Time in business:
Customers:
Loans offered:
Mogo is a Vancouver based fintech, founded in 2003 that offers a range of easy-to-use products to help you rule your finances: personal loans of up to $35,000, free credit score monitoring, mortgages, identity fraud protection, and more. Their loan experience is designed to help you get out of debt faster, whether you have good or not-so-great credit.
Smarter Loans Expert Review for Mogo
Reviewed by: Vlad Sherbatov, Personal Finance Analyst at Smarter Loans
Our Take
Mogo is one of Canada’s more established fintech lenders, known for blending personal lending with broader financial wellness tools. Operating since 2006 and serving over 600,000 Canadians, Mogo positions itself not just as a place to borrow, but as a platform to better understand and manage your finances.
Mogo offers both installment loans and a revolving line of credit, with loan amounts up to $15,000 and repayment terms ranging from 12 to 60 months. In addition to lending, Mogo provides free credit score monitoring, identity fraud protection, and access to mortgage products, which gives it a broader value proposition than many single-purpose lenders.
Mogo’s loan products are designed for speed and accessibility, with no-obligation pre-approvals available in minutes and same-day funding in many cases.
Who Mogo Works Best For
Mogo works best for Canadians with fair to good credit who want quick access to credit along with tools to monitor and improve their financial health. It is particularly useful for borrowers looking to consolidate debt or manage medium-sized expenses with predictable payments.
It can also appeal to borrowers who value convenience. Online verification reduces paperwork, and the ability to see a pre-approval without impacting your credit score lowers the barrier to exploring options.
Mogo is less suitable for borrowers seeking low interest rates or very large loan amounts. At the stated rates, it is also not ideal for long-term borrowing when lower-cost bank options are available.
What We Like
The pre-approval experience stands out. Being able to check your eligibility in about three minutes without affecting your credit score makes it easier to compare options responsibly.
We also like the combination of lending and financial tools. Free credit score monitoring and identity protection add ongoing value beyond the loan itself, especially for borrowers focused on improving their financial situation.
Speed is another positive. Same-day funding via direct deposit or Interac e-Transfer makes Mogo useful for time-sensitive needs.
Where Mogo Could Improve
Cost is the most important consideration. Interest rates around the mid-thirties are high compared to traditional bank loans, which means borrowers should be cautious about carrying balances for long periods.
The line of credit product is also relatively small, topping out around $3,500, which limits its usefulness for anything beyond short-term needs.
Finally, while Mogo promotes financial wellness, its loan products do not automatically translate into major credit improvements unless payments are managed consistently over time.
Is Mogo Right For You?
Mogo can be a good fit if you want fast access to credit, value digital convenience, and appreciate having financial tools alongside your loan. It works best for debt consolidation, planned expenses, and borrowers who want clarity and speed without heavy documentation.
If you qualify for lower-cost bank credit, that will usually be cheaper. But if you are balancing access, speed, and simplicity, Mogo offers a well-rounded fintech option that goes beyond borrowing alone.
Products Offered
AMOUNT
$500 - $15,000
INTEREST RATE
34.37%
TERMS
12 - 60 Months
Installment Loan
Conditions & Rates
Interest rate 34.37% Amount $500 – $15,000 Term 12 – 60 months
Eligibility & Documents
Who is eligible
- Canadian citizen or permanent resident
- Must be of age in your province
What you need to provide
- Online verification available (no supporting documents required!)
- Bank statement/verification
- Proof of income
- Identification
Repayment & Issuance
How fast can you get the money Same Day Funding method Direct Deposit or Interac E-Transfer How does repayment work Direct deposit from bank account based on agreed frequency
Line of Credit
Conditions & Rates
Interest rate 34.37% Amount $300 – $3,500 Term Line of Credit
Eligibility & Documents
Who is eligible
- Canadian citizen or permanent resident
- Must be of age in your province
What you need to provide
- Online verification available (no supporting documents required!)
- Bank statement/verification
- Proof of income
- Identification
Repayment & Issuance
How fast can you get the money Same Day Funding method Direct Deposit or Interac E-Transfer How does repayment work Interest and fee payments at an agreed frequency
Mogo Videos
Contact information
Availability:
Ontario, British Columbia, Alberta, New Brunswick, Newfoundland, Nova Scotia, Prince Edward IslandSupport Offered:
- Web Chat
- Help Center/Blog
Call Center:
Frequently Asked Questions About Mogo
What is Mogo?
