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Apply for a Mogo personal loan of up to $35,000 with terms ranging from 6 - 60 months. If you return the principal within 100 days, you can get your paid interest and fees back. Residents of British Columbia, Alberta, Manitoba, Ontario, New Brunswick, Nova Scotia, Prince Edward Island can apply.
Finder Rating: 4.5 / 5
★★★★★
Mogo is a Canadian financial technology company that offers various products to help consumers with their finances, whether that’s in borrowing, spending, investing or tracking their credit score. Products include the Mogo Visa Platinum Prepaid Card (also known as the “MogoCard”), trading app (“MogoTrade“) and Mogo loans.
Yes. Mogo is a legitimate company with over 1.6 million members. It is listed on the Toronto Stock Exchange and has been featured in CNBC, CBC, The Globe and Mail, BNN and National Post.
Feature | Details |
---|---|
Loan amount | $200 – $35,000 |
Loan term | 6 - 60 months |
Interest rate | 9.90% - 46.96% |
Fees |
|
Serviced provinces | British Columbia, Alberta, Manitoba, Ontario, New Brunswick, Nova Scotia, Prince Edward Island |
Basic eligibility criteria | Min. income of $13,000 /year, min. credit score 500 |
Website | Go to site |
Mogo offers the following loans:
With Mogo loans, you’ll get the following benefits:
Feature | Details |
---|---|
BBB accredited | No |
BBB rating | A- |
BBB customer reviews | 1.16 out of 5 stars, based on 64 Mogo reviews |
Trustpilot score | 1.8 out of 5 stars, based on 34 Mogo reviews |
Customer reviews verified as of | May 2, 2022 |
★★★★★
Go to site |
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APR 6.99% - 46.96% |
Loan term 3 - 120 months |
Loan amount $100 – $50,000 |
Min. credit score 300 |
Eligibility Requirements Currents debts must total less than 60% of income |
★★★★★
Go to site |
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APR 5.4% - 46.96% |
Loan term 4 - 60 months |
Loan amount $300 – $50,000 |
Min. credit score 300 |
Eligibility Requirements Steady source of income |
★★★★★
Go to site |
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APR 19.99% - 39.99% |
Loan term 9 - 60 months |
Loan amount $500 – $15,000 |
Min. credit score 600 |
Eligibility Requirements Min. income of $3,333 /month, full time employment/pension |
Compare more personal loans
To be eligible for Mogo loans, you’ll need to meet the following requirements:
Canadian citizen or resident, age of majority in your province of residence, min. net annual income of $13,000+, have a credit report, not currently in bankruptcy or insolvency, bank statement showing last payroll deposited and the last 30-days activity, valid ID showing home addressFilling out the application takes less than 5 minutes. You will first need to create a Mogo account using your email address. Once you’re logged in, Mogo will ask you basic questions to get you your loan offer via a soft credit check. Questions include:
If you wish to proceed with the offer, you’ll need to submit documents to verify your income and identity, such as online bank statements and government-issued ID.
You can choose to receive your money via direct deposit or Interac e-transfer.
The cost of your Mogo personal loan will depend on your loan amount, loan term and interest rate. Rates for personal loans sit between 9.9% to 46.96%.
As an example, let’s say you borrow $5,000 at 12.99% APR for 36 months. The cost breakdown will be as follows:
Your interest rate will depend on personal factors, such as your credit score and income.
Mogo offers flexible loans for good and bad credit scores. Its 100-day money-back guarantee is a unique perk available to borrowers of the standard Mogo personal loan and MogoMini line of credit. You can also pay off Mogo loans any time without penalty. However, there have been some negative reviews about Mogo’s high interest rates and unresponsive customer service.