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MDG: Overview

Who is MDG best for?Consumers who need a quick cash fix
Consumers who don’t have enough cash to pay for an expensive household product upfront
Consumers with fair credit
What we like about MDGCover an expensive purchase without paying upfront
Decisions made in minutes
Online application — no time-consuming branch visits
Repay early without penalty
What we don’t like about MDGNot available in BC
Bad credit not accepted (560+ minimum credit score required)

What Does MDG Offer?

MDG offers two main forms of consumer financing: cash installment loans and lines of credit to pay for MDG’s products. 

Cash Installment Loans 

MDG offers cash installment loans up to $1,600. Only a soft credit check is performed to pre-qualify you for a loan, which will not affect your credit score. Following final clearance (which can take 24 to 48 hours after submission) by MDG, the funds will be deposited into your account within 3 hours.

No long-term commitments are required. Instead, you’re free to pay off your balance in advance with no penalty. Plus, all payments are reported to a credit bureau.

Line Of Credit For Products

To help you pay for an expensive product from MDG, you can use a line of credit. Rather than paying for a product in full upfront, you can use your credit line to spread the costs over a longer time frame and repay via installments.

MDG provides lines of credit for up to $3,200 to be used to finance any product at MDG. If you pay your line of credit off within 12 months, you won’t have to pay interest. 

Do note that interest will still accrue throughout the repayment period. That means you’ll have to pay interest along with your loan repayments. Once the loan term ends, you will be reimbursed for interest charges paid. If you don’t keep up with your payments and fail to pay in full by the end of the 12-month term, you will not be reimbursed for the interest portion.  

Like cash installment loans, lines of credit payments will be reported to the credit bureau. You can also make additional payments anytime and pay off your credit line early without incurring penalty fees. 

MDG Consumer Financing: Snapshot

Cash Installment LoanLine Of Credit
Type of loanInstallment loanCredit line (repaid via installment payments)
Loan AmountUp to $1,600Up to $3,200
Interest Rate29.78% – 44.8%– No interest if loan is repaid within 12 months.
– 9.47% – 32.00% charged, then reimbursed after full repayment
Term36 months30 – 36 months
RequirementsCredit Score of 560+
Valid bank account with 30-90 days transaction history
Reliable source of Income.
Valid bank account with 30-90 days transaction history
Reliable source of Income.
Availability– Alberta
– Ontario
– Quebec
– New Brunswick
– Nova Scotia
– Newfoundland
– Prince Edward Island
– Northwest Territories
– Nunavut
– Yukon
– Saskatchewan
(Not available in British Columbia)
Across Canada

What Are The Requirements For An MDG Cash Loan Or Line Of Credit?

To determine your eligibility for a cash installment loan or line of credit, MDG will perform a soft credit check. If everything checks out, MDF will clear you for pre-qualification.

After you’ve been pre-qualified, you’ll need to provide MDG with information to prove your employment, income, and identity. Such information may include:

  • Bank statements
  • Employment information
  • Proof of identity (such as a driver’s license) 
  • Void cheque (to deposit your borrowed funds)

How To Apply With MDG 

Getting pre-qualified for a cash installment loan or line of credit follows the same process. For either one, all you need to do is fill out a quick online application with the following information:

  • Full name
  • Address
  • Date of birth
  • Phone number
  • Monthly income
  • Source of income
  • Living arrangement
  • Social Insurance Number (SIN)

Create an account by entering your email address and chosen password. Then, check the box to agree to the terms and conditions. Within seconds, you can be pre-qualified for financing. 

What We Like About MDG

  • Simple online form. Just enter a few pieces of information about yourself and your income to apply for financing. All it takes is a couple of minutes.
  • Instant pre-qualification. After filling out the quick online form, you’ll be instantly notified if you’re pre-qualified.
  • Cover an expensive purchase without paying upfront. You don’t have to come up with hundreds or thousands of dollars to pay for a pricey product at MDG. Instead, you can use the company’s line of credit to spread out the cost through small and affordable payments.
  • No interest on line of credit. If you pay back your line of credit within 12 months, you’ll get your interest payments reimbursed.
  • Quick funding. You can get the funds from a cash installment loan deposited into your bank account in as little as 3 hours after final clearance (24 to 48 hours) by MDG.
  • Repay early without penalty. You can pay back your loan any time you want with no early repayment penalty fees.

