Mogo Loans Canada Review, Fast Approval and No Prepayment Penalty but Watch High Interest Rates
Fast approval and no prepayment penalty with Mogo Loans in Canada, but expect higher interest rates and extra fees
Quick overview of Mogo loans in Canada
Mogo loans, offered by fintech MogoMoney, provide fully online personal loans across Canada with fast approval and flexible terms. Borrowers can apply for amounts typically between $500 and $35,000 with repayment terms from 6 to 60 months, all in CAD.
The platform highlights quick pre-qualification that doesn’t hurt your credit score, and a no prepayment penalty policy so you can pay off a Mogo loan early without extra charges. Just be ready to check the full cost: Mogo’s interest rates can be steep for higher-risk applicants.
Rates, fees and what to watch for
Mogo Loans Canada advertises rates from around 9.90% up to about 46.96%, reflecting borrower credit quality and product type (including MogoMini). High rates plus potential NSFs and late fees ($20–$50 for NSF charges) mean total cost can grow quickly if payments slip.
There’s a clear benefit in the no prepayment penalty and fast funding, but always run the numbers: compare APR, monthly payment vs principal, and how much interest accumulates. If your credit score is solid, shop around to see if credit unions or banks offer cheaper personal loan options in Canada.
Application process and eligibility in Canada
Applying for Mogo loans is straightforward and Canadian-friendly: you complete an online form, link a Canadian chequing account for disbursement, and receive a quote without a hard credit hit. Funding can arrive within one to two business days after approval.
Typical eligibility includes being a Canadian resident with a minimum income (often cited around $35,000) and a credit score threshold (around 600). Mogo accepts many borrowers who might be turned down by traditional banks, but that convenience often comes with higher interest.
Who should consider Mogo and local tips
Mogo loans suit Canadians needing quick access to cash for consolidation, emergency bills, or short-term projects, especially if you have limited borrowing options. The no prepayment penalty is helpful if you expect to clear the balance sooner from a bonus, tax refund, or sale of an asset.
If you live in Toronto, Vancouver or elsewhere in Canada, compare Mogo loans with local credit unions or secured loan offers. For borrowers with good credit, cheaper rates may be available elsewhere; for others, Mogo’s speed and acceptance make it a practical, though potentially costly, option.