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Mogo Loans Review 2023: Personal Loans in Canada

This Mogo loan review covers its pros and cons, eligibility criteria, and alternative loan platforms.

MogoMoney refers to personal loans and lines of credit products offered by Mogo Finance Technology Inc. and its partner lending financial institutions.

These credit products may come in handy if you need quick access to cash and haven’t already got a line of credit or loan lined up with your bank.

It may also be cheaper than carrying a balance on your credit card if your credit score qualifies you for a competitive loan rate.

What is a Mogo Loan?

You can apply for up to a $35,000 loan through Mogo and get pre-approved in as little as 3 minutes.

A Mogo loan has the following features:

  • Interest rates: 9.9% to 47.42%
  • Loan amount: $500 to $35,000
  • Loan term: 6 months to 60 months
  • Security deposit: None

MogoMoney personal loans are unsecured, and the interest rate is fixed. There is also a MogoMini Line of Credit product that is open-ended. You pay interest and have the flexibility to decide when you want to pay back the principal.

These credit products are available to residents of BC, AB, ON, NB, MB, NS, PE, and NL.

Some loans powered through Mogo are reported to Equifax and TransUnion, and if you make payments on time, this can help improve your credit score.

How to Apply for a Mogo Loan

To apply for a personal loan, you must first create a free account.

Answer a few questions, and in about 3 minutes, you will know whether you have pre-approval.

To complete your application, you will need to provide further information about your financial situation and income sources.

Basic eligibility requirements for a loan include the following:

  • A minimum annual net income of $13,000
  • Steady employment for at least 30 days
  • Copy of a government-issued ID
  • Bank account verification
  • You must also be the age of the majority in your province.

After your loan is approved, it is paid out using direct bank deposit or sent via Interac e-Transfer. Note that some loans are automatically approved and do not require additional documentation.

Mogo works with several lending companies to offer personal loans, including Lendful and easyfinancial (aka MogoLiquid).

Benefits of a Mogo Personal Loan

Fast Approvals: Pre-approvals take a few minutes, and you can have funds deposited in your account within days. There’s no impact on your credit score (soft check), and you are under no obligation to take the loan.

Free Credit Score: Mogo provides a free Equifax credit score that is updated on monthly basis.

100-day Test Drive: you can try out some MogoMoney loans for up to 100 days. If you are unsatisfied with it, simply pay back the principal, and the interest and fees already incurred are waived.

Reputable Company: Mogo is a publicly-traded company with listings on the Toronto Stock Exchange and NASDAQ. The platform uses bank-level security to protect your information.

Freebies: Whether you have a MogoMoney personal loan or not, you can get the following services for free:

  • Free credit score monitoring
  • Free identify fraud protection
  • Free prepaid card (MogoCard)

Flexible Loan: You can pay off the loan at any time, as there is no pre-payment penalty.

Downsides of a Mogo Personal Loan

The interest rates range from as low as 9.9% to as high as 47.42%. If you have a decent credit score, you can probably get a personal loan at a more competitive rate with your bank or credit union.

MogoMoney loans are not available in Saskatchewan and Quebec.

The 100-day test drive offer does not apply to MogoLiquid loans.

Mogo Loans vs. LoanConnect


LoanConnect is a search engine for finding personal loans online from various lenders. You can use it to find a loan that works for your situation regardless of your credit score.

Interest rate: 6.99% to 46.9%.

Loan term: 3-120 months.

Maximum loan amount: Up to $50,000.

Eligibility: Resident of Canada and the age of the majority in your province or territory.

loanconnect logo

On LoanConnect’s website

  • No matter their credit score, Canadians can apply for a loan and are likely to be approved for a secured or unsecured loan from many different lenders.
  • Unsecured personal loans and installment loans are offered.
  • Types of loans include debt consolidation, home improvement, emergency, business, and medical expense loans.
  • Easily apply by filling out one form with the loan amount, purpose, personal, and employment details.

Get loans up to $50,000

No minimum credit score required

Searches through multiple lenders to find the best providers

Interest rates can be as high as 46.96% APR

LoanConnect is one of our top choices as they search through different lenders to find the best loan options for you based on the loan amount, purpose, employment information, and credit profile. The application process is straightforward, so you can get multiple loan offers in under a minute.

LoanConnect is a loan search engine you can use to compare loan rates from various lenders in Canada.

The platform can be used to find various types of loans, including personal loans, debt consolidation loans, and bad credit loans.

Features of loans available through LoanConnect are:

  • Loan amount: $500 – $50,000
  • Interest rates: 6.99% – 46.96%
  • Loan term: 6 months to 60 months
  • Security deposit: None; loans are unsecured

Like Mogo, loan applications on LoanConnect are completed online and take only a few minutes.

For more information, read my LoanConnect review.

Mogo Loan FAQs

Is Mogo safe?

Mogo is a legitimate business that has been around since 2003. As per its website, the company has over 1.6 million members. While it is not accredited by the Better Business Bureau, it holds an A+ rating on the platform. And as for the safety of your information, Mogo uses TLS encryption to protect your data.

Is Mogo loan legit?

Yes, Mogo loans are legit.

What credit bureau does Mogo use?

It reports your payment activity to Equifax Canada. The free credit score you get is also based on Equifax’s proprietary model (ERS 2.0).

Is MogoMoney a payday loan?

MogoMoney is not a payday loan; however, the interest rates offered can be as high as 47.42%, depending on your credit score and financial history.

Does a Mogo loan affect my credit score?

Yes, a Mogo loan can affect your credit score. If you make payments on time, your credit score could increase. If you miss payments, your credit score could fall.


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Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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