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Mogo Finance Reviews, Ratings And Fees 2020

Based on 7
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 these days, 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). 

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.

Frequently Asked Questions About Mogo Finance

Applying for a loan or other financial service is not always the easiest thing to do, so it’s important to inquire into your lender’s background and know the proper questions to ask before you give them any of your personal or financial information. 

Some of the questions you should ask Mogo Finance include, but certainly aren’t restricted to:

How Can I Receive the Best Conditions for My Personal Loan?

Before applying for any personal loan, it’s essential to consider how the state of your finances could impact the amount of money you’re approved for, the length of your repayment term, and how much interest you’ll pay throughout. 

Every lender also has different standards for which clients they can approve and how much they will charge for a standard loan. Many loans are more expensive and harder to get if you have a low income or a bad credit score (300-600), as these elements tell them that you have a greater chance of defaulting on your future payments.  

Generally, better loan conditions are accessible when you have strong finances and can easily afford all the associated costs. If your finances aren’t very healthy, it might help to ask Mogo if you can offer collateral as loan security or apply with a cosigner. 

Can I Pay Off the 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 claims that they will not charge you anything to repay your loan ahead of time, as long as you notify them first.  

What Are the Benefits and Drawbacks of a Mogo Personal Loan?

Now that you know a bit more about how Mogo Finance operates, it’s time to compare the pros and cons associated with their services. If it seems like the drawbacks outweigh the benefits, it may be safer to look elsewhere for a loan.


  • 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 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

Personal Loan

  • Amount

    Up to $35,000

  • Interest rate

    5.9% - 45.9%

  • Available terms

    24 - 60

  • Funding time

    Within 24 hours

  • Funding method

    • Direct deposit
    • Interac e-Transfer

  • Repayment options

    Automatic debit

  • Eligibility

    • Permanent Canadian resident
    • Must be the age of majority in your province
    • At least an annual income of $13,000
    • Be steadily employed for the last 30 days
    • Bank statements

  • Requirements / Documents

    • Bank account verification
    • Identity verification


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

Is Mogo Finance legit or a scam? See what others have to say.

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)

This is a trusted service provider in Canada.

- Loans Canada (June 10, 2019)

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)

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