MDG Review

About lender

MDG Canada, operating since 1991, has established itself as a prominent player in the Canadian retail landscape. With a mission to democratize access to quality products, MDG has served over a million satisfied customers, emphasizing fair rates and personalized service. Specializing in consumer electronics, home furnishings, appliances, televisions, and laptops, MDG offers a diverse array of brand-name products at competitive prices, without any additional markups. Through its frictionless consumer financing solutions, MDG ensures that customers have convenient access to the items they desire, with a team of in-house experts guiding them through every step of the purchasing process.

As a leader in consumer financing, MDG simplifies the shopping experience through its online platform, MDG.ca, offering customers a seamless journey from browsing to checkout. With over 28 years of experience, MDG has continuously expanded its product lines, forging partnerships with industry-leading suppliers such as Samsung, ASUS, HP, and many more. From its origins as a white-glove computer manufacturer and retailer to its current status as a thriving e-commerce entity, MDG remains committed to providing accessible and affordable options for consumers across Canada.

Features

• Frictionless Consumer Financing. MDG offers hassle-free financing options, allowing customers to purchase products with ease.
• Brand-Name Products. Customers have access to a wide range of brand-name electronics, appliances, furniture, and more, ensuring quality and reliability.
• Competitive Prices. MDG provides competitive pricing on all its products, ensuring customers get the best value for their money.
• Personalized Service. With a team of in-house experts, MDG offers personalized assistance to customers, guiding them through the purchasing process.

Pros and cons

Pros

Cons

Reliability

MDG's reliability is evidenced by its impressive Trustpilot rating of 4.0, reflecting the satisfaction of over 2,530 customers who have shared their experiences. This substantial number of reviews speaks volumes about the trust and confidence customers place in MDG's products and services. With such a high rating and a large number of reviews, prospective customers can feel reassured about MDG's reliability as a provider of consumer financing solutions and retail services. The consistent positive feedback from a diverse range of customers underscores MDG's commitment to delivering quality products, transparent financing options, and excellent customer service.

How to apply for MDG financing?

1. Visit MDG's Website. Start by visiting MDG's website at MDG.ca. Once there, you can browse through the wide selection of products available for purchase.

2. Select Your Desired Product. Once you've found the product you want to purchase, click on it to view more details. Ensure that the product meets your needs and specifications.

3. Add the Product to Your Shopping Cart. After selecting your desired product, click on the "Add to Cart" button to add it to your virtual shopping cart. You can continue shopping for additional items if desired.

4. Proceed to Checkout. Once you've added all your desired items to your cart, proceed to the checkout page by clicking on the shopping cart icon or the "Checkout" button.

5. Choose Financing Option. During the checkout process, you'll be prompted to choose a financing option. MDG offers various financing plans tailored to your needs, including flexible payment terms and low monthly payments.

6. Fill Out the Financing Application. After selecting your preferred financing option, you'll need to fill out a financing application form. This form typically requires personal information such as your name, address, contact details, employment information, and income details.

7. Complete the Credit Assessment. Once you've filled out the financing application, MDG will conduct a credit assessment to determine your eligibility for financing. This may involve a soft credit check, which won't impact your credit score.

8. Receive Approval Decision. After completing the credit assessment, you'll receive a decision regarding your financing application. If approved, you'll be provided with details about your credit limit, payment terms, and any applicable fees.

9. Review and Accept Terms. Before finalizing your purchase, carefully review the terms and conditions of the financing agreement, including interest rates, estimated biweekly payment, minimum daily payment amount, and any other relevant information. If everything looks good, accept the terms to proceed with your purchase.

10. Complete Your Purchase. Once you've accepted the financing terms, you can complete your purchase by confirming your order and providing any additional required information, such as payment details and shipping address.

