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Mogo loans review

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

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


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Mogo loans at a glance

  • Rates from 9.9%.
  • Get a quote within minutes.
  • Return the principal within 100 days and get your interest and fees back.
  • High rates for bad credit.
  • Some negative Mogo reviews online.
  • 100-day money-back guarantee does not apply to one of the loans (MogoLiquid).

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 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.

Mogo personal loan features

Loan amount$200 – $35,000
Loan term6 - 60 months
Interest rate9.90% - 46.96%
  • Non-sufficient funds fee of $20 to $50
  • Potential late or missed payment fee
Serviced provincesBritish Columbia, Alberta, Manitoba, Ontario, New Brunswick, Nova Scotia, Prince Edward Island
Basic eligibility criteriaMin. income of $13,000 /year, min. credit score 500
WebsiteGo to site

What types of Mogo loans are available?

Mogo offers the following loans:

  • Mogo personal loan. This is a personal loan for people with fair to good credit. Borrow between $5,000 and $35,000 with loan terms between 6 - 60 months. Interest rates are 9.9% to 21.5%.
  • MogoLiquid. This is a personal loan for people with fair to bad credit. Borrow up to $15,000 with terms between 6 - 60 months. Interest rates are 29.99% to 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 $200 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 1 to 2 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.
  • Free credit score. Track your credit score for free for 90 days or get ongoing monitoring if you get the Mogo Visa Platinum Prepaid Card.
  • 100-day money-back guarantee. Return the principal within 100 days and get your paid interest and fees back.

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 period does not apply to MogoLiquid loans.
  • 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.
  • Negative reviews. There are some negative Mogo reviews online. Most of the comments are about their high interest rates and lack of customer service.
  • Principal vs. interest. Before signing a loan agreement, know how much of your payments is paying interest vs. reducing the principal.

Summary of Mogo reviews

BBB accreditedNo
BBB ratingA-
BBB customer reviews1.16 out of 5 stars, based on 64 Mogo reviews
Trustpilot score1.8 out of 5 stars, based on 34 Mogo reviews
Customer reviews verified as ofMay 2, 2022

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Loan amount

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Eligibility Requirements

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5.4% - 46.96%

Loan term

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Eligibility Requirements

Steady source of income

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 $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 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 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 money?

You can choose to receive your money via direct deposit or 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

Your interest rate will depend on personal factors, such as your credit score and income.

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.

Compare Mogo to other personal loans

Name Product Interest Rate Loan Amount Loan Term Requirements
Loans Canada Personal Loan
5.4% - 46.96%
$300 - $50,000
4 - 60 months
Requirements: min. credit score 300
Spring Financial Personal Loan
9.99% - 46.96%
$500 - $35,000
6 - 60 months
Requirements: min. income $1,800/month, 3+ months employed, min. credit score 500
SkyCap Financial Personal Loan
19.99% - 39.99%
$500 - $15,000
9 - 60 months
Requirements: min. income $3,333/month, full time employment/pension, min. credit score 600, no bankruptcy
LoanConnect Personal Loan
6.99% - 46.96%
$100 - $50,000
3 - 120 months
Requirements: min. credit score 300
Symple Personal Loan
6.99% - 32.00%
$5,000 - $50,000
24 - 84 months
Requirements: min. credit score 650, min. income $50,000/year, no history of bankruptcies
Mogo Personal Loan
9.90% - 46.96%
$200 - $35,000
6 - 60 months
Requirements: min. income $13,000/year, min. credit score 500
Fairstone Secured Personal Loan
19.99% - 24.49%
$5,000 - $50,000
36 - 120 months
Requirements: must be a homeowner, min. credit score 560

Frequently asked questions

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