Mogo
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MogoLiquid
Pros
- Quick access to funds
- Flexible repayment options
- Competitive interest rates
- No hidden fees
Cons
- Variable interest rates may increase
- Credit limit may be lower than expected
- Requires a good credit score
With the current prime rate at approximately 7.20%, now is a crucial time for Canadians to compare quick loan options and find the best fit for their financial needs. Mogo, a Canadian financial product, offers a range of benefits and features that set it apart from other lenders. By reviewing Mogo's features, pros, and cons, Canadians can make informed decisions about their borrowing options.
Key Features
- Loan amounts up to $35,000 CAD
- Interest rates vary, but standard rates apply
- Check current welcome bonus offer for new customers
- Fees vary depending on the loan terms and repayment schedule
- Equifax credit reporting to help build credit scores
- Regulated by the Financial Consumer Agency of Canada (FCAC)
Pros & Cons
Pros:
- Fast and easy online application process
- Flexible repayment terms to suit individual needs
- No collateral required for loans up to $35,000
- Opportunity to build credit with Equifax reporting
- Regulated by the FCAC for added consumer protection
Cons:
- Interest rates may be higher than traditional bank loans
- Fees can add up quickly if not managed properly
- Credit score requirements may be stricter than other lenders
- Loan amounts may not be sufficient for larger financial needs
How It Compares
| Product | Loan Amount | Interest Rate |
|---|---|---|
| Mogo | up to $35,000 | varies |
| LoanConnect | up to $50,000 | 5.99% - 46.96% |
| Spring Financial | up to $15,000 | 18.99% - 46.96% |
Who It's For
Mogo is suitable for Canadians who need quick access to funds, particularly those in provinces like British Columbia and Ontario where financial costs can be high. It's essential for borrowers to have a stable income and a good credit score to qualify for the best interest rates. However, Mogo's Equifax credit reporting feature can also help individuals with lower credit scores build their credit over time.
How to Apply
To apply for a Mogo loan, simply visit their website and fill out the online application form, which typically takes a few minutes to complete. You will need to provide personal and financial information, and Mogo will review your application and provide a decision shortly after.
FAQ
Can newcomers get a Mogo loan?
Yes, Mogo considers applications from newcomers to Canada, but they may require additional documentation and have stricter credit score requirements.
What credit score do I need to qualify for a Mogo loan?
Mogo considers credit scores from Equifax, and the required score may vary depending on the loan amount and interest rate. Generally, a credit score of 600 or higher is preferred, but Mogo may consider lower scores with higher interest rates.
How long does it take to receive the loan funds?
Once approved, Mogo typically deposits the loan funds into your bank account within 1-2 business days.
Can I repay my Mogo loan early?
Yes, you can repay your Mogo loan early without any penalties, which can help reduce the total interest paid over the life of the loan.
Is Mogo regulated by the Canadian government?
Yes, Mogo is regulated by the Financial Consumer Agency of Canada (FCAC), which ensures that Mogo operates in compliance with Canadian consumer protection laws.
Not financial advice. Rates and offers change. Read provider terms.
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Compare & Apply →Our Methodology
BGR rates Canadian personal loans across 6 dimensions aligned with FCAC consumer protection standards.
Data sources: FCAC, CMHC, issuer websites, Equifax Canada, TransUnion Canada. Last audit: June 2026.