Conditions

• Flexible Payment Terms. MDG offers flexible payment terms to borrowers, allowing them to choose a repayment schedule that fits their budget and financial situation.
• Competitive Interest Rates. Borrowers can benefit from competitive interest rates on their financing plans, helping to keep the overall cost of borrowing affordable.
• Various Financing Options. MDG provides a range of financing options tailored to individual needs, including zero-interest plans for eligible orders paid in full within a specified period.
• High Credit Limits. Qualified borrowers may receive high credit limits of up to $3,200, providing them with greater purchasing power to buy the products they need.
• No Hidden Fees. MDG is transparent about its financing terms and does not charge hidden fees, ensuring that borrowers understand the full cost of their financing agreement upfront.
• Quick Approval Process. MDG aims to provide a quick approval process for financing applications, allowing borrowers to receive approval decisions promptly.

Requirements

• Credit Assessment. Borrowers are required to undergo a credit assessment as part of the financing application process. This assessment helps MDG determine the borrower's creditworthiness and eligibility for financing.
• Minimum Income Requirement. Borrowers must meet a minimum income requirement to qualify for financing with MDG. This requirement ensures that borrowers have the means to repay their financing obligations.
• Proof of Identity. Borrowers must provide proof of identity, such as a valid government-issued ID, to verify their identity and prevent fraud.
• Residency Status. Borrowers must be Canadian residents with a valid Canadian address to qualify for financing with MDG.
• Age Requirement. Borrowers must be at least 18 years old to apply for financing with MDG. This ensures that borrowers are legally able to enter into a financing agreement.
• Employment Verification. Borrowers may be required to provide proof of employment or income, such as pay stubs or bank statements, to verify their ability to repay the financing.
• Agreement to Terms. Borrowers must agree to the terms and conditions of the financing agreement, including the repayment schedule, interest rates, and any other relevant terms, before finalizing their purchase.

Ways to receive the money

• Direct Deposit. Borrowers can choose to have the approved financing amount deposited directly into their bank account. This method offers quick access to funds, allowing borrowers to use the money immediately for their purchase.
• MDG Store Credit. For purchases made directly through MDG's online platform or in-store, borrowers may opt to receive the approved financing amount as store credit. This credit can be used to complete the purchase of products available on MDG's website or at their physical retail locations.
• Virtual Payment. MDG may also offer virtual payment options, such as prepaid debit cards or virtual wallet transfers, as a way for borrowers to access their approved financing amount. These virtual payment methods provide flexibility and convenience for online or in-store purchases.

Products

• MDG Advantage Credit. This credit product is designed to provide customers with easy access to financing for purchasing a variety of products available on MDG's online platform. It offers a credit limit ranging from $900 to $3,200, depending on the individual's credit assessment. The approval process is quick, with initial credit assessments communicated within minutes of the online application.
• Open Credit Financing. MDG's open credit financing option allows customers the flexibility to pay off their balances in advance without any penalties. The terms, including interest rates and credit limits, are determined based on the individual's personal credit assessment. Customers can apply online, and real-time assessments ensure a seamless and efficient process.
• No-Interest Financing. MDG offers a no-interest financing option for eligible orders if paid in full within 12 months. This feature provides customers with the opportunity to make purchases without incurring interest charges if the balance is paid off within the specified timeframe. It's an attractive option for those looking to spread out payments while avoiding additional costs.
• Personalized Credit Assessment. MDG conducts personalized credit assessments for each customer to determine credit limits, interest rates, and other conditions of approval. This ensures that credit products are tailored to individual financial circumstances, providing fair and transparent financing solutions.

