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Find A LenderMDG: 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 MDG | Cover 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 MDG | 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 $20,000. 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 Loan | Line Of Credit | |
| Type of loan | Installment loan | Credit line (repaid via installment payments) |
| Loan Amount | Up to $20,000 | Up to $3,200 |
| Interest Rate | 19.8% – 34.99% | – No interest if loan is repaid within 12 months – 9.47% – 32.00% charged, then reimbursed after full repayment |
| Term | – Loans less than $4000: 36 months – Loans $4000 to $10,000: 60 months – Loan more than $10,000: 85 months | 30 – 36 months |
| Requirements | – Credit 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 | Across Canada | 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 34.99%, 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.
What Do Consumers Think Of MDG?
| BBB Accredited + Rating | Not BBB accredited A+ rating 2.22/5 stars |
| Google Rating | 3.9/5 stars |
| Trustpilot Rating | 4/5 stars |
| Social Media Presence | Facebook: 376K followers, 4.1/5 stars Instagram: 20.9K followers X: 960 followers |
| Physical Locations | 25+ retail stores in Canada |
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?
| MDG | Affirm | |
| Interest rate | No 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 used | MDG only | Over 7,000 merchants across Canada |
| Loan term | 12 months (for line of credit) | 4 bi-weekly payments, or- 3, 6, or 12-month term |
| Prepayment available? | Yes | Yes |
| Hard credit check? | No | No |
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?
Can I repay my loan early?
Can I build credit by making my loan payments to MDG?
What credit score do I need to be eligible for a loan with MDG?
How long will it take to get access to my funds?
Unsecured Installment Loans provided by MDG Financial Inc. Interest rates on unsecured installment loans range from 19.8% – 34.99%, with a loan term of 36 to 85 months. Online applications are assessed in real time. Personal information provided during your application may be subject to verification. You may be asked to provide additional documents to support your application. Loan Example: $1,600 unsecured loan borrowed for 36 months at APR of 29.78%, biweekly payment of $31.13. Total repayment with interest $2,428.14. All figures are representative, the rate you are offered will depend on an assessment of credit worthiness and other factors. Terms and conditions apply.
