Mogo Review 2026: Line Of Credit, Rates And Fees

With over 2 million members Canada-wide, Mogo is one of Canada's leading digital finance companies. Mogo started in Vancouver in 2003, and their goal is to build the best digital financial services experience in Canada, with simple online tools that help their members take control of their money.

Today, Mogo's lending product is the MogoMini line of credit from Mogo Financial Inc. You sign up for a free MogoAccount online, and if you're eligible, you get a line of credit pre-approval that doesn't affect your credit score.

Are You The Right Borrower For Mogo?

Mogo can be a good fit for you if:

You want to see your offer before your credit is checked. Signing up takes about three minutes, the pre-approval uses a soft check, and a hard check only happens if you choose to submit a full application.
You need flexible access to up to $5,000. You can draw what you need from your line of credit, keep your minimum payments low and pay down the principal whenever you're able to, with no penalty.
You want a way out if it isn't right for you. With Mogo's 100-day money-back guarantee, you can repay the principal within 100 days and get back the interest and fees you paid.

What Does Mogo Offer?

Mogo offers one credit product, the MogoMini line of credit, through your MogoAccount.

MogoMini Line Of Credit

The MogoMini is a line of credit, it is not a term loan. Your credit limit can be from $500 to $5,000, and you can draw from it when you need money. Minimum payments consist of interest and fees for optional services and are automatically withdrawn from your bank account according to your pay frequency.

Credit Limit	$500 to $5,000
Interest Rate	34.37% AIR, excluding fees for optional services
Term	Open-ended, you choose when to pay down the principal
Minimum Payment	Interest and fees for optional services only, taken on your payday
Funding Method	Direct deposit or Interac e-Transfer
Early Repayment	No penalty

Features

No Impact To Check: Signing up and checking to see what you qualify for does not impact your credit score.
Interest-Only Minimum Payments: Payments are interest and fees only, and you pay down your line of credit principal when you choose.
100-Day Money-Back Guarantee: If you're unhappy with your line of credit within 100 days, you simply have to repay the principal balance for your 100 days of interest and fees to be refunded.
Level Up: With on-time payments, you could be offered a credit limit increase.
Smart Alerts: Mogo sends you reminders about payments and other important information about your account.
Line Of Credit Snapshot: Four days before each minimum payment, Mogo emails you your available credit, principal balance, minimum payment and due date.
No Prepayment Penalty: You can pay down or pay off your MogoMini line of credit at any time.

How Fast Can You Get Your Money From Mogo?

You get your pre-approval in about three minutes when you open a MogoAccount. Once you've sent in any documents Mogo asks for, they aim to review your application within a few hours during business hours, and your money is sent by direct deposit or Interac e-Transfer.

Stage	Timing
Sign Up And Pre-Approval	About three minutes online
Bank Verification	Instant if you connect your online banking, longer if you upload a stamped statement
Final Decision	Usually within a few hours of receiving your documents, during business hours
Funding	Direct deposit or Interac e-Transfer once you're approved

How To Qualify For A Mogo Line Of Credit

Mogo operates in most Canadian provinces. To qualify for the MogoMini line of credit, you'll first have to live in British Columbia, Alberta, Manitoba, Ontario, New Brunswick, Nova Scotia, Prince Edward Island or Newfoundland and Labrador. At the moment, Mogo does not offer their line of credit in Quebec and Saskatchewan. You must also be past the age of majority in your province (18 or 19+).

Requirement	MogoMini Line Of Credit
Age	Age of majority in your province
Where You Live	BC, AB, MB, ON, NB, NS, PE or NL
Income	Minimum annual net income of $13,000, which may apply
Employment	Steady income for at least 30 days
Bank Account	The account your pay goes into, verified online or with a stamped statement
Credit Check	Soft check to pre-qualify, hard check when you submit your application

There are times that Mogo may request additional documents in order to proceed with the review, such as your two most recent pay stubs, a valid government-issued photo ID or a utility bill showing your current address. Please note that they may still ask for other supporting documents after completing this request. For more details, click here.

Mogo also performs a credit check when you apply. This is done to determine how well you've managed your past debts and to assess if you've been associated with recent delinquencies, such as a consumer proposal or bankruptcy. Mogo gets your credit information from Equifax.

