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Mogo Personal Loan review

With loan amounts up to $35,000, find out if a loan from Mogo is right for you.

Mogo offers unsecured personal loans up to $35,000 with terms ranging from 6 - 60 months.

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5.90% - 46.96%

Interest Rate

$35,000

Max. Loan Amount

540

Min. Credit Score

Details

Product NameMogo Personal Loan
Benefit DescriptionMin. credit score: 540


Mogo offers a 100-day money-back guarantee. If you're not happy with your loan, pay back the principal and get your 100 days of paid interest and fees back.
Interest Rate5.90% - 46.96%
Min. Loan Amount$200
Max. Loan Amount$35,000
Loan Term6 - 60 months
Turnaround TimeWithin 24 hours
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If you’re looking for an unsecured personal loan, Mogo offers loans starting at up to $35,000 for a term of 6 - 60 months. With varying APRs, Mogo considers each application individually and bases rates on the province you reside in, your credit score, credit history and the loan product you’re interested in.

What are the benefits of a Mogo personal loan?

With a Mogo loan, you’ll enjoy the following features and benefits:

  • Free credit score. When you sign up for a Mogo account and verify your identity, you’ll get access to your credit score free of charge. Mogo does a soft pull on your account to get your score from Equifax, which means your credit score won’t be affected. Mogo additionally offers free monthly credit score monitoring, which can help you organize your finances.
  • Check your loan options before you apply. Create a free Mogo account online and discover your loan options before you apply. Doing this won’t affect your credit score and you don’t have to apply for a loan should you decide not to.
  • Sign your contract online. Everything from choosing your loan to applying, signing the contract and paying the loan back will be completed online.
  • Easy application and quick turnaround time. The entire application process is completed online, and you can find out if you’re pre-approved for a loan within just three minutes of applying.
  • Use funds for a range of purposes. You can likely use your loan funds for a variety of legitimate expenses including paying for a new car, financing home renovations or paying for an expensive purchase.
  • Automatic payments. All Mogo loan products come with a pre-authorized debit agreement, which means you don’t have to worry about making repayments since Mogo will automatically withdraw the funds from your bank account on the due date.
  • High loan amounts. Depending on the province you reside in, loan amounts vary between up to $35,000.
  • Flexible terms. Loan terms typically range from 6 - 60 months.

What to watch out for

  • Regional availability. You can only get a Mogo loan if you reside in Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland, Nova Scotia, Ontario or PEI.
  • Not the most competitive rates. While APRs can start as low as 5.9%, they can reach up to 46.96% depending on the province you reside in and other factors including your credit score and credit history.
  • Unclear fees. In order to learn about the specific fees you will incur, you’ll need to create a free Mogo account and select the specific loan product you want.
  • NSF fees. If you don’t have the necessary funds in your bank account when Mogo withdraws your loan payment, you will face a non sufficient funds (NSF) fee of $20 to $50, depending on the province you reside in and the loan product you have.
  • Optional loan protection. While loan protection can save your credit score and finances during specific situations, it can be costly. Before you fork out for loan protection, understand the specific instances it will cover you for.

Compare Mogo with other personal loans

Name Product Interest Rate Loan Amount Loan Term Requirements Credit Score Link
LoanConnect Personal Loan
Secured from 1.90%, Unsecured from 9.90%-46.96%
$500 - $50,000
3 - 120 months
Currents debts must total less than 60% of income
Min. credit score: 300
Go to site
More Info
An online broker who helps inform clients towards better finances. Get pre-approved by different lenders for unsecured or secured loans in 5 minutes with any credit score.
ConsumerCapital Personal Loan
19.99% - 32.99%
$1,500 - $12,500
24 - 60 months
Min. income of $1,900 /month, 6+ months employed
Min. credit score: 540
Go to site
More Info
An online lender that provides fast unsecured personal loans. Complete an application in less than 10 minutes and get a decision within 24 hours.
Spring Financial Personal Loan
17.99% - 46.96%
$500 - $15,000
9 - 48 months
No min. income or employment requirements
Min. credit score: 400
Go to site
More Info
An online lender offering unsecured personal loans and credit builder loans. Those filing for bankruptcy or a consumer proposal can also apply. If you're not eligible for an unsecured loan, you may be offered a loan to help rebuild your credit.
goPeer Personal Loan
8.00% - 31.00%
$1,000 - $25,000
36 - 60 months
Min. income of $15,000 /year
Min. credit score: 600
Go to site
More Info
Canada's first regulated consumer peer-to-peer lending platform offering unsecured loans. Connects creditworthy Canadians looking for a loan with Canadians looking to invest. Apply online in minutes and get a response to your application within 24 hours. Your identity will always remain confidential.
FlexMoney Personal Loan
18.90% - 46.93%
$500 - $15,000
6 - 60 months
Min. income of $2,000 /month, 3+ months employed
Min. credit score: 500
Go to site
More Info
An online lender offering flexible unsecured loans. Apply in less than 10 minutes and if approved, receive financing in as little as 24 hours. Pay off your loan at any time.
Loans Canada Personal Loan
Secured from 2.00%, Unsecured from 8.00% to 46.96%
$300 - $50,000
3 - 60 months
No min. income or employment requirements
Min. credit score: 300
Go to site
More Info
An online broker with the largest lender network in Canada. Get matched for free with lenders offering both unsecured and secured loans through one quick application regardless of your financial situation.
SkyCap Financial Personal Loan
12.99% - 39.99%
$500 - $10,000
9 - 36 months
Min. income of $1,200 /month, stable employment
Min. credit score: 550
Go to site
More Info
An online lender offering unsecured personal loans to borrowers with a wide range of credit scores. Apply in less than 5 minutes and if approved, receive financing in as little as 24 hours.
Mogo Personal Loan
5.90% - 46.96%
$200 - $35,000
6 - 60 months
Min. income of $13,000 /year
Min. credit score: 540


