For anyone shopping for an unsecured loan, MogoMoney positions itself as a lender with a simplified, fast approval process. Unlike many traditional lenders, MogoMoney does not apply a single fixed interest rate. Instead, your rate is set according to your credit profile, and it can range from roughly 9.9% to 47.42%. The top end is undeniably steep, but the trade-off is that people with poor or limited credit at least have a path to approval.
Mogo Financial is the company behind the MogoMoney service. The process is built to be quick, so pre-approval often takes under five minutes. Mogo also encourages you to open an account, which unlocks extra features such as identity-fraud protection and the ability to check, track, and monitor your credit score, so you stay better informed about where you stand financially.
MogoMoney Standout Features
MogoMoney offers a range of features designed to suit a broad set of borrowers. The highlights include:
- Quick and easy pre-approval
- Unsecured loans from a minimum of $300 up to a maximum of $35,000
- Flexible terms
- Availability across many provinces and territories — YT, SK, PE, ON, NU, NT, NS, NL, NB, MB, BC, and AB
- Access to your credit score
- Funding as soon as the day you are approved
- No requirement for a high credit score to qualify
- Eligibility limited to Canadian residents with a valid credit profile
- Terms from a minimum of six months to a maximum of 60 months
- An overall product rating of 2.8 out of 5 stars
MogoMoney Product Rating
MogoMoney scores 2.8 out of 5 stars, which leaves clear room for improvement. Much of that middling score traces back to the interest rate. A starting rate near 9.9% is reasonable for a quick loan, but the fact that it can climb toward 47.42% is alarming. That upper band is aimed at borrowers with poor credit, and knowingly taking on a loan at that cost rarely makes financial sense.
On the other hand, the rating also reflects genuine strengths: it is an easy-to-use service that does not turn people away over their credit score. Pre-approvals are quick, so funds can arrive the same or next day rather than weeks later. It also lets you pay the loan off in full at any time, avoiding future interest, with no penalty for doing so.
How the Rating Is Determined
The rating follows a straightforward, deliberately unbiased process. The product earns credit for each feature MogoMoney offers and is then measured against competing lenders on those same features. A simple calculation converts the result into a score out of five stars.
MogoMoney Pros
If you are weighing up what makes MogoMoney potentially worthwhile, several points stand out:
- Flexible terms from 6 to 60 months, which not every lender offers, plus the ability to pay off your loan at any time without penalty.
- The interest rate can land on the lower end, depending on your personal credit score, even though it can also run high.
- MogoMoney will not automatically reject you for lacking a perfect credit score.
- Pre-approval in under five minutes, which is ideal when you need cash quickly for an emergency or unexpected expense.
- An entirely online process once your account is set up, with a companion app for tracking payments and seeing your outstanding principal.
- Loan amounts ranging from $300 to $35,000.
- A 100-day trial period during which, if you are not satisfied, all fees and interest are refunded once you repay the principal. Note that this trial does not apply to third-party lender loans.
MogoMoney — What to Be Aware Of
As with any financial product, there are things to watch for so you can make an informed decision. A few red flags to keep in mind:
- Interest is the single most important factor. It may start reasonable, but the potential to reach 47.42% translates into a large amount of money over the life of the loan — far above the rate on many traditional loans.
- MogoMoney advertises a wide APR range, so borrowers naturally assume they will land near the bottom. In practice, some customers report being offered the higher rate even with solid credit.
- Several customers feel customer support is lacking, which becomes a problem when issues or questions arise. Some describe feeling unheard and treated like a number rather than an individual.
- The product and company carry a somewhat negative reputation, driven largely by the high interest rate. The fine print is not always front and centre, so you need to take the lead and be sure you understand what you are signing up for. The 100-day trial is a strong offer, but its exclusion of third-party lenders matters, since a third party is sometimes the actual lender.
- Some of MogoMoney's marketing has been described by critics as questionable.
MogoMoney FAQs
Here are a few basic questions worth reviewing if you are considering a loan with MogoMoney. This quick guide can help you understand what MogoMoney is and whether it is the right fit for your situation.