6 Loans Like Mogo

Mogo is a Canadian fintech company that offers various financial products. It used to offer both online personal loans and lines of credit, but it has lately pivoted towards its line of credit. You can prequalify within minutes and get your funds as soon as the same day.

If you’re searching for loans similar to Mogo, check out your options here.

6 loans like Mogo

Finder Score	Costs	Loan Amount	Loan Term
If you're looking for flexible repayments: KOHO
8.8 Great KOHO Cover	8.8 Great	0% + monthly fee from $2	$20 - $500	Flexible	$75 REWARD Go to siteView details Compare product selection Compare	loading	Why we like it KOHO offers small loans through its Cover product. Like Mogo, payments are flexible. You can repay the balance anytime with no late fees. Borrow up to $500 even 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
If you're looking for a small line of credit: Nyble
9.3 Excellent Nyble Credit Line	9.3 Excellent	0%	$30 - $250	31 days, extendable	Use code CFIND1J to get 500 extra points and a $5 higher approval. T&Cs apply.	Go to siteView details Compare product selection Compare	loading	Why we like it Like Mogo, Nyble offers a small line of credit with flexible repayments. Payments are reported to the credit bureau, which helps boost your credit score. Nyble's main competitors, KOHO and Bree, don't offer credit building for their small loans. Pros & cons Pros No interest No credit check Instant funding available if you get the premium membership Free advance if you opt for standard delivery, which takes 1 to 3 days Cons You can only borrow up to $250 $11.99 monthly fee required for instant funding
If you don't want to pay a monthly fee: Bree
8.8 Great Bree Early Pay	8.8 Great	0%	$20 - $750	Next pay cycle	Refer a friend and get a $20 credit limit increase on your next withdrawal. T&Cs apply.	Go to siteView details Compare product selection Compare	loading	Why we like it Unlike Nyble and KOHO, Bree doesn't charge a monthly fee for instant funding. Instead, you pay a fee per instant transfer, which costs $2.99 – $45.99. But there is another option: if you're okay waiting 1 to 3 days, Bree won't charge you any fees. Finally, you have up to 90 days to repay your loan, which is less flexible than Mogo's line of credit, but better than payday loans. Pros & cons Pros No interest No credit check Instant funding available Easy signup process Cons High transfer fees for larger loan amounts You can only borrow up to $750

loading

Finder Score	APR Range	Loan Amount	Loan Term
If you're looking for easy eligibility criteria: Spring
8.5 Great Spring Financial Personal Loan	8.5 Great	9.99% - 35%	$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 35% for bad credit
If you're looking for competitive rates: LoanConnect
8.8 Great LoanConnect Personal Loan	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
8.6 Great Loans Canada Personal Loan	8.6 Great	9.99% - 35.00%	$500 - $50,000	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 $50,000 No collateral required to secure your loan Cons Interest rates can reach as high as 35% No online quotes provided

loading

How does Mogo compare?

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

What do I need to apply for loans like Mogo?

To be eligible for loans similar to Mogo, you’ll need to meet the following criteria:

• Be of the age of majority (18 or 19)
• Have an active bank account with direct deposit
• Have a stable income in the last 3 to 6 months

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 online loans?

  When you're comparing lenders and shopping for an online 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, biweekly 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 loan for?

  You can use your loan for virtually anything; however, high-interest loans such as Mogo's line of credit are best used for emergencies only.

• 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

Add to Preferred Sources

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 202 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