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A Review of Mogo Personal Loans in Canada

Mogo Financial is one of the top lenders for personal loans in Canada. This should come as no surprise to many of us since Mogo is pretty well-known for being one of the most flexible lenders in the country. But is their service really worth it? In this Mogo Loans review, we hope to help you decide whether Mogo is the right lender for you.

An Overview of Mogo’s Services

While we’re going to focus on Mogo personal loans on this page, we do want to point out that the company offers a variety of different financial services. This includes mortgages, wealth management, cryptocurrency, and prepaid credit cards.

In the past, Mogo loans were quite convoluted. They offered a variety of different loans based upon your borrowing requirements. However, now it seems they have pretty much all been rolled into the same service.

While we’re sure that Mogo still uses the old loan names internally to help construct offers, newer customers are unaware of this. So, if you’ve of heard names such as Mogo Liquid and the like in the past, bear in mind that these are no longer listed as individual loans. We think Mogo made the right choice in this regard as it makes things a little bit simpler to understand.

Loan Product Review

As we’ve mentioned previously, the terms that make up a Mogo personal loan have changed recently. No longer do they offer several types of loans under different product names. Instead, you just tap in the amount of cash you want to borrow over a period of time, and Mogo will be able to tell you whether they can offer you a loan or not.

Application Restrictions

Anybody over the age of 18 and living in Canada (excluding Quebec) can apply for a loan through Mogo.

You must be in stable employment when you are applying for a loan. You must be making at least $13,000 per year. That being said, if you are earning below this threshold, then your loan will probably be declined. It doesn’t matter how great your credit score is at that point. If you don’t make it above the minimum income requirement, Mogo believes that you would struggle to pay off your loans.

Features of Mogo Loans

If you are approved for a Mogo loan, you will be able to enjoy credit monitoring services. This is fantastic if you want to see the changes to your credit score as you repay your loan. Mogo will always report to and offer credit scores from Equifax. This is one of the most reputable credit reporting agencies in Canada, so you should be able to get a decent idea of how other lenders will see you.

While not a major perk, anybody that gets accepted for a Mogo Loan will also have the ability to obtain a free prepaid Visa credit card. This can be surprisingly useful, although since it is pre-paid, it will not work for credit building.

One of the more useful features of Mogo loans is the access they provide to their app for the duration of your loan. At any given time, you will be able to see how much you still have to repay on your loan, plus any future interest. It is a nifty little feature that will allow you to keep track of your finances a little bit better.

In addition, you’ll have the ability to pay your loan back whenever you wish with absolutely no financial penalties. This means you will not need to pay any future interest due if you pay off your loan in full.

Loan Terms

You can borrow between $500 and $35,000 through Mogo Loans.

The minimum term for a loan is two years, and the maximum is five years. This is about average for this type of loan. Most lenders in Canada do not offer loan terms that span over five years nowadays.

Interest Rates

The interest rates you’ll get will be based on your credit history. While Mogo claims to have an average interest rate around the 19% mark, you can expect to be made an offer somewhere around the 20% to 25% range if you have an average credit score. Those with poor credit histories have noticed interest rates in excess of 40%, which is a little bit on the high side for this type of personal loan.

The Application Process

The application process is quick and easy. In fact, it is one of the simplest loan application processes out there. Everything is carried out online.

Applying for your loan involves you typing the amount that you wish to borrow, as well as the repayment terms you want. Mogo will then carry out a credit check with Equifax. They will mostly be looking at your credit score here, but Mogo also pays attention to your credit utilization ratio. They need it to be under 55%, or they will automatically decline you.

You will then be given an offer based upon your credit score and income. If you accept the offer, you will need to send your income proof to Mogo, and they will require proof of bank account ownership. Do bear in mind that at this point, you are still not guaranteed the loan, but your chances of securing a loan are high if you make it to this stage.

Once everything has been approved, the money will be in your account within 24 hours. The entire process should take no longer than two to three days.


One of the major benefits of taking out a loan with Mogo Financial is that you have a 100-day cooling-off period on most loans. If you decide the loan is not for you in that period of time, you can hand the money back. You will then be refunded any interest and fees that you may have paid up until that point. While we can’t imagine there are that many people using this perk, it is nice to have.

While there is a minimum income requirement of $13,000, this is actually lower than most other lenders. So, if other lenders are rejecting you due to low income, you may have a decent chance of success with Mogo personal loans. This is assuming that your credit score is in order.

Those with lower credit scores may also have a higher chance of being approved for a loan with Mogo. While it is still going to be difficult if you have a poor history of paying back money that you owe, a lot of people have noted that they achieved more success with Mogo Financial than any other lender.


The major issue with Mogo loans is that they have the tendency to hide small fees in the fine print. There will be loan origination fees included in the cost of the loan, but they do not exactly make this clear. We don’t appreciate this at all, nor do many of the people that have written Mogo Canada reviews.

The only other major issue is that their missed payment fees are sky-high. We are talking up to $50 before you even consider the amount of cash your bank is going to charge for not having enough money in your account. Sure, it’s tricky to consider this as a major con since you should be paying your loan on time anyway. However, do bear in mind that these high fees mean that Mogo should always be your priority when it comes to repayments.


A Mogo personal loan is a fantastic option for anybody with a semi-decent credit score and in regular employment. You will enjoy the competitive interest rates on offer, plus the ability to borrow smaller sums of cash over a longer period of time. If you have a poor credit score, then you may wish to look at sites such as Rate Genie to get a better idea of the options you have that may be more suited to your personal circumstances.

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