Time in business:
Customers:
MDG Financial, based in Toronto, Canada, aims to enhance the online shopping experience and boost ecommerce conversions through consumer financing programs. With MDG Financial, customers gain access to a line of credit, empowering them to make purchases and spread payments over time.
Smarter Loans Expert Review for MDG Financial
Reviewed by: Vlad Sherbatov, Personal Finance Analyst at Smarter Loans
Our Take
MDG Financial is one of the longest-running alternative lenders in Canada, operating since 1991 and serving millions of Canadians over that time. Its positioning is clear and consistent: access. MDG focuses on borrowers who may be working with a tight budget or less-than-perfect credit and need realistic financing options without excessive barriers.
MDG offers two primary products. The first is an installment cash loan of up to $20,000, deposited directly into your bank account, often within hours of final checks. The second is a smaller line of credit, up to $3,200, designed specifically to finance purchases through MDG Canada’s retail platform. Together, these products cover both immediate cash needs and financed purchases.
MDG is not trying to compete with banks on rates. Instead, it competes on inclusivity, speed, and flexibility, making it a familiar option for Canadians who want structured payments but may not qualify elsewhere.
Who MDG Financial Works Best For
MDG works best for Canadians with fair to challenged credit who want predictable installment payments rather than revolving debt. With a minimum credit score around 560 and no stated minimum income requirement, eligibility is broader than many traditional lenders.
It can be a good fit for borrowers who need quick access to cash for personal expenses or who want to finance a large purchase without paying upfront. The fixed 36-month term helps borrowers plan and budget, especially compared to open-ended credit products.
MDG may be less suitable for borrowers with strong credit who qualify for lower bank rates, or for those looking for very short-term borrowing. It is also not designed for homeowners seeking long amortizations through secured lending.
What We Like
Accessibility is MDG’s biggest strength. The approval criteria are relatively forgiving, and the application process is straightforward. Funds can be deposited quickly, in some cases within a few hours of final verification, which is valuable for time-sensitive needs.
We also like the flexibility around repayment. Borrowers can often choose weekly, biweekly, semi-monthly, or monthly payment schedules, allowing them to align repayments with their income cycle.
Another positive is transparency around loan structure. MDG offers fixed-term installment loans, which means borrowers know exactly when the loan ends and what their total obligation looks like, rather than dealing with indefinite revolving balances.
Where MDG Financial Could Improve
Cost is the primary trade-off. Interest rates can range from the high teens to the mid thirties, which is significantly higher than bank personal loans. Borrowers should carefully review the total cost of borrowing and ensure the monthly payment fits comfortably within their budget.
The line of credit option is also limited in scope. With a maximum of $3,200 and restricted use for MDG Canada purchases, it is not a general-purpose credit solution.
Finally, while MDG has a long operating history, some borrowers may find the overall experience less modern compared to newer digital-first lenders.
Is MDG Financial Right For You?
MDG Financial can be a practical option if you need access to credit, have fair or challenged credit, and want a structured repayment plan rather than a revolving balance. It is especially useful for borrowers who value quick funding and flexible payment schedules.
However, if you qualify for lower-cost bank loans or secured credit, those options will usually be more affordable. MDG is best viewed as a bridge for borrowers who need access now and plan to improve their financial standing over time.
Used responsibly, MDG provides a long-standing, accessible financing option for Canadians who might otherwise be left without choices.
Products Offered
AMOUNT
Up to $20,000
INTEREST RATE
19.8% - 34.99%
TERMS
36 months
Installment Loan & Line of Credit
Conditions & Rates
Rate
19.8% – 34.99%
Amount
Up to $20,000 for an Installment Loan & Up to $3,200 for their Line of Credit
Term
36 Months
Eligibility & Documents
Who is eligible
- Canadian residents over 18
- Must have a source of income, no minimum income requirement
- Minimum credit score 560
What you need to provide
- Proof of ID
- Proof of Income
- Void Cheque
Repayment & Issuance
How fast can you get the money
- Within 24 hours
Funding method
- Direct Deposit
How does repayment work
- Weekly, biweekly, bimonthly, monthly
MDG Financial – Expert Review, Ratings & Alternatives Videos
Contact information
MDG 2940 Bristol Circle, Oakville, Ontario, Canada, L6H 6G4
Availability:
All of CanadaSupport Offered:
- Call Centre
- Customer & Merchant Login
Call Center:
Mon-Sat: 9am-7pm EST Sun: ClosedFrequently Asked Questions About MDG Financial – Expert Review, Ratings & Alternatives
Who is MDG Financial?
What is MDG Financials' goal?
Their goal is to expand your customer base and increase online conversions by offering competitive financing options. Contact MDG Financial to explore enrollment opportunities and elevate your POS financing experience.
Will my loan with MDG Financial show up on my credit report?
The MDG Credit Monitoring Program conducts regular soft checks to monitor any changes in your score. These soft inquiries are not reported to the credit bureaus, ensuring no impact on your credit report.
What does MDG Financial do?
Regardless of credit history, MDG Financial offers fair financing solutions to Canadian and American consumers. Partnering with preferred ecommerce merchants, they provide higher approval rates by considering various factors beyond traditional credit scores.
How much can I borrow from MDG Financial?
You can borrow up to $20,000 with MDG Financials' installment loans and up to $3,200 with their Line of Credit.
How do I get approved?
To get approved with MDG Financial, simply meet the following eligibility criteria: You must be a Canadian resident aged 18 or older, have a source of income (with no minimum income requirement), and maintain a minimum credit score of 560. To apply, provide the following documents: Proof of ID, Proof of Income, and a Void Cheque.
MDG Financial – Expert Review, Ratings & Alternatives Reviews
Avg. Rating: 4.4 (11 reviews)
Always great
“Hi love the company been doing business with them now for three years… every time get what ask for on time. ”
Thank you MDG Financial
“The service at MDG was fast and convenient. They helped me get everything organized so that my loan was approved and sent in a timely manner. I would recommend MDG Financial to anyone else who could use extra funds. ”
Excellent Service and Fas...
“Amazing customer service and quick delivery. Highly recommend MDG.”
Patience Paid Off
“The process was a bit slower than expected but everything worked out fine.”
Easy Process and Great Se...
“Easy to work with and lots of selection. Would use again.”
Helpful for Building Cred...
“Very helpful if you need to build credit and get important tech now.”
Fast Approval and Great S...
“Got approved within the day and received my item within the week. Great service.”
Good Overall, but Fees Ad...
“Decent deal but some of the fees felt a bit high. Still a solid option.”
Seamless and Stress-Free
“The whole experience was seamless. Delivery was quick and payments were fair.”
They Really Came Through
“Good option if you need electronics fast but can’t pay upfront. Payments are manageable.”
A Lifesaver When I Needed...
“I got a laptop I needed for work through MDG. The financing process was super easy.”
