Mogo: Discover flexible loans for modern Canadians
Mogo personal loans are designed to help Canadians get fast access to funds, even with less-than-perfect credit.
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This guide will explore how the Mogo loan works, who it’s best for, and how to apply step by step.
*We are not affiliated with Mogo. Our content is for informational purposes only. We may earn advertising revenue through banners and sponsored placements on this page.*
Taxes and fees
When applying for a Mogo personal loan, it’s important to understand the core costs involved.
Regulated lending notice: Mogo operates under Canadian lending regulations and is a licensed financial services provider.
Pros and cons of using Mogo
There are some unique benefits to Mogo, along with a few important considerations for borrowers.
Pros
- Fully online application with no need to visit a branch;
- Fast decisions with minimal paperwork;
- Check your eligibility without impacting your credit score;
- Free access to your monthly Equifax credit score;
- Available to a wide range of credit profiles.
Cons
- Not available in all provinces, such as Quebec and Saskatchewan;
- No in-person customer support or branches;
- May not suit those unfamiliar with digital financial tools.
Loan payment simulator (estimates only)
Here’s how your monthly payments might look based on the amount, term, and interest rate.
| Loan Amount | Term | APR | Estimated Monthly Payment |
|---|---|---|---|
| $5,000 | 24 months | 19% | $256.82 |
| $10,000 | 36 months | 24% | $394.35 |
| $15,000 | 48 months | 29% | $503.67 |
*This loan calculator provides estimated values only. Actual terms will vary depending on your credit profile and province. This is not a financial offer.*
Why Canadians choose Mogo
Canadians turn to Mogo for its transparency, speed, and digital-first experience.
- Fast online application process;
- Loan approval and funding in as little as 24 hours;
- No obligation credit check to see your rate;
- Free monthly credit monitoring for Mogo members;
- Competitive loan amounts with flexible terms.
Compare Mogo to other Canadian lenders
See how Mogo stacks up against another well-known lender in Canada.
Compare top lenders for fast personal loans
| Lender | APR | Amount | Funding Speed |
|---|---|---|---|
| Mogo | 5.9% to about 45–46% | Up to $35,000 | 1 day |
| Fairstone | 19.99% – 39.99% | Up to $50,000 | 1–2 days |
Eligibility requirements to apply with Mogo
Before starting your application, ensure you meet the basic qualifications.
- Be a Canadian citizen or permanent resident;
- Be the age of majority in your province;
- Have an active bank account;
- Provide government-issued ID;
- Provide proof of income.
How to apply with Mogo
Getting started with Mogo is quick and user-friendly.
Applying for a Mogo personal loan is entirely online and designed to be hassle-free. You don’t need to visit a branch or wait for paperwork in the mail.
Instead, you simply fill out a digital application through the Mogo website, where you can see your personalized loan rate without affecting your credit score.
Once you receive a loan offer, you can review the terms including your APR, repayment period, and payment frequency and decide whether to proceed.
If approved and accepted, the funds are typically sent by direct deposit to your Canadian bank account.
Mogo currently offers loans to residents of most provinces and territories across Canada, but availability may vary.
Applicants in Saskatchewan and Quebec, for example, are not eligible for Mogo personal loans at this time.
Additionally, you must have an active Canadian chequing account, stable income, and meet the minimum credit criteria to qualify.
Overall, the application process is straightforward and can be completed in minutes from your phone, tablet, or computer.
Frequently Asked Questions
Below are answers to some common questions about Mogo personal loans.
[expansivel titulo=”Does Mogo offer loans to people with bad credit?” cor_fundo=”#579CBF” cor_texto=”#004085″ cor_borda=”#b8daff” cor_bg=”#efefef”]Mogo considers applicants with fair credit but does not guarantee approval for poor credit scores.[/expansivel]
[expansivel titulo=”Can I check my rate without affecting my credit?” cor_fundo=”#579CBF” cor_texto=”#004085″ cor_borda=”#b8daff” cor_bg=”#efefef”]Yes. Mogo uses a soft credit check during pre-qualification, so there’s no impact.[/expansivel]
[expansivel titulo=”How quickly can I get my loan?” cor_fundo=”#579CBF” cor_texto=”#004085″ cor_borda=”#b8daff” cor_bg=”#efefef”]If approved, you may receive funds within one business day.[/expansivel]
[expansivel titulo=”Is Mogo available in Quebec?” cor_fundo=”#579CBF” cor_texto=”#004085″ cor_borda=”#b8daff” cor_bg=”#efefef”]Currently, Mogo personal loans are not available to residents of Quebec.[/expansivel]
Editorial Verdict
Mogo stands out for its speed, flexibility, and transparency.
While interest rates can be high for some borrowers, the ability to check your rate with no risk and manage your credit health for free adds strong value.
It’s a solid option for Canadians seeking fast, digital access to personal loans.
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