Mogo Personal Loans review

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

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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 1-5 years. With varying APRs, Mogo consider each application individually and base rates on the province you reside in, your credit score, credit history and the loan product you’re interested in.

Once you create your Mogo account and verify your identity, you’ll get access to your credit score free of charge. This means you can compare your loan options and decide if Mogo is the right lender for your needs and financial situation.

Compare personal loans from Mogo

Name Product Interest Rate Max. Loan Amount Loan Term Fees Min. Credit Score
Mogo Personal Loan
5.90% - 46.96%
1-5 years
NSF fee - $20 to $50
Mogo offers loans up to $35,000 on flexible terms.

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*The products compared on this page are chosen from a range of offers available to us and are not representative of all the products available in the market. There is no perfect order or perfect ranking system for the products we list on our Site, so we provide you with the functionality to self-select, re-order and compare products. The initial display order is influenced by a range of factors including conversion rates, product costs and commercial arrangements, so please don't interpret the listing order as an endorsement or recommendation from us. We're happy to provide you with the tools you need to make better decisions, but we'd like you to make your own decisions and compare and assess products based on your own preferences, circumstances and needs.

Do I qualify?

To qualify for a loan through Mogo, you will need to:

  • Be living in one of the following 8 provinces: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland, Nova Scotia, Ontario or PEI.
  • Be at least 18 years old, or the age of majority in your province.

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 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 1-5 years.

What to look 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.

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, New Brunswick, Newfoundland, Nova Scotia, Ontario and PEI with loan amounts of up to $35,000. Rates for Manitoba residents sit between 5.9% to 32% APR, with loan amounts of $5,000 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 “Go to Site” button. 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.

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