Mogo review

Updated September 28, 2026 · BorrowCue Editorial Team · Facts checked September 26, 2026

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Our verdict

Mogo suits borrowers in Canadian provinces who want one revolving credit line and a hard credit check they are comfortable with. Its offer rests on a single credit line of CAD 5,000, free early repayment and funding that arrives by direct deposit or Interac e-Transfer.

Key facts

Best for
Borrowers wanting one revolving credit line with free early repayment in Canada.
Loan amount
CA$5,000 (Source, checked September 26, 2026)
Credit check
Hard (Source, checked September 26, 2026)
Funding time
Direct deposit into your bank account or Interac e-Transfer (Source, checked September 26, 2026)
Lender type
Direct lender (Source, checked September 26, 2026)
Free early repayment
Yes (Source, checked September 26, 2026)
Eligibility
Age of majority residents of British Columbia, Alberta, Manitoba, Ontario, New Brunswick, Prince Edward Island, Nova Scotia and Newfoundland (Source, checked September 26, 2026)
Loan types
Credit-line (Source, checked September 26, 2026)
Legal entity
Mogo Finance Technology Inc. (Source, checked September 26, 2026)
Headquarters
Canada (Source, checked September 26, 2026)
Founded
2003 (Source, checked September 26, 2026)
Support channels
Chat, Help-centre, Email (Source, checked September 26, 2026)
Features
Credit line
Official website
mogo.ca

Mortgages

Lender type
Direct lender (Source, checked September 26, 2026)
Legal entity
Mogo Finance Technology Inc. (Source, checked September 26, 2026)
Headquarters
Canada (Source, checked September 26, 2026)
Founded
2003 (Source, checked September 26, 2026)
Support channels
Chat, Help-centre, Email (Source, checked September 26, 2026)

Apps and profiles

Elsewhere
WikidataWikipedia

Pros and cons

Pros

  • Free early repayment, so clearing the balance sooner costs nothing extra
  • Funding reaches you by direct deposit into your bank account or Interac e-Transfer
  • Support runs on chat, help centre and email
  • One revolving credit line of CAD 5,000 rather than several loan products

Cons

  • Support runs on chat, help centre and email only
  • A hard credit check puts a full credit file search on your record
  • The credit line tops out at CAD 5,000

Ready to try Mogo?

Scored 9.2 / 10 by BorrowCue.

See alternatives

Who it suits

  • Adults of the age of majority living in British Columbia, Alberta, Manitoba, Ontario, New Brunswick, Prince Edward Island, Nova Scotia or Newfoundland
  • Borrowers who want a revolving line they can draw on and clear early without a charge
  • People comfortable with a hard credit check as part of the application

Who should look elsewhere

  • Borrowers outside the listed Canadian provinces, since Mogo does not lend there
  • Anyone unwilling to have a hard credit check recorded
  • Borrowers needing more than a revolving line of CAD 5,000

How your money is protected

Mogo lends as a direct lender, listed as a direct lender, under the legal entity Mogo Finance Technology Inc. in Canada. Its licence with the Financial Consumer Agency of Alberta carries the number 349152. The accounts sit inside Canada, so a deposit reaches you by Direct deposit into your bank account or Interac e-Transfer rather than into a foreign payment system.

How Mogo compares

Where Mogo is available

Available
Canada
Licence in Canada
Financial Consumer Agency of Alberta (349152), checked September 26, 2026
Licence in Canada
Business Development Bank of Canada, checked September 26, 2026
Licence in Canada
Manitoba Financial Consumer Authority, checked September 26, 2026

Countries from the brand (Source, checked September 26, 2026)

Frequently asked questions

What does Mogo lend and how much?+

Mogo offers a credit line, not a set-term instalment loan. The line runs to CAD 5,000 in Canadian dollars, so it suits a borrower who wants to draw what they need rather than fix a repayment date in advance.

What credit check does Mogo run?+

The application uses a hard credit check, which means a full search of your credit file rather than a soft pre-qualification. A hard search stays visible to other lenders, so borrowers with a thin file should weigh that first.

How fast do I get the money?+

Approved borrowers receive funds by Direct deposit into your bank account or Interac e-Transfer. That covers the two standard Canadian routes, so a bank account with direct deposit enabled and Interac e-Transfer access are both worth having ready.

Where can I open an account with Mogo?+

Eligibility is limited to adults of the age of majority who reside in British Columbia, Alberta, Manitoba, Ontario, New Brunswick, Prince Edward Island, Nova Scotia or Newfoundland. Residents of other provinces or territories fall outside the stated terms.

Can I repay the line early without a charge?+

Mogo lists free early repayment, so settling the balance ahead of schedule carries no early repayment fee. That makes the line easier to clear in stages if costs or income change.

Who do I deal with at Mogo?+

Mogo is a direct lender, described as a direct lender, and the contracting entity is Mogo Finance Technology Inc. in Canada. You are dealing with the lender itself rather than a broker or a marketplace.

How do I reach Mogo support?+

Support runs on chat, help centre and email. That mix suits people who prefer to start in the help centre or fire off an email and then move to live chat if the answer needs a person.

Is Mogo regulated?+

Mogo holds a licence with the Financial Consumer Agency of Alberta, listed as 349152. The licence also appears for the Business Development Bank of Canada and the Manitoba Financial Consumer Authority.

Sources

Compiled from 8 source pages, checked September 26, 2026. We did not open an account.

Not confirmed yet: APR, Term, Arrangement fee, Representative example.

Mogo

Borrowers wanting one revolving credit line with free early repayment in Canada.

9.2/10See alternatives

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