Avg. Rating: 4.4 (17 reviews)

Take the stress out of borrowing. Mogo offers a range of easy-to-use products to help you rule you finances: personal loans of up to $35,000, free credit score monitoring, mortgages, identity fraud protection, and more. Our loan experience is designed to help you get out of debt faster, whether you have good or not-so-great credit. See your no obligation loan pre-approval in just 3 minutes without affecting your credit score.

Read our In-Depth Mogo Review here. 


Mogo is a member of the Canadian Lenders Association:


  • TIME IN BUSINESS: Since 2006
  • # OF CUSTOMERS: Over 600,000
  • LOANS OFFERED: Installment Loans, Line of Credit
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Call Center:
Support Offered:
  • Web Chat
  • Help Center/Blog
Availability: Ontario, British Columbia, Alberta, New Brunswick, Newfoundland, Nova Scotia, Prince Edward Island

Products Offered

Below are all the products offered by this company.

Conditions & Rates

Interest rateStarting at 29.99% 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

Conditions & Rates

Interest rate47.7% 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

What is Mogo?

Based in Vancouver, this is a fintech company that specializes in providing an array of financial services, notably Mogo loans. These range from personal loans to payday loans, all designed to cater to the various financial needs of their clients. They are recognized as an innovator in the financial services industry, offering flexible loan solutions that are efficient, easy to use, and straightforward.

Versatility and Accessibility

Mogo loans are particularly popular for their versatility and accessibility. Whether you need an unsecured personal loan or a payday loan to cover unexpected expenses, they have you covered. The company offers personal loans ranging from $500 up to a maximum loan amount of $35,000. This makes Mogo an excellent choice for individuals needing quick access to funds for large or small financial needs.

Mogo is especially known for its user-friendly interface that allows clients to monitor their Equifax credit score, an essential component in managing the health of your finances. Keeping track of your credit score is crucial as it can significantly impact your ability to secure loans at favorable interest rates.

Lower Interest Rates

The interest rate on Mogo loans starts at an attractive 5.9%, making it a competitive choice in the market. It’s worth noting that the interest rates can fluctuate depending on various factors including your credit score, the loan amount, and the loan term. Mogo personal loans are structured with terms between 12 to 60 months, offering flexibility to borrowers in their repayment schedule.

Their operations aren’t just confined to loans. They also provide their customers with a Mogo account, which offers a variety of features including identity fraud protection, a Visa Prepaid Card, and credit score viewing through Equifax. The Mogo account is a one-stop solution for customers to manage their finances and track their credit bureau information, all within a secured platform.

Proven Track Record

The company has a proven track record of safety and reliability, as reflected in its listing on the Toronto Stock Exchange. This adds an additional layer of credibility and transparency to their operations.

Applying for Mogo loans, such as MogoMoney loans, is straightforward. Customers can get pre-approved online, expediting the loan approval process. The company prides itself on its rapid approval and fund disbursement, often providing approved customers with same-day funding.

Mogo is a comprehensive financial services provider, offering an array of loan products to suit various needs. Their competitive interest rates, flexible loan terms, and commitment to customer service make them a go-to choice for many Canadians. Whether you’re in need of a personal loan, a payday loan, or simply want to monitor your credit score, they can provide the tools you need to manage your finances effectively.

What Services Does Mogo Offer?

In the broad landscape of financial services, Mogo Finance Technology Inc. stands as a significant player. The company provides a wide array of services to its customers, empowering them to better manage their finances.

Personal Loans

At the heart of their offerings is the personal loan service. They provide unsecured personal loans with loan amounts ranging from $500 to $35,000, depending on the customer’s needs and financial circumstances. This variety of loan options caters to a broad demographic, whether someone needs quick cash for an emergency or a larger amount for significant expenses.

A standout feature of Mogo’s service suite is its commitment to transparency. They provide customers with free access to their credit score, updated on a monthly basis. This enables customers to track their credit health regularly and understand how their financial behavior impacts their credit score. The offering of a free credit score distinguishes them from many different lenders in the industry.

