Mogo Finance Reviews, Ratings And Fees January 2023

Based on 11
Customer Reviews
2100 - 401 West Georgia St.
Vancouver, British Columbia
V6B 5A1

Who Is Mogo Finance

With a clientele of over 900,000 members Canada-wide, Mogo Finance Technology Inc. is a large lending institution based out of Toronto, Ontario. They aim to help Canadians rule their finances by offering a wide variety of financial options that allow them to navigate through life’s most stressful situations. 

Consumers can take advantage of Mogo’s comprehensive list of products and services, including but not limited to:

  • Personal Loans of $100 – $35,000
  • Mortgages
  • Free Credit Score Monitoring
  • Identity Fraud Protection
  • Credit Cards
  • Cryptocurrency

Depending on which product or service you’re looking to apply for, qualifying may require several different steps. Take a look at their website to learn what it takes to become a Mogo member. 

How to Qualify For a Personal Loan With Mogo

Like many lenders, Mogo’s services are largely based online. While they are a popular lending business, they do not operate in every province or territory in Canada. So, if you’re looking to qualify for one of their products or services, you’ll first have to be a permanent resident of one of these areas:


  • Ontario
  • British Columbia
  • Alberta
  • Manitoba
  • Prince Edward Island
  • Nova Scotia
  • Saskatchewan
  • Newfoundland & Labrador
  • New Brunswick 


  • Northwest Territories
  • Nunavut

At the moment, the only province that Mogo does not operate in is Quebec. To be eligible for any of their loans or other products, you must also be past the age of majority in your province/territory (18-19+).

Other documents you may need to qualify with Mogo include:

  • Proof of your income (paychecks, etc.)
  • Proof that you have an active bank account (recent statements, etc.)
  • Your employment history (you must be steadily employed for at least 30 days)

Since Mogo reports their clients to Equifax, one of Canada’s main credit bureaus, they may also perform a credit check when you apply. This is so they can determine how good you’ve been at paying your previous debts and whether you’ve been involved with any recent delinquencies, such as a consumer proposal or a bankruptcy. 

What Features Make Mogo Finance Stand Out?

Although plenty of Canadian lenders offer similar products and services, applying for a personal loan through Mogo may work to your advantage because:

  • Their company operates in almost every province and territory.
  • They offer a variety of financial options
  • Their online services are available 24/7.
  • They offer a 100-day money-back guarantee for unsatisfied customers.
  • If you’re unhappy with your loan within that time, you simply have to repay the principal balance for your 100 days of interest and fees to be refunded.
  • Good loan payments will appear on your credit report and elevate your credit score (for loans acquired after April 5th, 2018). 
  • Members are eligible for free credit score monitoring, a free Mogo Visa Platinum Prepaid Credit Card, and pre-approval for a MogoMoney personal loan (which will not impact your credit score). 

Note: When you create an account with Mogo you receive free monthly credit score monitoring and MogoProtect, Canada’s first and only free identity fraud protection. Click here to get started.

What Does a Mogo Personal Loan Cost?

Mogo Finance offers several personal loan products that can vary greatly in size, repayment time, and overall price. For instance:

  • Within their ‘help’ section, Mogo specifies that they offer loans of $100 – $35,000 with repayment terms of 2-weeks to 5 years.
  • However, a standard MogoLiquid personal loan is usually $2,000 – $35,000 with an average term of 1-5 years. 

The final cost of your Mogo loan may also change depending on:

  • What province or territory you live in
  • What your gross yearly income is ($13,000 minimum to qualify)
  • What your employment situation is like
  • What debt problems or delinquencies you’ve recently undergone (if any)
  • How much outstanding debt you have
  • How high your credit score is (660-900 is ideal) 
  • What interest rate you’re given (representative rate is 22.9% APR)
  • The length of your repayment term 
  • What administrative fees are tacked on (loan origination, etc.)

Before you apply for a Mogo personal loan, be sure to consult a sales representative about all the costs involved, then factor them into your budget to confirm that they are affordable when coupled with your other monthly expenses.

Pros and Cons of Choose Mogo


  • You will not be charged to repay your loan early.
  • A Mogo membership comes with various perks (pre-approval, etc.)
  • Interest rates and repayment terms are adjustable.
  • Responsible payments are good for your credit.
  • Mogo has a 100-day money-back guarantee policy 
  • Getting approved is relatively easy and quick (bad credit is accepted). 
  • Relatively large loan amounts are offered, which can help greatly if have a lot of expenses or unpaid debt to cover. 


  • Your interest rate may be quite high if you borrow a large amount or have less-than-perfect finances.
  • Two non-sufficient funds penalties of $20 -$50 (one from the lender, one from your bank), as well as extra interest, will apply if you default on any payments. 
  • Being unable to afford your payments can lead to unmanageable debt, a reduction in credit score, and other financial problems.
  • Additional loan fees are not disclosed within the Mogo website, which may drive up the initial loan price without you realizing it. 

Mogo FAQs

How can I improve my chance of approval?

Mogo looks at 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.

Do my payments go toward the interest, the principal or both?

Depending on the type of loan you have, the repayment options you choose, and the province you live in, the amount of your payment that goes toward the interest and principal will differ. For example, the minimum payment on a MogoMini loan will go toward paying your interest and optional fees and services. Additional payments would go toward the principal. On the other hand, the minimum payment on a MogoLiquid loan would go toward your principal, interest, and optional fees and services. To see how your payment works, the details will be in your loan agreement. 

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 extract your monthly payment from your bank account, but is unable because there is no money, you will be charged a fee by your bank and by the lender. With Mogo, the NSF fee for any loan product can range between $20 – $50.

