In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews
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Mogo Personal Loan
3.0
★★★★★
Finder score
3.9
★★★★★
APR Range
9.90% - 46.96%
Loan Amount
$500 - $35,000
Loan Term
6 - 60 months
Min. Credit Score
600

Our verdict

Get your Mogo loan interest rate in 3 minutes without affecting your credit score.

Mogo is one of the more well-known alternative lenders in the online loan space. It offers a convenient application process where you can quickly sign up for a Mogo account and get a loan quote within minutes without impacting your credit score.

However, Mogo loans have high maximum interest rates up to 46.96% for its personal loan and 47.42% for its line of credit. You may be charged this if Mogo considers you a risky borrower – for example, if you have bad credit and/or a high debt-to-income ratio.

High interest rates can make your loan difficult to pay off. Before signing a contract, understand how much you'll be paying in interest vs how much you're reducing the principal with each payment.

If your finances are strong, Mogo's starting rate is competitive at 9.9%.

Best for:

Fast quotes with no impact to credit.

Pros

  • Borrow up to $35,000
  • 100-day trial period for certain loans
  • Easy application

Cons

  • High rates for bad credit

In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews

Best-rated

Mogo made it to the Top 15 Best-Rated personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.

What is Mogo?

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.

Is Mogo legitimate?

Yes. Mogo is registered in the BC government’s business database. It has over 1.8 million members and is listed on the Toronto Stock Exchange. It has been featured in the news such as CNBC, CBC, The Globe and Mail, BNN and National Post.

MogoMoney personal loan features

FeatureDetails
Loan amount$500 – $35,000
Loan term6 - 60 months
Interest rate9.90% - 46.96%
Fees
  • Non-sufficient funds fee of $20 to $50
  • Potential late or missed payment fee
Serviced provincesBC, AB, SK, MB, ON, NB, NS, PE, NL, YT, NT, NU
Basic eligibility criteriaMin. income of $35,000 /year, min. credit score 600

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What types of Mogo loans are available?

Mogo offers the following loans:

  • Mogo personal loan. This is a personal loan for people with good to bad credit. Borrow $500 – $35,000 with rates from 9.90% - 46.96%.
  • MogoMini. This is a line of credit for borrowers with bad credit. It is a payday loan alternative. Borrow up to $3,500 with a rate of 47.42%. Learn more about MogoMini in our review.

What we like about Mogo loans

With Mogo loans, you’ll get the following benefits:

  • Flexible loan amounts. Borrow between $500 and $35,000.
  • Flexible loan terms. Repay your personal loan within 6 - 60 months.
  • No prepayment penalty. You can pay off Mogo loans any time without penalty.
  • Free quote. Create a free Mogo account online and see what rate you qualify for. Doing this won’t affect your credit score and you don’t have to apply for a loan should you decide not to.
  • Fast online application. The process is completely online from start to finish, and Mogo aims to give approval and funding within one to two business days.
  • Bad credit is okay. If you have less-than-perfect credit, Mogo will still consider your application.
  • Use the money for any purpose. You can use the money for a variety of legitimate expenses including paying down debts, paying for a new car, financing home renovations or paying for a major purchase.
  • 100-day money-back guarantee. Return the principal within 100 days and get your paid interest and fees back.
  • Smart Alerts. Mogo will send notifications on your phone when payments are due or for other important loan information.

What to watch out for

  • High maximum rate. Rates for personal loans can reach up to 46.96% for riskier borrowers, such as those with bad credit. The rate for the MogoMini line of credit is even higher at 47.42%.
  • Powered by third-party lenders. Mogo is partnered with lenders Lendful and easyfinancial to provide loans. Which lender your application will be sent to will depend on your credit score and other personal factors.
  • 100-day money-back guarantee condition. The 100-day trial period may not be available to all borrowers.
  • 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 do Mogo reviews say?

