Mogo Loans Review for Canadians – Fast Cash, Flexible Terms and True Cost

Looking for a fast personal loan in Canada? Mogo loans position themselves as a quick, online-friendly option for Canadians who need cash fast, from small emergency amounts to larger sums for renovation or consolidation. This review breaks down Mogo’s rates, fees, approval speed and who should consider a Mogo loan so you can make an informed choice.

What Mogo loans offer

Mogo loans (often shown as MogoMoney) provide unsecured personal loans from $500 up to $35,000 with terms between 6 and 60 months. Applications are fully online, and you can receive a soft quote without impacting your credit score, which is useful if you’re comparison shopping.

Eligibility typically requires a minimum income and a baseline credit score—Mogo generally looks for around $35,000 in annual income and a credit score near 600, though offers vary. They also run a product called MogoMini aimed at higher-risk borrowers with higher rates.

Rates, fees and true cost

Interest rates vary widely: advertised APRs range roughly from 9.90% up to 46.96%, with MogoMini reaching around 47.42% in some cases. That volatility means your personal rate depends heavily on creditworthiness and income. There’s no prepayment penalty, so you can pay off early without extra cost.

Aside from high APRs for riskier borrowers, watch for standard fees such as non-sufficient funds charges ($20–$50) and possible late-payment fees. Those fees plus high interest can significantly raise the total cost, so run the numbers on monthly payments and total interest before accepting an offer.

Speed, approval and customer experience

Mogo’s onboarding is fast: you can get a quote in minutes and, upon approval, funds are often delivered within one to two business days. The soft credit check for quotes preserves your score during initial shopping, and final approval will include a hard inquiry.

Customer reviews are mixed—many praise the speed and simplicity, while complaints commonly mention high rates and inconsistent customer service. Mogo is publicly listed and operates in Canada, so it’s a legitimate option, but read recent reviews from Canadians in your province to gauge service levels.

Who should consider Mogo loans

Mogo is best-suited to Canadians who need a fast, online loan and either have limited access to traditional bank credit or value a quick, digital process. If you need a short-term cash infusion, or you want an online-only lender with flexible terms and no prepayment penalty, Mogo could fit.

If you have a solid credit score and time to compare, shop around—credit unions and traditional banks may offer lower APRs. Always compare the total repayment cost, monthly payment, and whether the lender reports to credit bureaus in Canada before deciding.

Ready to compare rates? Check a soft quote from Mogo loans to see your personalised APR and repayment options, and compare with at least two other Canadian lenders to find the best balance of speed and cost.