Is a Mogo personal loan the best one for you?

Personal loans are a popular and versatile form of credit. They are great tools for consolidating debt, buying a used car, paying off a credit card, or financing a home improvement project or major expense. For well-qualified buyers, they can be an inexpensive way of accessing credit. 

You still need to choose the right lender for you. Are you considering getting a personal loan with Mogo?

This guide will help you with everything you need to know. See Mogo's personal loan interest rates, fees, our review and much more.

Our review of Mogo:

Mogo offers online personal loans for Canadians. This personal loan product could be ideal for you if you want a simple, flexible and quick loan without visiting a bank.

Why a Mogo personal loan might be right for you:
Loan amount up to $35,000
A wide range of options for you - irrespective of your credit background
Pay off your loan in full at any time without penalty
Flexible terms
Get loan pre-approval just in minutes
You could enjoy lower rates or higher loan amounts if you make payments on time
Get your Equifax credit score for free each month

Why a Mogo personal loan might not be right for you:
The interest rate can be very high in some cases (up to 46.96%)
There may be fees
There do not offer lines of credit, unlike many competitor

What types of personal loans does Mogo offer?

Mogo personal loans range from $5,000 to $35,000 at rates ranging from 9.9% to 21.5%

Mogo also offers its MogoLiquid loans through their partner easyfinancial. Borrowers with bad credit scores can loans of $500 up to $15,000. Rates start at 29.99%. The loans can be paid off in full with no penalty. A nice perk is free Equifax credit scores every month.

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What rates does Mogo offer on personal loans?

Mogo offers a variable rate. Mogo Personal Loan interest rate: 6 to 46.96%

When comparing personal loan offers, it is important to pick something that you can comfortably repay. While shorter loans offer lower interest rates, the monthly payments will be higher. Longer loans come at higher interest, but with lower monthly payments. Even if a longer loan costs more overall it may be more manageable. 

The interest rates on personal loans vary based on many factors. Lenders review the profile and credit history of the borrower, the loan amount, the length of the loan and more.

Before choosing a personal loan with Mogo, shop and compare rates and conditions with other lenders:

Our tool lets you anonymously compare personal loan interest rates!

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Mogo’s personal loan calculator:

You can get a quick estimate of your loan payments with Safe's personal loan calculator. Just enter the amount borrowed. Adjust the loan term and the interest rate to quickly get monthly payments and total interest paid.

How do I apply for a Mogo personal loan?

Before signing up for a Mogo personal loan, shop around! Our comparison tool offers quotes from dozens of lenders in just seconds. Find the best terms and rates for your profile.

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To apply, get pre-approved by filing a short form on Mogo’s website. You will be asked to enter the amount you want, loan purpose, valid email address and password. Continue the application process after getting pre-approved.

Later in the application process, you may be required to provide:

  • Your personal details
  • Your income and employment details
  • Valid government-issued photo ID

Can I get a Mogo personal loan with bad credit?

Personal loans are available to many borrowers with a bad credit score. You will have to check with Mogo because everyone's situation is different. They will review your financial statements, your employment history and your credit score. Having a co-signer or guarantor with a better credit score increases the chances of a successful loan application.

Good to know

Some lenders exist to help borrows with poor credit scores, so even if Mogo rejects your application, you have options for a personal loan.

Before signing with Mogo, compare current personal loan interest rates and offers.

Mogo personal loans – contact information, phone number and client space

Get in touch with Mogo through their website.

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