5 loans like Mogo

Mogo is a Canadian fintech company that offers various financial products, including online loans. You can prequalify within minutes and get your funds as soon as the same day. If you’re looking for loans similar to Mogo, check out your options here.

5 loans like Mogo

If you’re looking for flexible repayments: KOHO
If you’re looking for similar eligibility criteria: Spring
If you’re looking for competitive rates: LoanConnect
If you’re looking for fast funding: Loans Canada
If you’re looking for a quick quote: easyfinancial

Finder Score	Costs	Loan Amount	Loan Term
If you're looking for flexible repayments: KOHO
Finder score 8.7 Great KOHO Cover	Finder score 8.7 Great	0% + monthly fee from $2	$20 - $250	Flexible	$75 REWARD Go to siteView details Compare product selection Compare	loading	Why we like it KOHO offers small loans with flexible repayments through its Cover product. Borrow up to $250 and repay it any time without penalty. You can apply online with bad credit and/or low income. Pros & cons Pros No interest No credit check No job or income requirements Easy approval Highly rated app Cons Low loan amounts Required monthly fee

loading

Finder Score	APR Range	Loan Amount	Loan Term
If you're looking for similar eligibility criteria: Spring
Finder score 8.5 Great Spring Financial Personal Loan	Finder score 8.5 Great	9.99% - 34.95%	$500 - $35,000	6 - 84 months	Go to siteView details Compare product selection Compare	loading	Why we like it Spring offers fast online loans, just like Mogo. You can apply if you're having trouble getting approved for a personal loan via banks or credit unions. Repay any time without penalty. Pros & cons Pros High-risk applications, such as those with bad credit, can apply No fees for applying, maintenance or any other hidden costs Cons Interest rates of up to 34.95% for bad credit
If you're looking for competitive rates: LoanConnect
Finder score 8.8 Great LoanConnect Personal Loan	Finder score 8.8 Great	8.99% - 35.00%	$500 - $60,000	3 - 120 months	Go to siteView details Compare product selection Compare	loading	Why we like it LoanConnect is an online loan search platform. Fill out one application and get matched with multiple loan offers. Just like Mogo, people with low credit scores can apply. Pros & cons Pros Fast, free and easy to use Get pre-approved within minutes of applying Cons Interest rates up to 35% No in-person customer service
If you're looking for fast funding: Loans Canada
Finder score 8.6 Great Loans Canada Personal Loan	Finder score 8.6 Great	9.99% - 35.00%	$500 - $35,000	6 - 60 months	Go to siteView details Compare product selection Compare	loading	Why we like it 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. Pros & cons Pros Easy online application Quick deposits High loan amounts of up to $35,000 No collateral required to secure your loan Cons Interest rates can reach as high as 35% No online quotes provided
If you're looking for a quick quote: easyfinancial
Finder score 8.6 Great easyfinancial Personal Loan	Finder score 8.6 Great	9.99% - 35.00%	$500 - $150,000	9 - 240 months	View details Compare product selection Compare	loading	Why we like it easyfinancial is a Mogo alternative that allows you to apply for a quote in minutes with no impact to your credit score and no commitment. Plus, according to easyfinancial, one in three bad credit customers graduate to prime rates after making regular, on-time repayments. Pros & cons Pros Secured and unsecured loan options 2% rate reduction with a co-applicant Cons Steep rates for bad credit Many negative customer reviews

loading

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 live in one of these provinces or territories: BC, AB, SK, MB, ON, NB, NS, PE, NL, YT, NT, NU.
• 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 $35,000
• A minimum credit score of 600
• 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 typically range from 6.99% to as high as 35%, but will vary greatly depending on factors like your credit score, income, term length, lender, and whether or not you're putting up collateral. Bear in mind, you'll need near-perfect credit and a sufficient stream of income to qualify for the lowest rates.

Written by

Leanne Escobal

Senior Publisher

Leanne Escobal is a senior publisher at Finder with more than 13 years of experience in financial products and services, with a focus on content strategy and marketing. She has completed the Canadian Securities Course (CSC®) as well as the Personal Lending and Mortgages course through the Canadian Securities Institute. Leanne holds a Bachelor of Arts (Honours) in English literature and creative writing from Western University. See full bio

Leanne's expertise

Leanne has written 185 Finder guides across topics including:

• Personal Loans
• Car Loans
• Business Loans
• Short-Term Loans
• International Money Transfers
• Make Money Online

Co-written by

Carmen Chai

Writer

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. See full bio