Mogo Finance Reviews, Ratings And Fees

Mogo Finance Technology Inc. is a lending institution with over 900,000 members across Canada. They are based in Toronto, Ontario and aim to provide financial options that help Canadians when unexpected moments create the need for financial assistance.

There are a wide array of products and services offered by Mogo that include the following:

  • Personal loans between $300 -$35,000
  • Mortgage services
  • Free credit score monitoring
  • Protection against identify fraud
  • Prepaid credit cards
  • Management of cryptocurrency and wealth funds

Given the diverse products and services available you may encounter one of several qualification flows. The Mogo website is neatly organized to help get you started.

What Do I Need to Qualify For A Mogo Personal Loan?

Since Mogo follows the trend of modern lenders, their services are mostly based online. Mogo is a leading lending business in Canada but is only authorized to operate in certain areas. In order to qualify for a personal loan or other product you’ll need a permanent address in one of the following:


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

Unfortunately, Mogo is not permitted to operate within Quebec. You will need to be above the age of majority in your respective province/territory (18-19 years of age).

In order to qualify with Mogo you may require some additional documents like:

  • Proof of income (pay stub, CPP statement, etc)
  • Proof your bank account is currently active
  • Proof you’ve been steadily employed for at least 30 days

Mogo may also perform a credit check during the application process and will send records of their clients to Equifax (One of Canada’s main credit bureaus). Your credit history is a huge factor when determining your trustworthiness to repay on time along.

What Benefits does Mogo Finance Have Over Its Competitors?

There are many lenders across Canada offering similar services and products. Mogo Finance boasts these main features:

  • They operate everywhere in Canada outside Quebec
  • There are financial options for every situation
  • Because they are online, everything runs 24/7
  • There is a 100-day money-back guarantee for on all products/services
  • As long as the principal of your loan is repaid within 100 days, you can be refunded
  • Free perks include eligibility for credit score monitoring, a prepaid Mogo Visa Platinum Card, and more

How much does a Mogo Personal Loan Cost?

Since Mogo Finance can accommodate Canadians across all circumstances, the loan fees will vary based on repayment time, size, and agreed upon APR (annual percentage rate).

  • There are loans that range between $100 and $35,000 with a repayment term ranging from 2-weeks to 5 years
  • There are MogoLiquid personal loans that are between $2000-$35,000 with a repayment term ranging from 1-5 years

Below are things that will impact the final cost of your Mogo Loan:

  • The province or territory you reside
  • Your gross yearly income (Minimum required is $13,000)
  • Your current employment status
  • Any recent debt or financial delinquencies
  • Your current balance of outstanding debt
  • Your current credit score (above 660 is preferred)
  • The interest rate you agree upon (average is 22.9% APR)
  • The repayment term length
  • Any necessary administrative fees

It’s recommended to reach out to a Mogo sales representative in order to discuss each of these details for your personal loan. You want to make sure Mogo Financial is the right option considering your budget.

What are the Pros and Cons of Mogo?


  • There is no prepayment penalty
  • Free perks like credit monitoring and pre-approval
  • Flexible interest rates and adjustable term lengths
  • Paying on time will improve your credit
  • Mogo promises a 100-day satisfaction guarantee
  • It’s quick and easy to get approved, even with bad credit
  • There are relatively large loans available providing amounts necessary to manage your expenses and debt


  • Borrowing a large amount with a poor credit standing will result in high interest rates
  • There are two non-sufficient funds penalties ($20-$50 from both the lender and bank) and extra interest will be added if you miss any payments
  • Missing a single payment can lead to unmanageable debt, a decrease in credit score, etc.
  • There may be additional fees that are hard to find on the Mogo website if you don’t clarify everything with customer service first

Mogo Finance FAQs

What will increase the chances I get approved?

Focusing on improving your credit history, your employment status and increasing your income will help. Mogo evaluates each of these factors to determine if you are approved.

Will my payments first go towards my interest or the principal?

This depends on where you are located and what type of loan you have. Some options, like a MogoMini loan, will have a minimum payment that ONLY covers the interest and fees, meaning you’ll need to pay above your minimum payment to pay towards your principal. Whereas a MogoLiquid loan would split the minimum payment between your principal, interest and fees meaning you only need to pay your minimum to fully pay off the loan. You will need to clarify these details when you apply for your loan.

What is an NSF fee?

You will encounter a non-sufficient funds (NSF) fee whenever your chequing account lacks the balance to cover your agreed upon transaction. Mogo will automatically take a payment based on your contract schedule and if the funds aren’t available you will receive an NSF fee. This can range between $20-$50 and you may receive 2 fees (one from Mogo and one from your bank).

Are there any fees for paying my loan off early?

While most lenders won’t encourage paying off your loan early, Mogo Finance offers no penalties if you do. Instead of charging a fee, Mogo encourages you to pay off your loan, on your timeline as long as you give them the courtesy of notifying them first.

Personal Loan

  • Loan Amount
    • $35,000 Maximum
  • Rates & Term Length
    • Interest Rates Range:
      • 9.9% to 47.72%
    • Loan payment schedule
      • 24-60 Months
    • Service Details
      • Loan Processing Time
        • Within 24 hours
      • Money Transfer Method
        • Interac e-Transfer
        • Direct Deposit
      • Repayment Method
        • Automatic debit
      • Eligibility
        • Above the local majority age
        • Permanent Canadian resident outside Quebec
        • Annual income above $13,000
        • Steadily employed for at least 30 days (Full-time, part-time and self-employed is accepted)
        • Debt to income ratio cannot be over 55%
      • Required documentation
        • Government-issued ID
        • Bank statements
        • Bank account verification


  • Loan Amount
    • N/A
  • Rates & Term Length
    • Interest Rates Range:
      • 20%-2.54%
    • Loan payment schedule
      • 36-60 Months
    • Service Details
      • Processing Time
        • N/A
      • Money Transfer Method
        • Interac e-Transfer
        • Direct Deposit
      • Repayment Method
        • Pre-authorized debit
      • Eligibility
        • Credit score above 640
        • Permanent Canadian resident outside Quebec
        • Steady source of income that can support payments
        • Must be able to offer a 5% (or more) down-payment
      • Required documentation
        • Proof of income (pay stubs, NOA, tax returns, etc.)
        • Letter of employment containing your compensation, year to day (YTD) earning and the duration of time you’ve been employed (include employer contact information).
        • Proof of down-pament
        • Relevant property documents
        • When refinancing or renewing you will need your appraisal confirmation of property, strata form b (if relevant) and fire insurance policy


  • Loan Amount
    • N/A
  • Rates & Term Length
    • Interest Rates Range:
      • 1%
    • Service Details
      • Funding Time
        • 30 minutes
      • Eligibility
        • Permanent Canadian resident outside Quebec
        • Active bank account
        • Above the age of majority in your province or territory
        • Active MogoMember with KYC requirements and access to the MogoAccount dashboard without any suspicious or fraudulent records with regards to Mogo products and services
      • Required documentation
        • N/A


Ontario, British Columbia, Alberta, New Brunswick, Newfoundland, Nova Scotia, Prince Edward Island