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
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.
No interest
No credit check
No job or income requirments
Easy approval
Highly rated app
Low loan amounts
Required monthly fee
Costs
0% + monthly fee from $2
Loan Amount
$20 – $250
Loan Term
Flexible
Credit Check
No
Turnaround Time
Immediately
Requirements
KOHO account—access higher loan amounts over time by using KOHO for everyday spending, repaying your monthly fees and using its other services
Serviced Provinces
All provinces and territories
Apple App Store Rating
4.8
Google Play Rating
4.3
If you’re looking for similar eligibility criteria: Spring
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.
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 35% for bad credit
Loan Amount
$500 – $35,000
APR Range
9.99% – 35%
Loan Term
6 - 84 months
Serviced Provinces/Territories
All of Canada
Turnaround Time
Within 24 hours
Min. Credit Score
550
Fees
No fees except $30 NSF fee
Requirements
Min. income of $2,000, min. credit score of 550, 3+ months employed
If you’re looking for competitive rates: LoanConnect
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.
Fast, free and easy to use
Get pre-approved within minutes of applying
Interest rates up to 35%
No in-person customer service
Loan Amount
$500 – $60,000
APR Range
8.99% – 35%
Loan Term
3 - 120 months
Serviced Provinces/Territories
All provinces
Turnaround Time
Receive funds in as little as 24 hours.
Min. Credit Score
300
Fees
No application, origination or brokerage fees
Requirements
Canadian citizen or permanent resident, age of majority in your province of residence, current debts must total less than 60% of your income
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 35%
No online quotes provided
Loan Amount
$500 – $50,000
APR Range
8.99% – 35%
Loan Term
4 - 60 months
Serviced Provinces/Territories
All of Canada
Turnaround Time
Receive funds in as little as 24 hours.
Min. Credit Score
300
Fees
No application, origination or brokerage fees
Requirements
Canadian resident, age of majority in your province of residence
If you’re looking for a quick quote: easyfinancial
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.
Secured and unsecured loan options
2% rate reduction with a co-applicant
Steep rates for bad credit
Many negative customer reviews
Loan Amount
$500 – $150,000
APR Range
9.99% – 35%
Loan Term
9 - 240 months
Serviced Provinces/Territories
All provinces
Turnaround Time
Approval within 30 minutes
Min. Credit Score
300
Fees
you may come across non-sufficient funds fees, late payment fees, missed payment fees or admin fees
Requirements
Be a Canadian citizen. Meet the minimum age requirement, which varies from province to province. Be able to demonstrate an ability to make repayments. Min. monthly income of $1,200.
How does Mogo compare?
You can read our review of Mogo for more details, but here are the highlights:
Pros
Create a free Mogo account online to see what rates you qualify for. Doing so won’t hurt your credit score.
An easy-to-follow online application from start to finish, with approvals and funding within one to two days.
Pay off some or all of your loan anytime without incurring prepayment penalties.
Applicants with bad credit will be considered.
Cons
High interest rates apply.
Some complaints online about its poor customer service.
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
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
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.
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.
Leanne Escobal is a publisher at Finder with more than 12 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.
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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.
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Here’s how to get a $500 loan to see you through until your next payday.
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