MogoMoney (which is what the Mogo loans service is called) offers flexible unsecured loans that are quick and easy to get. A part of the interesting product line offered by Mogo Financial, you can get pre-approved in as little as 3 minutes. Plus by making an account, you'll get free access to your credit score.
Mogo can connect you with loans that have an interest rate of 34.37%. If you have a "meh" credit score, definitely be wary of that rate – though MogoMoney may be one of the few places to actually offer you a loan in the first place. The good news is there's no impact to your credit score when checking your offer on Mogo, and there's no obligation to take it if you don’t like the offer.
MogoMoney features
Here's what Mogo Financial has to offer with their MogoMoney loans.
Why You Want It
$100 GeniusCash + Take out your loan for a 100-day test drive + Get pre-approved in 3 minutes.Special Features
- 100 day trial
- Access to credit score
- Receive your loan as soon as the same day
- No impact to your credit score when checking if you qualify
- On-time payments give you access to higher loan amounts
Eligibility
- Resident of Canada
- Must have a credit profile
- Loans available for "meh" credit scores
Provinces
AB, BC, MB, NB, NL, NS, ON, PE
Features
Pre-approval
Flexible Terms
Loan Amounts
$300-$5,000
APR Range
34.37%
Term Range
Open line of credit
Minimum Credit Score
N/A
Secured Available
MogoMoney product rating: 3.0 stars
MogoMoney is an extremely easy way to get an unsecured personal loan, even if your credit score isn't the best. You can get pre-approved for the loan in as little as 3 minutes and see funds in your account the same day. Plus Mogo loans are completely flexible, meaning you can pay it off in full at any time without penalty.
Despite the attractive marketing, the fact of the matter is that the interest rate on MogoMoney loans goes up to 34.37% – which can end up as a huge interest payment over the course of your loan.
Mogo scored some points for its flexibility and special features, but took a major hit when it came to its interest rate range.
Rating methodology
In order to determine our star rating, we first list the important features every loan provider offers its clients, which you can see in the table above. We then gave Mogo Financial a rating out of 5 for each category, taking into account how the feature helps its clients as well as how it compares to the competition. Add that all together, divide by the maximum score, and times by 5…and you’ve got the 5 star rating.
Learn more about our rating methodology.
The pros of Mogo loans
So what is there to like about Mogo loans? If you're looking for a quick and easy loan opportunity, this is one of your better options.
Pros
Get a $100 GeniusCash offer
If you use our offers page to open an account and fund your MogoMoney loan, you're eligible for $100 in GeniusCash straight to your bank account or PayPal.
Applying is quick and easy
If you need a loan right away, Mogo can get you pre-approved in as little as 3 minutes and on your way to being funded within the same day. And the best part is the entire application process is done online, so you don't even need to leave your house to get approved. All you need to do is set up your MogoAccount, see your pre-approved offer, complete your application, get verified, and sign your agreement.
Mogo loans available for people with "meh" credit scores
The interest rate you get with your MogoMoney loan largely depends on your credit score – which means those higher rate loans are likely for people with poorer credit scores. It's nice to have an option for people who won't find banks willing to finance them, but it's very important to keep in mind the huge amount of interest you could end up paying.
100-day test drive
If you’re not enjoying your loan experience, Mogo offers a trial period where you can pay off your principal within 100 days and get refunded all the interest and fees you paid to that point. Keep in mind this is not available for loans funded through 3rd-party lenders.
Flexible terms so you can pay your loan off anytime
The terms of your loan are flexible, which means you can pay them off in full without any penalty. This can help you save a huge amount on interest payments, so definitely something to consider taking advantage of whenever you can.
Modern app to keep track of your payments and principal
Easily keep up to date with your loan through your MogoAccount on both mobile app or web browser, helping you stay on top of how much principal is left and when the next payment is coming up.
The cons of Mogo loans
But there are a number of important things you should keep an eye on with Mogo loans.
Cons
Very high interest rate of 34.37%
Mogo can have an APR of 34.37%. It's nearly double the standard credit card rate.
Lack of customer service
Mogo is not recognized for its good customer service skills. Often, once you become a customer, you’re mostly relegated to talking to bots. I also couldn’t find a phone number on their website, which would be nice for faster service.
Questionable marketing tactics
Mogo loans have a generally negative reputation, which makes them hard to trust. Even when naming the benefits of their loan products, I found it hard not to point out the fine print which would make it hard to get.
Personal loan interest calculator
Curious how much interest you’d pay on a loan at a 34.37% interest rate? Try out a couple scenarios below:
Loan Values
MogoMoney alternatives
Curious how Mogo stacks up against the competition? Here's a side-by-side comparison.
 |  |  |  | |
|---|---|---|---|---|
| Account | MogoMoney | LoanConnect | Car Loans Canada | RBC Personal Loan |
| Genius Rating | ||||
| Why You Want It | $100 GeniusCash + Take out your loan for a 100-day test drive + Get pre-approved in 3 minutes. | Flexible loan options from $500 to $60,000 + Interest rates start at 8.99%. | Only shows preapproved loan options + Rates starting as low as 6.99%. | No early prepayment penalties + Skip a monthly payment once a year. |
| Pre-approval | | | | |
| Flexible Terms | | | | |
| Loan Amounts | $300-$5,000 | Up to 60,000 | N/A | N/A |
| APR Range | 34.37% | 8.99%-46.96% | 8.99% and up | N/A |
| Term Range | Open line of credit | 3-120 months | 12-96 months | N/A |
Show More | ||||
| I Want This Deal See more Mogo products Compare | Find a loan See more Loanconnect products Compare | Find a loan See more Car Loans Canada products Compare | Learn More See more RBC products Compare |
FAQ
What is Mogo?
Mogo Financial is a Canadian fintech company with multiple different financial products. They've been the target of some criticism because of their high interest loans, but also offer several other products, like access to your free credit score report, mortgages, and a commission-free, no FX fee stock trading app.
Is Mogo legit?
Yes, Mogo Financial is a legitimate Canadian company that’s even publicly traded on TSX and NASDAQ. They will give you real loans, powered by EasyFinancial – the issue is these loans will also come with very high interest rates. Learn more about Mogo loans here.
What do I get with my Mogo account?
Your Mogo account will give you access to all of their financial products, including your free credit score upon signing up, MogoMortgage, and a commission-free stock trading app.
Is MogoMoney a payday loan?
Technically no, since payday loans tend to have even higher rates (think 400%) and often require you to pay the full cost of the loan with your next paycheque. MogoMoney, in contrast, has a maximum APR of 34.37% and flexible payment terms, making it a good next step for Canadians who want to get out of payday loan debt. That being said, this rate can still leave you with huge interest payments that you should be aware of.
Do I need to get a loan with Mogo to see my credit score?
Nope, all of Mogo's products are separate. You can get your free credit score without having to apply for a loan, a mortgage, or anything else.
How to apply for a MogoMoney loan?
Applying for Mogo loans is easy, which is one of the selling points. All you have to do is follow the prompts on the app and you'll be pre-approved in minutes and funded within days. Learn more here.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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