Mogo personal loan interest rates & product overview

Mogo personal loans logo

The table below gives a snapshot of MogoMoney (Mogo) personal loan options. Mogo offers loans up to $35K and caters to borrowers with perfect and not-so-perfect credit histories. So chances are, a Mogo personal loan might be right for your needs.

How much will a loan from Mogo cost? Use the Mogo personal loan calculator below to find out. Simply input your desired loan amount and loan term, or play around with the numbers until you discover a monthly repayment estimate that suits your budget.

Terms from 1 to 5 years. Representative example: 5 year $10,000 loan with comparison rates from 7.99% to 46.96% APR would cost between $12,163 and $26,087, including fees. The interest can vary between $2,163 and $16,087.

Mogo Personal Loan Calculator

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Mogo personal loans review

Mogo provides online personal loans for Canadians. You can use the funds for any worthwhile purpose, including credit card refinancing, debt consolidation, home improvements, vacations, medical expenses, plus more.

Mogo loan features

MogoMoney comes with a long list of features and benefits:

  • Loan amount. Between $100 and $35,000 depending on the MogoMoney personal loan product.
  • Loan term. Approximately nine months to 60 months.
  • Pre-approval. Get a no-obligation loan pre-approval that won’t affect your credit score.
  • Money-back guarantee. If you’re not happy with your borrowing experience within the first 100 days of receiving funds, you can repay the principal and get back the interest and fees you paid.
  • No prepayment penalties. You can pay off any Mogo loan in full without having to pay extra fees. Additional payments can be set up via your MogoAccount.
  • Loan management. If you open a MogoAccount, you’ll be able to monitor your loan’s progress, which helps to ensure on-time payments.
  • Free credit score monitoring. MogoAccount holders that have had their identity verified get free monthly credit score updates from Equifax. This won’t impact your credit score but will help you keep track of your financial health.
  • Debit agreement. Your repayments will be deducted automatically from your account on due dates, saving you time and effort.
  • Limited regional availability. You can only apply for a Mogo personal loan if you reside in Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland, Nova Scotia, Ontario, or PEI.

How to apply for a Mogo personal loan?

You can apply for a Mogo loan online via a secure platform. Before applying, first get a free quote, but keep in mind this doesn’t guarantee approval.

Check that you’re eligible:

To qualify, you must:

  • Be 18 or 19 years of age depending on the age of majority in your province
  • Be a Canadian citizen or permanent resident
  • Have an active bank account
  • Meet the income and credit criteria

What you’ll need:

You will need to provide your name, date of birth, and contact information. You will also need to have the following details on hand:

  • Personal identification
  • Social Insurance Number
  • Proof of monthly income, expenses, such as recent paycheck and bank statements
  • Your employment history

Mogo FAQs

Is Mogo safe?

Yes. According to Mogo, the information you share on their online platform is encrypted, and Mogo uses bank-level security.

What other borrowing solutions does Mogo offer?

Mogo also offers credit cards and mortgages.

How long does Mogo take to approve and pay out a loan?

If you provide all the relevant information and Mogo approves your loan, you could get your money on the same day.

How do I contact Mogo if I have questions about my loan?

You can chat online with Mogo’s Product Specialist team.

Learn more about Mogo personal loans in this video