Personalized Solutions

Mogo’s personal loan is customized to the needs of the individual customer, considering their credit report, income, and financial situation. The loan term and the principal balance are set based on the customer’s ability to repay, making it a flexible and customer-centric financial product.

Mogo takes security seriously, as evidenced by its robust identity fraud protection service. As part of their services, customers receive alerts when there are significant changes in their credit report, thereby enhancing their ability to maintain good financial standing.

Mogo Card

One unique aspect of this company’s services is the introduction of the MogoCard, a Visa debit card that allows for seamless transactions, from making purchases to performing visa debit transfers. With no loading fees, it provides a cost-effective alternative to traditional banking solutions.

In terms of its credibility, is Mogo legit? Yes, it is a reputable Canadian company listed on the Canadian securities market. This implies adherence to strict regulatory standards and a commitment to maintaining a high level of trust with its customers.

For those interested in furthering their financial knowledge, they also offers access to the Canadian Securities Course. This educational offering helps individuals to better understand the financial market, empowering them to make informed decisions about their financial products and investments.

Mogo’s services go beyond the typical loan agreement. From providing a wide range of personal loan options and allowing free access to credit scores to ensuring secure transactions with their Visa debit card, they proves to be a comprehensive financial partner. Through these offerings, Mogo continually strives to help individuals achieve their financial goals, making it a trusted choice among Canadian lenders.

Application and Approval Process

Mogo, a publicly traded company, offers a variety of loans including MogoMoney and MogoLiquid loans, making it easier for Canadians to manage their financial needs. Here are the eligibility requirements and the documents needed to apply for a loan:

Who is Eligible for a Mogo Loan?

  • You must be a Canadian citizen or permanent resident.
  • You must meet the age requirement set in your province.

Mogo values accessibility and hence extends its services even to those with bad credit. The company evaluates each credit profile individually, providing opportunities for quick loans to those who may struggle to secure them elsewhere.

What You Need to Provide for a Mogo Loan

Mogo provides online verification for a seamless application process. Here is what you need to provide:

  • Bank statement or verification: This is required to assess your financial stability.
  • Proof of income: This helps Mogo ensure you have a steady income. There’s no minimum annual income set, meaning that a variety of income types and levels are accepted.
  • Identification: This is essential for validating your identity as part of Mogo’s bank-level security measures.

Mogo has partnered with Equifax Canada, providing you with your credit score for free as part of their services. This is a crucial tool to understand and improve the health of your financial situation. Furthermore, loans funded by Mogo are reported to Equifax Canada, which means that on-time repayment could help improve your minimum credit score over time. This is particularly beneficial for those with bad credit, as responsible loan use can contribute to credit score improvement.

Mogo stands out in the industry with features such as credit karma, which helps customers make informed decisions about their loans. They also provide the option to repay your loan early without incurring penalties, providing greater flexibility and control over your financial situation.

Mogo’s eligibility requirements and document needs are straightforward and easy to fulfill. Coupled with a monthly credit score update and the ability to apply for a loan online, Mogo provides a user-friendly and efficient loan service for all Canadians.

Repayment Process

When it comes to ease of access to funds, Mogo stands out with its expedited process. Upon approval of your Mogo personal loan or any other loan types, such as the MogoMoney or MogoMini loan, you can get the money on the same day. This quick loan issuance feature is particularly beneficial for those who need immediate financial assistance. The loan amount is delivered either through deposit or Interac E-Transfer, offering a level of convenience that’s rare in the financial services sector.

Mogo has also designed a straightforward repayment mechanism. Repayments are made via direct deposit from your bank account based on a frequency that you agree upon at the outset. This simplifies the process and helps you manage your financial obligations effectively.

In addition, Mogo offers free credit score monitoring, enabling you to keep track of your credit health during the loan term. Regardless of your initial credit score, Mogo’s service can help you improve it over time by ensuring regular payments.