Mogo offers a 100-day money-back guarantee. If you're not happy with your loan, pay back the principal and get your 100 days of paid interest and fees back.
Go to site
More Info
An online lender who aims for a hassle-free process through same-day unsecured loan approval and funding. Get a loan fast and track your credit score for free.
Fairstone Personal Loan (Unsecured)
26.99% - 39.99%
$500 - $20,000
6 - 60 months
Able to make monthly repayments on your loan
Min. credit score: 560
Go to site
More Info
An online lender with a team dedicated to professional service. Get a quote for an unsecured loan without impacting your credit score. Receive funds within as little as 24 hours. No prepayment fees.
Loan Away Personal Loan
19.90% - 45.90%
$1,000 - $5,000
6 - 36 months
No min. income or employment requirements
Min. credit score: 300
Go to site
More Info
A lender that approves unsecured loans in as little as 20 minutes. Get affordable monthly repayments with any credit score.
Fairstone Personal Loan (Secured)
19.99% - 23.99%
$5,000 - $50,000
36 - 120 months
Must be a homeowner
Min. credit score: 560
Go to site
More Info
Use your home equity to get a secured loan up to $50,000 with flexible repayment options and a long loan term. Get a quote without impacting your credit score.
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How does borrowing through Mogo work?

First, create a free Mogo account online and enter your personal information including your name, address, birthdate and phone number. You’ll also need to state your employment status, income and your monthly cost of housing. In order to access your free credit score, you’ll need to consent to a credit check and verify your identity by answering questions provided by the credit bureau Equifax.

After creating your Mogo account, view the loan products on offer. Compare interest rates and loan terms based on your financial situation and your province of residence.

Once you’ve found a loan you’re interested in, follow the steps to complete your loan application. Within three minutes, Mogo will pre-approve your loan application. If you’re approved for a loan, carefully read over the loan contract in order to understand the terms and conditions. To finalize the loan, you’ll need to sign and return the loan contract.

Creating a Mogo account and receiving a free copy of your credit score does not mean that you have to apply for a loan.

What will the loan cost?

Mogo does not disclose the fees you will incur until you sign up for a free Mogo account. Once you’ve signed up, you can select the type of loan product you’re looking for and then discover the associated fees and interest rates.

Rates for personal loans sit between 5.9% to 46.96% APR for residents of Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland, Nova Scotia, Ontario and PEI with loan amounts of up to $35,000.

Loan terms are typically between two to five years depending on your province of residence as well as your needs and personal financial situation.

How to apply for a personal loan through Mogo

To find out more about the loan products on offer or to submit a loan application, click the green “Go to site” button above to be securely redirected to Mogo‘s website.

You must meet the following eligibility criteria in order to be considered for a loan product from Mogo:

  • You must be living in one of the following 8 provinces: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland, Nova Scotia, Ontario or PEI.
  • 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 $13,000.
  • A steady income for at least 30 days.
  • A bank statement with your full name, account number and payroll deposit.
Mogo does not list the specific documents and information that are required to apply for a loan. This is because Mogo looks at applicants on an individual basis, and while one borrower may be approved with basic personal information, another may need to provide additional documentation in order to be verified and approved.

Once you’ve submitted your online application, you will receive a decision within three minutes. Remember to review the conditions of the loan before submitting your full application or accepting the loan offer. You can also compare other loan providers to be certain you’re getting the best loan offer you qualify for.

Frequently asked questions

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