Mogo Loans is one of the first companies in Canada to fully embrace technology to offer personal loans. For some, this fact makes getting a loan through Mogo so much simpler. For others, it can be somewhat off-putting. So, what is Mogo all about? Who are their products for? Is it worth getting a loan from this company? Check out this review of Mogo loans to find out!

Mogo: An overview

Mogo is an online-only financial company. Nearly every interaction that you have with Mogo will be through their app or website. it’s, essentially, a company designed for tech-savvy and convenience-minded Canadians.

We’re going to review Mogo’s personal loan products in this article, but we do want to mention that they have a plethora of other services available. This includes:

  • Mortgages
  • Prepaid credit cards
  • Wealth management
  • Cryptocurrency

They also offer a variety of different solutions for checking your credit score and protecting yourself from identity theft.

Now that that’s out of the way, let’s move on to the review.

Mogo Personal Loans Review

If you’re planning to get a personal loan from Mogo, you have two options available to you. Each caters to a different market:


  • MogoMini: a product aimed at those who want a payday lender but are wary of working with predatory firms. There are a few unique ‘quirks’ to this loan, which we’ll discuss in a short while.
  • MogoLiquid: for borrowers who are more financially sound, but may wish to borrow slightly larger sums of cash. Of course, being financially sound is not a requirement for this loan, but we’ll talk about more on that in a short while.

These personal loans are quite different from each other. Knowing about their ins and out will help you know which one is right for you. Before we do that, though, let’s highlight some of the similarities that the two loans have.

Note: there is also MogoMoney, but this loan shares quite a considerable overlap with MogoLiquid. We’re going to consider them the same product for the purpose of this Mogo personal loans review.

Credit Reporting

No matter what type of loan you opt for, they will report your repayments to a credit agency. This means that making repayments on your loan will help boost your credit score. This is great because many of the people applying for Mogo loans are struggling to build a good credit score.

You will also have access to your credit score for free. However, some people have reported that the reports may have a little bit of a lag to them. This is to be expected though. It happens with most lenders that offer free scores.

App Access

Nearly everything that you do with Mogo will be done through their app, and to an extent their website. This makes things a little bit easier for you when it comes to managing your loan, but it does require you to be somewhat more on the tech-savvy side.

Level Up

This is an awesome little feature from Mogo that many people will surely appreciate. When you pay off a loan with them, you are given the chance to ‘level up’. When you level up, you may be able to borrow higher loan amounts in the future at lower interest rates.


This is going to be the loan product for those who are looking to borrow smaller amounts of cash. Mogo claims that it’s similar to a payday loan, albeit a little bit cheaper.

How much you can borrow

With MogoMini, you can borrow up to $3,500. However, do not expect to be approved for that, particularly if you have a poor credit score and haven’t borrowed from MogoMini before. Instead, it’s likely that you will be approved for a couple hundred dollars at most. The minimum amount is $100.

The interest rate and repayment terms

This is where things start to get a little bit more interesting. Mogo charges roughly 13 cents per day for every $100 you have borrowed from them. The interest rate is around 47.71% AIR, although this number can be influenced by where you live in Canada and what your credit score is.

The thing with MogoMini is that there is going to be no repayment time frame. As long as you meet the minimum repayments each month, then you’re fine. The minimum repayments are the interest and fees involved. While MogoMini loans are offered for a year, they can roll over at the end of the year, and they will keep renewing until you have paid off the principal.

There are pros and cons to this way of paying your loan off. Obviously, it’s great that you can really dictate how much money you can pay off each month (assuming you meet the minimum), but it’s probably never good to keep avoiding the principal. If you do so, you will end up paying more interest than the money you borrowed initially.

Of course, this all means that you can pay off the loan whenever you want. This type of loan is ideal for those who are not sure how much they can repay each month but need money quickly.


Minimum repayments will be taken directly from your bank account. You will need to go into the app if you want to pay off more of your loans each month.


MogoLiquid is for people who want to borrow money over a longer period of time, and have a fixed repayment schedule in mind.

How much you can borrow

With these products, you can borrow anywhere from $500 to $35,000. Although, as you can probably guess, most people are not going to get approved for a $35,000 loan easily.

The interest rate and repayment terms

The interest rate can vary wildly. It will all depend on your credit history. Mogo claims that their personal loans have interest rates as low as 5.9%, although the interest rates can be as high as 46.96%. For this type of loan, it’s unlikely that you will be able to get anywhere close to that. Most people state that their quoted rate is at the 22% mark. 

Repayment terms are flexible. When you apply for the loan, you can opt to repay it anywhere between nine months and five years. You may not always get the repayment term that you want as it  will be dictated by both your credit score and the amount you’re borrowing. 


The repayment is monthly. You will be paying off a portion of the principal, some interest, and small fees. You will be told your repayment scheme when you apply for the loan. Nothing is hidden.

At any time, you will have the opportunity to repay your loan in full. There will be no penalties if you choose to do so.

Other features

If you’re not happy with your loan, you can repay the whole amount within 100 days. There will not be any interest due on it. All paid interest and fees will be given back. However, we wouldn’t suggest that you use personal loans as a ‘line of credit’ like this. For starters, it will impact your credit score. It will also mean that you can’t borrow from Mogo again. it’s just a nice little feature if you somehow manage to get yourself out of a financial hole.

Who is Mogo For?

Mogo personal loans have been designed for just about anybody who is looking for loans in Canada. As you can tell from this Mogo review, they do have a slightly heavier slant towards people with bad credit. However, this doesn’t mean those with good credit can’t apply either. it’s an ‘all-in-one’ lending company with plenty of options available no matter who you are.

If you have bad credit, but are employed and don’t really need to borrow that much in the way of cash, then Mogo loans are probably going to be the best option for you. If you want a payday loan, but are put off by the massive interest rates that they charge, then you will almost certainly want to check out MogoMini.


If you have a slightly-less-than-good credit rating, then Mogo loans are a fantastic option. They offer fast approval and fantastic installment plans. There are some issues, namely the fact it’s all online, but for most people, this isn’t going to pose that much of a problem.

Spread the love