How To Apply With Mogo

Applying for a MogoMini line of credit starts with a free MogoAccount, which you can open online in about three minutes.

Create your MogoAccount: Sign up with your email address and create a password.

Answer a few questions: Add your legal name, date of birth, address, phone number, monthly housing cost, employment and income, and consent to a soft credit check.

Verify your identity: Answer three questions about your financial history.

See your pre-approval: If you're eligible, your line of credit pre-approval shows up right away, with no impact on your credit score.

Submit your application: Apply from your MogoMoney dashboard and agree to a hard credit check.

Verify your bank and income: Connect your online banking or upload a stamped bank statement, and send any documents Mogo asks for.

Sign and get funded: Once you're approved, sign your agreement electronically and your money is sent by direct deposit or Interac e-Transfer.

What Does A Mogo Line Of Credit Cost?

The MogoMini line of credit has an annual interest rate (AIR) of 34.37%, excluding fees for optional services, on credit limits of up to $5,000.

Minimum payments consist of interest and fees for optional services. The MogoMini line of credit provides you with the flexibility to control your payment amount. The automatic minimum payment covers the interest and fees while you control your principal payments. How quickly or slowly you pay off your line of credit will be determined by the principal payments you make. You can pay down or pay off your MogoMini line of credit at any time without penalty.

Balance	Interest-Only Payment Per Month	Interest After 12 Months, Paying Interest Only	Paid Off Over 12 Months	Paid Off Over 24 Months
$500	$14.32	$171.85	$49.82 a month, $97.90 in interest	$29.09 a month, $198.24 in interest
$2,500	$71.60	$859.25	$249.12 a month, $489.48 in interest	$145.47 a month, $991.21 in interest
$5,000	$143.21	$1,718.50	$498.25 a month, $978.95 in interest	$290.93 a month, $1,982.41 in interest

These numbers are for illustrative purposes only. Actual numbers may vary.

If a payment is returned, Mogo charges an NSF fee of $20 to $50, depending on your province, and your bank may charge its own fee too. You can sign up for Mogo for free and see what credit you qualify for. There is no impact to your credit score and no obligation to proceed if you don't like the offer.

Is Mogo Licensed?

Mogo Financial Inc. holds high cost credit licences in Alberta and British Columbia and a lender licence in Nova Scotia.

AlbertaHigh cost credit licence 349152, Mogo Financial Inc., expires January 31, 2027
Service AlbertaVerified

British ColumbiaHigh cost credit grantor licence 83658, Mogo Financial Inc., first issued April 12, 2022, expires October 31, 2027
Consumer Protection BCVerified

ManitobaLicensing is confirmed through the Consumer Protection Office in ManitobaContact CPO

Nova ScotiaLender extending credit licence, Mogo Financial Inc.
Licensed Lenders in Nova ScotiaVerified

New BrunswickLicensing is confirmed through the Financial and Consumer Services Commission (FCNB) at (506) 453-2315, 1-866-933-2222 or info@fcnb.caContact FCNB

OntarioMogo Financial (Ontario) Inc., Ontario business corporation 2032522, active since September 15, 2003
Ontario Business RegistryVerified

Prince Edward IslandMogo Financial Inc., registered business name MOGO 148099, active since December 1, 2015
PEI Business RegistryVerified

Newfoundland And LabradorMogo Financial Inc., company 76050, active, registered November 30, 2015
Companies and Deeds OnlineVerified

What Customers Say About Mogo

It's always a good idea to research lenders before you apply. The ratings below were last checked on October 28, 2026.

4.5

Trustpilot, 950 reviews

Claimed since July 2021. Mogo replies to most negative reviews.

C+

BBB letter rating

Not BBB accredited. 38 complaints in the last three years.

Since 2003

In business

Mogo has been serving Canadians for 23 years.

Pros And Cons Of Choosing MogoMini Line Of Credit

Pros

No charge to repay early: You will not be charged to pay down or pay off your line of credit early.
100-day money-back guarantee: If the line of credit isn't right for you, repay the principal within 100 days and Mogo refunds the interest and fees you paid.
Quick pre-approval: Getting pre-approved takes about three minutes when you open your MogoAccount.
No impact to your credit score to see what you qualify for: Signing up and getting pre-approved uses a soft check.
Low minimum payments: Minimum payments cover only interest and fees for optional services, so you decide how fast to pay down the principal.