Customers who have rated Mogo positively have commented on its quick and easy online process. There are many negative Mogo reviews online, and most of the comments are about its high interest rates and lack of customer service.

Summary of Mogo reviews

FeatureDetails
BBB accreditedNo
BBB ratingA-
BBB customer reviews1.13 out of 5 stars, based on 77 Mogo reviews
Trustpilot score1.6 out of 5 stars, based on 86 Mogo reviews
Customer reviews verified as ofDecember 20, 2023

Mogo reviews from Finder survey

Alternatives to Mogo

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Name Product Ratings APR Range Loan Amount Loan Term Broker Compliance Requirements
Spring Financial Personal Loan
Finder Score:
★★★★★
Customer Survey:
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10.8% - 46.99%
$500 - $35,000
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Requirements: min. income $2,000/month, 3+ months employed, min. credit score 550
Loans Canada Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
6.99% - 46.96%
$300 - $50,000
3 - 60 months
Loans Canada is a loan search platform with access to multiple lenders. Applicants will be matched with a suitable lender based on credit history and borrowing requirements.
Requirements: min. credit score 300
LoanConnect Personal Loan
Finder Score:
★★★★★
Customer Survey:
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8.99% - 46.96%
$500 - $50,000
3 - 120 months
LoanConnect is a loan search platform with access to multiple lenders. Applicants will be matched with a suitable lender based on credit history and borrowing requirements.
Requirements: min. credit score 300
easyfinancial Personal Loan
Finder Score:
★★★★★
Customer Survey:
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9.99% - 46.96%
$500 - $100,000
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Requirements: min. income $1,200/month
Mogo Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
9.90% - 46.96%
$500 - $35,000
6 - 60 months
Requirements: min. income $35,000/year, min. credit score 600
Fig Personal Loans
Finder Score:
★★★★★
12.99% - 31.99%
$2,000 - $30,000
24 - 60 months
Requirements: min. income $5,000/month, 6+ months employed, min. credit score 700
SkyCap Financial Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
12.99% - 39.99%
$500 - $10,000
9 - 36 months
Requirements: min. income $1,666.67/month, full time employment/pension, min. credit score 575, no bankruptcy
MDG Financial Installment Loan
Not yet rated
29.78% - 44.80%
Up to $1,600
Up to 36 months
Requirements: no min. income, min. credit score 560
goPeer Personal Loan
Finder Score:
★★★★★
8.99% - 34.99%
$1,000 - $35,000
36 or 60 months
Requirements: recommended income $35,000/year, min. credit score 600, min. 5-year credit history.
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What are the Mogo loan requirements?

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 $35,000, 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 address.

How to apply for a Mogo loan

Filling 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:

  • Name and birthday
  • Address
  • Housing information
  • Employment information

If you wish to proceed with the preapproval offer, you’ll need to submit documents to verify your income and identity, such as online bank statements and government-issued ID.

Get pre-approved

Preview of the application for Mogo loans

Before you sign up for a Mogo loan

  • Find out if the type of loan you’re offered is eligible for the 100-day money-back period.
  • Know how much your loan will cost you overall in interest and fees.
  • Know the breakdown of your payments (interest vs principal).
  • Compare personal loan offers from different lenders.

How will I get my Mogo loan money?

Mogo currently offers two loan transfer options. You can choose to receive your loan funds through direct deposit to your bank account or through email transfer via Interac e-Transfer.

How much will the Mogo personal loan cost?

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:

  • Loan amount: $5,000
  • Loan term: 36 months
  • APR: 12.99%
  • Monthly payment: $168.45
  • Total interest charged: $1,064.04
  • Total loan cost: $6,064.04

The Mogo interest rate you qualify for will depend on personal factors, such as your credit score and income.

Is Mogo a payday loan?

No, Mogo is not a payday loan. It offers personal loans and lines of credit online. Its line of credit, the MogoMini, is intended to be a payday loan alternative.

Bottom line

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.

Frequently asked questions

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