What We Think You Should Watch Out For

  • High interest. Rates are as high as 44.8%, depending on your credit score and financial profile.
  • Interest isn’t reimbursed if you don’t repay within 12 months. Interest is always charged for a line of credit, but if you repay it within 12 months, the interest will be reimbursed. 
  • Not available everywhere. MDG does not provide consumer financing to residents in BC.

What Do Consumers Think Of MDG?

BBB Accredited + RatingNot BBB accredited
A+ rating
2.22/5 stars
Google Rating3.9/5 stars
Trustpilot Rating4/5 stars
Social Media PresenceFacebook: 376K followers, 4.1/5 stars
Instagram: 20.9K followers
X: 960 followers
Physical Locations25+ retail stores in Canada
*Ratings include consumer financing & e-commerce store.

Is MDG Safe? 

MDG has been in operation since 1991 and has since expanded to over 25 retail stores in Canada and some cities in the US. The company uses robust security protocols to keep personal information protected against unauthorized access and use, including encryption and secure areas for data processing.

How Does MDG Compare To Affirm?

MDGAffirm
Interest rateNo interest if you repay within 12 months
– 9.47% – 32.00% charged, then reimbursed after full repayment
0% – 32% APR
Merchants where payment plan can be usedMDG onlyOver 7,000 merchants across Canada
Loan term12 months (for line of credit)– 4 bi-weekly payments, or- 3, 6, or 12-month term
Prepayment available?YesYes
Hard credit check?NoNo

Final Thoughts

MDG makes it easy to pay for its products. If you don’t have the cash to cover an item on MDG’s product list, you can finance it using their no-interest line of credit and repay what you owe with affordable installments. Or, if money is a little tight, you can take out a small cash installment loan to tie you over. All you need is a few pieces of information, and MDG will pre-qualify you in seconds with no credit check required.

MDG FAQs

Does MDG perform a hard credit check?

No, MDG will only perform a soft credit check, so it won’t have any effect on your credit score. 

Can I repay my loan early?

Yes, MDG allows you to repay your loan early without charging early prepayment penalty fees.

Can I build credit by making my loan payments to MDG?

MDG reports payments to the credit bureau. So, if you make timely payments, you can build good credit. But if you miss payments, your credit score could suffer. 

What credit score do I need to be eligible for a loan with MDG?

MDG requires a minimum credit score of 560 to qualify for a loan.

How long will it take to get access to my funds?

Funds will be deposited into your bank account within 3 hours after approval. Approval can take  24 to 48 hours after you’ve been pre-qualified. Payments toward repaying your loan will then be made via pre-authorized debits from your bank account. 

Interest rates, credit limit and conditions depend on the assessment of your personal credit profile. MDG Financial Inc.(“MDG”) offers Cash Installment Loans from $850 to $1,600. Term: 36 months. Annual Interest Rates from 29.78% to 44.80%. Approval is determined by various factors and subject to MDG’s standard review which may include, amongst others, the verification of information you’ve provided in your application and your ability to pay; Canadian Residency is required. Approval is not guaranteed. See MDG’s website for more details.

Services & Products

MDG Offered Services

Cash Installment Loan

Loan Range
  • $850 to $1,600 (maximum limit of $5,000)
Interest Rate
  • 29.78% - 44.8%
Terms (Months)
  • 36 months
Funding Time
  • 24-48 hours
Funding Method
  • Direct deposit
Repayment Options
  • Pre-authorized debit agreement
Eligibility
  • Be a resident of AB, MB, NB, NL, NS, NWT, NU, ON, PEI, QC, SK, YK
Requirements & Documents
  • Have a valid photo ID
  • Have a credit score of 560 or higher
  • Have a valid bank account
  • Have 30-90 days of transaction history
  • Provide proof of income
  • Provide a void cheque

Reviews

Reviews & Rating

See what others have to say about MDG

I’m very happy with MDG.

I have bought my laptops from MDG for over 15 years Always fast delivery great laptops great service friendly staff I will always buy from here I high

Fast and quick approval.

Have you had any experience with this provider? Let others know!


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