Cons

Your interest rate may be quite high: While the 34.37% AIR is higher than a bank line of credit, it costs far less than a payday loan, and you can cut your interest by paying down the principal at any time.
Minimum payments don't reduce your balance: While minimum payments cover only interest and fees, adding even small principal payments shrinks your balance and lowers every payment after that.
Payments aren't reported to the credit bureaus: While on-time payments won't build your credit history, using the line of credit to pay off a high credit card balance could still help your score.

How Mogo Compares To Other Lines Of Credit

Comparing Mogo Finance, CashMoney, Fora and Nyble on loan amount, interest rate, term, availability, funding time, funding method, repayment options, eligibility and required documents, as listed by each lender.

Mogo Finance, CashMoney, Fora and Nyble compared
Feature	Mogo Finance Line of Credit Rated 3.8 out of 5 (10 reviews) Apply now Learn more	CashMoney Line of Credit Rated 4.2 out of 5 (12 reviews) Apply now Learn more	Fora Line Of Credit Rated 5 out of 5 (1 review) Apply now Learn more	Nyble Line Of Credit No reviews yet Apply now Learn more
Loan amount	Up to $5,000	Up to $10,000	$1,000 – $15,000	$30 – $250
Interest rate	34.37%	34.99%	19.9% – 34.9%	0%
Term	Open-ended	6 - 60 months	Open-ended	Open-ended
Available in	All provinces except QC, SK	All provinces except PE, QC	AB, BC, NB, NS, ON, SK	All provinces
Funding time	Within 24 hours	Typically within 24 hours	As soon as the same business day	0-3 business days or instant
Funding method	Direct deposit Interac e-transfer	Interac e-Transfer® Direct deposit	Direct Deposit	EFT Interac Visa / MasterCard
Repayment	Automatic debit	Automatic debit	Automated bank payments Debit/prepaid card payments accepted	Debit card Pre-authorized debit
Eligibility	Must be a permanent resident of AB, BC, MB, NB, NL, NS, ON, & PEI Must be the age of majority in your province Must have an annual income of at least $13,000 Must be steadily employed for the last 30 days (you can be employed full time, part-time or be self-employed)	Canadian resident Available in AB, BC, MB, SK, ON, NB, NL, NS Age of majority in your province Steady income Valid chequing account	Must be a Canadian citizen or permanent resident Must be the legal age of majority in your province/territory Must have a consistent source of income Must have a valid contact number and email address	Have direct deposit income Have a positive bank balance
Requirements & documents	You may be required to provide some or all of the following. Most recent bank statement Proof of income such as pay stubs, invoices, cheques, etc. Proof of identification such as valid driver’s license Proof of address	Proof of income Valid Government-issued ID	Have an open and active personal bank account Must receive income through direct deposit	Have a valid phone number which can receive texts Must connect bank account via flinks

Figures are as listed by each lender and can change. Check the lender's site before you apply.

Final Thoughts

Mogo gives you a simple way to check what you qualify for before your credit is touched, and the MogoMini line of credit lets you borrow up to $5,000 with low, interest-only minimum payments. Because minimum payments don't reduce your balance, plan to add principal payments when you can, and keep the 100-day money-back guarantee in mind if the line of credit turns out not to be right for you.

Mogo FAQs

How can I improve my chance of approval?

Mogo looks at several things including your credit history, income, and employment to determine if you are a creditworthy borrower. As such, working on these three factors can increase your chances of approval.

What are NSF fees?

A Non-Sufficient Funds (NSF) fee occurs when your chequing account does not have a sufficient balance to cover a transaction. For example, if Mogo tries to withdraw your minimum payment from your bank account, but is unable to because there is not enough money in your bank account. You will be charged an NSF fee by your bank and by Mogo. With Mogo, the NSF fee ranges from $20 to $50, depending on your province.

Can I pay off my loan earlier than originally planned?

In most cases, lenders will accept larger or more frequent installments during your repayment plan, following some prior discussion. This isn't an affordable option for every borrower, but it can help you get out of debt quicker. The only problem is that some lenders will charge you a penalty fee for breaking your contract. Mogo will not charge you anything to repay your line of credit ahead of time. Mogo requires two business days' notice when you set up an extra payment through their Support Bot. You can also pay by Interac e-Transfer or online banking bill payment, and you can request a payment in full from your MogoAccount.