What Products and Services Does Mogo Offer?
Mogo offers instalment and high-ratio mortgage loans, and a line of credit. They also offer identity fraud protection, a Visa Prepaid Card and credit score viewing through Equifax.
What Is the Interest Rate on a Mogo Loan?
Interest rate on Mogo loans is 34.37%. You can get a Mogo instalment loan for an interest rate of 34.37%.
How to Qualify for a Mogo Loan?
In order to qualify for a Mogo loan, you must be of age in your province, a Canadian resident, and need to provide a bank statement, proof of income and your identity.
How Fast Can I Get a Loan from Mogo?
Mogo provides approved customers same day funding. This means you can apply in the morning and receive proceeds directly into your bank account the same day.
How Does Loan Repayment Work at Mogo?
You can pay back your loan from Mogo directly from your bank account. Set up your choice of frequency and pre-authorize payments to deduct.
What Kind of Customer Support Does Mogo Offer?
Mogo offers multiple ways to communicate with them, including their online live web chat and also have a help centre/blog where you can find commonly asked questions and answers.
Is Mogo Safe?
Mogo helps you take control of your financial health with solutions that are easy to use, transparent, and unconventionally fun. They are a member of the Canadian Lenders Association and were a 2016 Fintech Innovation Awards finalist in the marketing category. Not only have they been featured in The Globe and Mail, but have over 250 team members and three locations.
How Much Can I Borrow from Mogo?
Mogo loans are between $500 and $35,000 depending on the type of loan you apply for. Instalment loans are from $500 to $35, 000. Their line of credit ranges from $500 to $3,500.
What Is the Term Length for a Mogo Loan?
Terms on Mogo loans are between 12 to 60 months.
Can I Apply Online for a Mogo Loan?
Yes, you can apply anytime using their online platform form.
How Will Mogo Send Me the Loan?
Mogo will send approved customers their loan funds through interac e-transfer and direct deposit.
Which Provinces Is Mogo Available in?
Mogo is available in Ontario, British Columbia, Alberta, New Brunswick, Newfoundland, Nova Scotia, and Prince Edward Island.
What are Mogo Working Hours?
You can apply for a Mogo loan at any time online, or you can chat online with a representative during business hours. They also offer customers an opportunity to leave a message on their help centre, saying they will get back to all inquiries as soon as possible.
Mogo Reviews
Avg. Rating: 4.4 (28 reviews)
Approved so far...
“I was skeptical at first, but the process was fairly simple actually. I was approved for $5,000, which is what I had asked for. They do call you right away after you finish your application just to verify a few things. I had a pretty good experience with Mogo. ...”
Excellent lender
“I was amazingly surprise on how fast they called me. And I was approved. Ther personnel is professional and friendly. I recommended Mogo to all my friends. ”
Very fast, profesional, a...
“There are negative comments about this lender saying how they gouge venerable customers. They provide a service to people who normally would not received a loan because they haven't managed their credit properly, and give them the opportunity to improve their circ...”
Love it
“Love how easy it is to use and being able to keep tabs on my credit score for free! My husband caught an error quickly because of how accessible this site is. ”
Great Service
“Great people providing timely solutions. Your team members are second-to-none.”
MogoCard
“Love your card, thanks for helping me stay out of debt. I've told others about your card as well. I'm a big advocate for Mogo now!”
MogoMoney
“Everything is clear, you guys tell me exactly when I start my payments and when I stop, and exactly how much they’re going to be.”
Very Pleased
“When I heard about Mogo Liquid, I saw it as a great opportunity to consolidate all of my debt into one easy, bi-weekly payment.”
Love the Credit Score Che...
“I loved being able to see my current credit score for free... Thanks Mogo!”
Happy with the results
“I wasn't too sure if I was going to get approved, but thankfully was able to get the loan I was looking for from Mogo quickly. Their online app is really great!”
Great service
“I had a very good experience using Mogo for a personal loan. Got approved within 1 day and used the cash to go on vacation.”
Lack of care
“I have been trying for over a week to get a hold of someone to help answer questions, I have sent emails, I have tried calling and I got one response from someone asking me a question which i replied to right away and have never heard back. For a company that says ...”
