fees ($19.99) and insufficient funds fees ($50). To waive these charges, borrowers must buy a MogoMini Service Bundle at $14.99 per month to receive perks like free email money transfers, skip a payment twice a year, and priority funding so you receive your cash faster.
  • No in-person interaction. While Mogo has head offices in Vancouver, Surrey and Winnipeg, you can’t visit a physical storefront to receive in-person customer service.
  • Unavailable across Canada. Quebec and the Yukon aren’t serviced by Mogo.

Is Mogo legitimate?

It is. Mogo was established in 2003 and now has more than 1.6 million members borrowing cash via its platform. It has a headquarters in Vancouver, with satellite offices in Surrey and Winnipeg. The fintech company has also garnered several awards, including Apple’s 2019 Apps We Love and a Canadian Mortgage Award for best use of mobile technology. Mogo has been featured on the CBC, the Globe and Mail, Business News Network and the National Post.

Overall, Mogo offers about half a dozen loan products, including personal loans, identity fraud protection, prepaid debit cards and Bitcoin exchange. It started publicly trading on the Toronto Stock Exchange and Nasdaq in 2015.

Summary of Mogo reviews

BBB accreditedNo
BBB ratingA-
BBB customer reviews1.16 out of 5 stars, based on 63 Mogo reviews
Trustpilot score1.6 out of 5 stars, based on 36 Mogo reviews
Customer reviews verified as ofJune 16, 2022

Alternatives similar to the MogoMini Line of Credit

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19.99% - 46.93%

Loan term

No end dates

Loan amount

$100 – $15,000

Min. credit score


Provinces Serviced

Alberta, British Columbia, Newfoundland & Labrador, Northwest Territories, Nova Scotia, Ontario, Prince Edward Island and Saskatchewan

Eligibility Requirements

Min. income of $1,500 /month

Go to site



Loan term

No end dates

Loan amount

$100 (in store), $500 (online) – $10,000

Min. credit score


Provinces Serviced


Eligibility Requirements

No min. income or employment requirements

Am I eligible for a MogoMini Line of Credit?

To be eligible for a MogoMini Line of Credit, you need to:

  • Be a Canadian resident.
  • Meet the minimum age requirement, which varies from province to province.
  • Have a minimum net income of $13,000/year with proof of your income.
  • Have an active bank account in your name with direct deposit capability.
  • Have a valid phone number, mailing address and email address.

How do I apply for the MogoMini Line of Credit?

If you’re ready to apply for a MogoMini Line of Credit, follow these steps:

  1. Click “Go to site” to set up your account and username. Plug in your email address and create your password. Hit “Get Pre-approved”. You’ll need to verify your email address to proceed.
  2. Start your loan application. Fill in your legal name, date of birth, home address and what you’re looking for (a line of credit). Click “Next”.
  3. Fill in prompts on how much cash you’re hoping to borrow, the purpose for your line of credit application, your monthly rent or mortgage payments, and your employment information.
  4. Provide Mogo with your phone number, then click “Check your rate” to receive your no-obligation pre-approval.
  5. If you’re happy with your loan pre-approval, you may proceed with your loan application and identity verification. Chat with a Mogo loan specialist over the phone or online if you have any questions.

How much will a MogoMini Line of Credit cost?

The biggest cost you’ll pay towards a MogoMini Line of Credit is the interest rate of 47.42% on any money you borrow. Other than that, you could be charged a non-sufficient funds fee of $50 or a funds transfer fee of $19.99.

So let’s say you use $2,000 from your MogoMini Line of Credit, which you plan to pay back over the next 9 months. In that example, you would need to pay $268.39 every month. You would end up paying back $2,415.54 in total, which includes $415.54 paid towards interest alone.

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Bottom line

MogoMini has lower interest rates and better terms compared to payday loans, but borrowers with good to excellent credit may find better options with personal loans and lines of credit provided by banks and credit unions. If you have bad credit and are looking for a line of credit, MogoMini is a great contender with plenty of flexibility on repayment options and opportunities to request more funding and lower interest rates later on.

As always, do your homework and comparison shop between lenders before deciding on which loan option and lender you want to go with.

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MogoMini Line of Credit
$1,000 - $3,500
No end dates
Requirements: min. income $13,000/year, min. credit score 500
Go to site
More Info
Apply online and get pre-approved in just 3 minutes. Non-employment income also accepted. Pay back loan at any time.

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Frequently asked questions about the MogoMini Line of Credit

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