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 obviously 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. Luckily enough, Mogo will not charge you anything to repay your loan ahead of time, as long as you notify them first.  
Mogo CMA
Canadian Mortgage Award

Best use of mobile technology

Mogo Branham Group’s 2015 list
Branham Group’s 2015 list

One of Canada’s Top 15 Growth Companies

Mogo FIA
Fintech Innovation Awards

Finalist in marketing category


Offered Services

scroll table
Loan Range
Rate & Terms
Product Details
Requirements & Documents


Interest Rate
Term (Months)
Funding Time
  • ~30 minutes
Funding Method
Repayment Options
  • Must have a bank account
  • Must be a resident of AB, BC, MB, NB, NL, NS, ON,  or PEI
  • Must be the age of majority in your province of residence
  • Must be a MogoMember that has the KYC requirements, has access to the MogoAccount dashboard, has no actual or suspected fraudulent activity, and has not defaulted on any of  Mogo products and services available.


Interest Rate
2.20% - 2.54%
Term (Months)
36 - 60
Funding Time
Funding Method
Repayment Options
  • Pre-authorized debits
  • Must be a resident in BC, AB, MB, ON, NB, PE, NL and NS
  • Must have a minimum credit score of 640
  • Must have an income to support monthly payments
  • Must have a down-payment of at least 5%
  • Must provide proof of  income (i.e: pay stubs, NOA, bank statements, tax returns)
  • A letter of employment which includes your compensation, year-to-date (YTD) earnings, how long you've been employed and your employer's contact information.
  • Must provide proof of down payment
  • Must provide property documents
  • If you're renewing or refinancing, you must bring your Appraisal, confirmation of property taxes, fire insurance policy, and strata form B (if your home is a strata)

Personal Loan

Up to $35,000
Interest Rate
9.9% - 47.72%
Term (Months)
24 - 60
Funding Time
Within 24 hours
Funding Method
  • Direct deposit
  • Interac e-Transfer
Repayment Options
Automatic debit
  • 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)
  • Must not have a debt to income ratio over 55%
  • Bank account verification
  • Identity verification
  • Bank statements

Reviews & Ratings

Reviews From Experts

MOGO has a wide offering of products and services from personal loans to mortgages. Its website and app are very user-friendly. It caters to the millennial crowd, so it’s quite responsive on social media and on the chat service on its website. Its application process was pretty easy and straightforward, although be sure to read the fine print to understand what you’re signing up for.

Application simplicity


User experience

Information and transparency


Written by: Sean Cooper
Posted on June 19, 2019

See what others have to say about Mogo Finance

Their site compares their loans to payday loans and shows theirs as 19.9% interest but when I contacted them and asked the interest rate they told me ... read more

- Carol G (September 3, 2021)

Very simple process and great people, answered all my questions.

- Susie (May 31, 2021)

The. Best

- Justin (March 12, 2021)

I borrowed funds, had some issues with communication at first, but the funds came through, I was able to pay Mogo back in full, I just notified them, ... read more

- Grant (January 4, 2021)

Looks good and it is good.

- Julie (July 24, 2020)

Wasted my time and said I was approved, it was for an emergency and its high interest and a scam that they say you are approved and your not , donR... read more

- Mark (January 6, 2020)

Very sketchy company. I pulled out a loan from Mogo in 2017 and paid off in full summer of 2018. Just got a call today saying that I owe the entire ba... read more

- Matt (April 12, 2019)

Think someone trying to scam me using mogo

- Angela dearing (April 12, 2019)


- nika (February 1, 2019)

I applied and got my loan without having to speak to anyone!

- Mike G. (December 20, 2018)


Find Other Lenders In This Region


Loans Canada

Up to $50,000
2.00% to 46.96%
3-60 months


$1,000 - $15,000
29.9% - 46.9% APR
12 - 60 months

Symple Loans

$5,000 - $50,000
6.99% - 22.99%
Up to 84 Months

Spring Financial

Up to $15,000
14.99% to 46.96%
6 - 12 Months


$1,000 - $25,000
7.5% - 31.5%
36 - 60 months

Cash Money

$1,500 – $10,000
Varies by province
Varies by product (up to 60 months)


$5,000 - $35,000
Starting at 9.99%
6 - 60 Months

Loan Away

Up to $5,000
19.9% to 45.9%
6 - 36 Months


$500 - $1000+
28 to 32%
3 Months

Consumer Capital Canada

$500 - $12,500
19.99% to 34.99%
No minimum term

Mogo Finance

$300 – $35,000
9.9% - 47.72%
3 - 60 Months

Fairstone Financial

Up to $50,000
19.99% - 39.99%
6 - 120 Months

Review Widget

Want to show off your rating on your website? Copy the code below to embed our review widget on your website.

Mogo Finance Reviews on Loans Canada
Best Personal Loan Provider by Greedy Rates

Confidential & risk-free

All consultations and conversations with Loans Canada and its partners are confidential and risk-free. Speak with a trusted specialist today and see how we can help you achieve your financial goals faster. Loans Canada and its partners will never ask you for an upfront fee, deposit or insurance payments on a loan. Loans Canada is not a mortgage broker and does not arrange mortgage loans or any other type of financial service.

When you apply for a Loans Canada service, our website simply refers your request to qualified third party providers who can assist you with your search. Loans Canada may receive compensation from the offers shown on its website.

Only provide your information to trusted sources and be aware of online phishing scams and the risks associated with them, including identity theft and financial loss. Nothing on this website constitutes professional and/or financial advice.

Your data is protected and your connection is encrypted.

Loans Canada Services Are 100% Free. Disclaimer

Build Credit For Just $10/Month

With KOHO's prepaid card you can build a better credit score for just $10/month.