Team Est. | Published 23/10/2025 Updated 29/10/2025

Mogo Personal Loans

Quick overview

Mogo is a Canadian lender that emphasizes simplicity and speed. Its application process is largely online and designed to move faster than many traditional lenders. While Mogo aims to serve borrowers who may not fit the standard bank profile, it still applies responsible lending checks such as residency, income verification and an assessment of overall financial health.

Eligibility criteria

At a high level, the core requirements to qualify for a Mogo loan are:

Canadian residency: Applicants must be residents of Canada and meet the age of majority for their province or territory.
Verifiable income: A consistent and verifiable source of income is required. This can include full-time employment, part-time work, contract or self-employment income, and in some cases certain government benefits.
Acceptable debt-to-income ratio: Mogo will consider how much of the applicant’s monthly income is already committed to debt payments. A lower debt-to-income ratio increases the chances of approval.
Credit history: Credit score matters, but it is not the sole deciding factor. Mogo reviews credit history alongside other financial indicators and uses a proprietary assessment to judge overall creditworthiness.

Required personal and financial information

Social Insurance Number: Used for identity verification and credit checks.
Proof of address: Utility bill, bank statement or other official document showing current address.
Proof of income: Pay stubs, bank statements, tax documents or other documentation that verifies income.
Banking information: Required to transfer funds and set up repayments, typically via pre-authorized debit.

How Mogo assesses applications

Mogo uses a broader assessment than lenders who rely purely on credit scores. Key evaluation components include:

Credit history: A factor but not the only one. Applicants with imperfect credit may still be considered.
Income stability: Ability to demonstrate a reliable income stream, whether from employment, self-employment or eligible benefits.
Debt-to-income ratio: A practical measure of how manageable additional loan payments will be for the applicant.
Proprietary algorithm: Mogo combines multiple inputs to build a fuller picture of financial health, not simply a single credit metric.

Loan types and how eligibility can differ

Mogo offers different loan products. Requirements may vary by product type:

Unsecured personal loans: Typically rely on income, credit history and DTI. No collateral required.
Secured loans: May require collateral and often come with different eligibility thresholds and potentially lower interest rates because risk to the lender is reduced.

Pros

Faster application and funding compared with many traditional banks.
More inclusive underwriting that looks beyond a single credit score.
Ability to consider nonstandard income sources such as contract or self-employment income.
Online process with clear documentation requirements.
Additional financial education resources to help borrowers make informed decisions.

Cons

Interest rates and loan amounts can be less favorable for applicants with lower credit scores.
Exact terms vary by loan product, and secured loans require collateral.
Applicants still need to provide standard documentation such as SIN and proof of income, which can be a hurdle if records are incomplete.

Who is a Mogo loan best for?

Borrowers who need a quick, online application and faster access to funds.
Applicants whose credit history is imperfect but who can demonstrate stable income and manageable debt levels.
Those who prefer a lender that evaluates multiple financial factors rather than relying solely on a credit score.

Who should look elsewhere?

Borrowers who can obtain significantly lower rates from a credit union or bank and prefer in-branch service.
Applicants without verifiable income or with a very high debt-to-income ratio.
Those who cannot provide required identity and banking documents.

Pricing and interest rates

Mogo does not have one-size-fits-all pricing. Interest rates and loan amounts depend on multiple factors including credit history, income stability, debt-to-income ratio and whether the loan is secured. In general:

Lower credit scores typically mean higher interest rates and potentially smaller loan offers.
Secured loans frequently offer better rates than unsecured loans because collateral reduces lender risk.
Borrowers should compare effective annual rates, fees, and total repayment cost before accepting an offer.

How Mogo compares to traditional banks

Speed: Mogo is generally faster and more digital-first than banks.
Flexibility: Mogo considers a wider range of income types and uses a broader assessment model.
Pricing: Banks may offer lower rates to prime borrowers; Mogo can be more competitive for nonprime borrowers.
Accessibility: Mogo aims to serve those who might not meet stricter bank criteria.

Final recommendation

Mogo is a solid option for Canadians who need a fast, user-friendly loan process and have verifiable income but do not necessarily qualify for the most favorable bank rates. Its broader assessment model makes it worth considering for applicants with imperfect credit or nontraditional income. That said, borrowers should always:

Carefully review the offered interest rate and fees.
Check affordability and ensure monthly payments fit their budget.
Compare offers from Mogo, banks and credit unions to find the best total cost.

Responsible borrowing matters. If a borrower meets the residency and age requirements, can verify income, and has a manageable debt-to-income ratio, Mogo could be a practical solution—especially when speed and flexibility are priorities.

HOW TO GET MOGO PERSONAL LOAN

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