Does Mogo do a credit check?

Yes, but signing up and getting pre-approved only uses a soft check, which doesn't affect your credit score. Mogo does a hard check when you submit your completed application, and you're asked to consent to it first.

Will a Mogo line of credit help build my credit?

No, Mogo does not report MogoMini payment history to any credit bureau in Canada. Using it to pay off a high credit card balance or a debt in default could still help your score.

Where is Mogo available?

The MogoMini line of credit is available in British Columbia, Alberta, Manitoba, Ontario, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland and Labrador. It isn't available in Quebec or Saskatchewan.

What is Mogo's 100-day money-back guarantee?

If you're not happy with your line of credit within the first 100 days, let Mogo know, repay the principal balance, and they'll refund the interest and fees you've paid.

How do I get my money from Mogo?

Once you're approved, Mogo sends your money by direct deposit to your bank account or by Interac e-Transfer.

How do I contact Mogo?

Live chat is available to members processing a credit application, Monday to Saturday from 9 a.m. to 5:30 p.m. ET. For everything else, use the Support Bot in your MogoAccount, where a person reviews your request. You can also email help@mogo.ca, or call 1-800-980-6646 if you can't make a payment.

Interest Only Line of Credit: Annual Interest Rate (AIR) of 34.37%, excluding fees for optional services. Subject to approval (O.A.C.), minimum income requirements, identity and income verification, and other conditions. Available in BC, AB, MB, ON, NB, PE, and NS. Minimum payments cover interest and fees only and do not include principal repayment. Rates subject to change. Mogo reserves the right to adjust your credit limit or close your line of credit account at any time without prior notice. When you request an advance from your available credit, the amount may be adjusted if your available credit changes. You will receive the maximum available, up to the amount you requested. Pre-approval is based on information submitted in your MogoAccount application and/or other information that indicates you could meet our underwriting requirements. Your pre-approval for credit remains subject to our credit approval process which includes but is not limited to income and identity verification and validation of information submitted through the Mogo.ca website. To meet our underwriting requirements further documentation may be requested from you. Minimum income requirements may apply for some products. Approval is not guaranteed and we reserve the right to deny services to you. Final approval is subject to review and verification of income and supporting documents provided.

Line of Credit

Loan Range

Up to $5,000

Interest Rate

34.37%

Terms (Months)

Open-ended

Funding Time

Within 24 hours

Funding Method

Direct deposit
Interac e-transfer

Repayment Options

Automatic debit

Eligibility

Must be a permanent resident of AB, BC, MB, NB, NL, NS, ON, & PEI
Must be the age of majority in your province
Must have an annual income of at least $13,000
Must be steadily employed for the last 30 days (you can be employed full time, part-time or be self-employed)

Requirements & Documents

You may be required to provide some or all of the following.
- Most recent bank statement
- Proof of income such as pay stubs, invoices, cheques, etc.
- Proof of identification such as valid driver’s license
- Proof of address

Lender	Amount	Rate	Term	Apply	Details
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Mogo Finance 2026 Reviews, Fees & Requirements

Is Mogo Finance legit?

Are You The Right Borrower For Mogo?

What Does Mogo Offer?

MogoMini Line Of Credit

Features

How Fast Can You Get Your Money From Mogo?

How To Qualify For A Mogo Line Of Credit

How To Apply With Mogo

What Does A Mogo Line Of Credit Cost?

Is Mogo Licensed?

What Customers Say About Mogo

Pros And Cons Of Choosing MogoMini Line Of Credit

How Mogo Compares To Other Lines Of Credit

Final Thoughts

Mogo FAQs

How can I improve my chance of approval?

What are NSF fees?

Can I pay off my loan earlier than originally planned?

Does Mogo do a credit check?

Will a Mogo line of credit help build my credit?

Where is Mogo available?

What is Mogo's 100-day money-back guarantee?

How do I get my money from Mogo?

How do I contact Mogo?

Line of Credit

Trust And Compliance

Cost And Transparency

Terms And Funding

Access And Eligibility

Customer Experience

Canadian Mortgage Award

Branham Group’s 2015 list

Fintech Innovation Awards

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