The Benefits of Using Mogo

With Mogo, you can take advantage of several benefits that elevate it from other lenders. Here are some key advantages of opting for a loan:

  • Fast and Easy Approval: The Mogo review process allows you to get pre-approved for a Mogo personal loan in no time. Mogo reviews your application swiftly, facilitating quick loan issuance.
  • Same-Day Funding: Once your loan is approved, Mogo provides the funds on the same day, a feature that’s particularly helpful in emergency situations.
  • Flexible Loans: Whether you need a small loan amount via a MogoMini loan or a larger one with a MogoMoney loan, Mogo offers a range of loans to suit different financial needs.
  • Transparent Terms: Mogo is known for its transparency. There are no hidden monthly fees or charges, and the terms of repayment are agreed upon upfront.
  • Free Credit Score Monitoring: Mogo provides monthly free credit scores updates, allowing you to monitor and manage your credit health effectively.
  • No Early Repayment Penalties: If you decide to pay off your loan early, Mogo doesn’t charge any extra fees.
  • Customer-Centric Service: Mogo reviews are overwhelmingly positive, highlighting their commitment to customer satisfaction and support.

Mogo’s customer-friendly approach, combined with a variety of loan offerings and efficient service, makes it a compelling choice for anyone in need of a personal loan. Whether you need a quick infusion of funds or a plan for long-term financial needs, Mogo can provide a solution tailored to your situation.

Articles About Mogo

By Smarter Loans

Smarter Loans is Canada's online loan directory for any type of financing. The website helps Canadians find reputable lenders & financial companies all over Canada and compare their products, rates, and terms in one place.

Frequently Asked Questions About Mogo

What is Mogo?

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.

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.

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.

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 Interest Rate on a Mogo Loan?

Interest rates on Mogo loans start at 5.9%. You can get a Mogo instalment loan for an interest rate starting at 5.9%, while they'll only offer a mortgage where your down payment or home equity is less than 20% of your home value. A Mogo line of credit interest rate starts at 47.7%.

What Is the Term Length for a Mogo Loan?

Terms on Mogo loans are between 12 to 60 months.

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.

Can I Apply Online for a Mogo Loan?

Yes, you can apply anytime using their online platform form.

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 Will Mogo Send Me the Loan?

Mogo will send approved customers their loan funds through interac e-transfer and direct deposit.

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.

Which Provinces Is Mogo Available in?

Mogo is available in Ontario, British Columbia, Alberta, New Brunswick, Newfoundland, Nova Scotia, and Prince Edward Island.

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.

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 (17 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.

Jonathan R
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.

Fides Inarweze
Very fast, profesional, and helpful company that helped me when I really needed it.

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 circumstances. I received my loan funds on the same day I applied with very little stress and time while also being on a weekend. I may be paying a high interest rate but that is motivation to pay it off as soon as possible. I needed emergency funds to get me through a week until my LIRA comes in and after being refused by many others Mogo came through for me in an efficiant and professional way. Thanks!

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.

Darrell M.

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!

Steve Simpson

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.

Brian B.
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.

Mike S.
Love the Credit Score Check

I loved being able to see my current credit score for free... Thanks Mogo!

Amber K.
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 customers are important they have a bad way of showing it
I just want an answers to my questions, that all.

Mike Rodger
bad experience

i can never speak to a real person. a small loan that i got, and i want to pay it off, but they are not provinding me with any information. i have requested alot of times. and all i get is an email saying we will get back to you

Michael Tadros
Won't re loan me

I borrowed 300 off them once, paid off in full then they wouldn't reloan me again. It's actually oddly funny lol

Lovo mogo

I love the app and I am getting cool benefits from using it.

Mylo and Mogo

Super excited about Mogo and Moka merging into one. Looking forward to cool investing products.

Great people, very simple

I couldn't believe how fast the process was! I had my pre-approval and the money in my bank account in just a few hours. I chatted in to ask a quick question and the agent I chatted with was very friendly. Thank you Mogo!


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