Reasons you may be denied MDG financing

• Insufficient Credit History. If you have limited or no credit history, MDG may have difficulty during the initial credit assessment. Lenders typically rely on credit history to gauge an individual's ability to manage debt responsibly. Without sufficient credit history, MDG may be unable to approve your financing application.
• Low Credit Score. Your credit score plays a significant role in determining your eligibility for financing. A low credit score indicates a higher risk of defaulting on payments, which may lead to a denial of financing. Factors contributing to a low credit score include late payments, high credit utilization, and derogatory marks on your credit report.
• High Debt-to-Income Ratio. Lenders assess your debt-to-income ratio to evaluate your ability to manage additional debt. If your existing debt obligations are high relative to your income, MDG may deem you financially overstretched and deny your financing application. It's essential to maintain a healthy balance between debt and income to improve your chances of approval.
• Unstable Employment History. Lenders consider your employment stability when evaluating your creditworthiness. Frequent job changes or periods of unemployment may raise concerns about your ability to maintain a steady income to support loan repayments. A lack of stable employment history may result in a denial of financing from MDG.
• Incomplete or Inaccurate Information. Providing incomplete or inaccurate information on your financing application can hinder the approval process. MDG relies on accurate data to assess your creditworthiness and make informed lending decisions. Failure to provide required documentation or misrepresentation of financial information may lead to a denial of financing.

How to repay MDG financing

1. Review Your Financing Agreement. Start by carefully reviewing the terms and conditions outlined in your financing agreement with MDG. Take note of important details such as the total amount financed, interest rate, repayment schedule, and any applicable fees or penalties.

2. Understand Payment Options. MDG offers various payment options to accommodate different preferences and financial situations. Familiarize yourself with the available payment methods, including online payments, automatic withdrawals, and mailed-in payments. Choose the option that best fits your needs and ensures timely payments.

3. Set Up Automatic Payments. Consider setting up automatic payments through your bank account or credit card to ensure consistent and on-time payments. Automatic payments help you avoid missed or late payments, which can incur additional fees and negatively impact your credit score.

4. Monitor Your Account. Regularly monitor your MDG account to track your payment history, outstanding balance, and upcoming due dates. Stay informed about any changes or updates to your account, such as interest rate adjustments or payment schedule modifications.

5. Make Timely Payments. Make timely payments according to the schedule outlined in your financing agreement. Aim to pay at least the minimum required amount by the due date to avoid late fees and penalties. If you encounter financial difficulties, contact MDG promptly to discuss potential options or arrangements.

6. Pay More Than the Minimum. Whenever possible, strive to pay more than the minimum required amount to accelerate your repayment progress and reduce overall interest costs. By making extra payments or increasing your payment frequency, you can pay off your MDG financing services ahead of schedule and save money on interest charges.

7. Communicate with MDG. If you experience any challenges or changes in your financial circumstances that may affect your ability to repay MDG financing services, don't hesitate to reach out to MDG for assistance. They may be able to offer solutions or alternative repayment arrangements to help you manage your obligations effectively.

Editorial opinion

Important

How to Choose a Lender

1. Verify that the lender is registered with the appropriate regulatory authorities in Canada, such as the Financial Consumer Agency of Canada (FCAC), or is licensed to operate in your province.
2. Check if the lender is a member of reputable industry associations in Canada, such as the Canadian Bankers Association (CBA) or the Canadian Lenders Association (CLA).
3. Thoroughly review all terms and conditions outlined in your loan agreement. Understand the repayment schedule, interest rates, fees, and any penalties for late payments or defaults.
4. Ensure that the contract clearly states the annual percentage rate (APR) and the total cost of borrowing, including any administrative fees or additional charges.
5. Familiarize yourself with your rights regarding loan cancellation or early repayment. Canadian consumers have the right to cancel a loan within two business days after signing the agreement, without penalty.
6. Research the lender's reputation by checking customer reviews, complaints, and feedback on reputable online platforms, as well as through resources provided by organizations like the Better Business Bureau (BBB).

Methodology

At Finanso, we've carried out a comprehensive analysis of over 70 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

Additional resources

• MDG Online Banking
• How to Apply for MDG Loan
• How to PayOff MDG Debt
• MDG Personal Loans for January 2025
• MDG Loans Calculator
• MDG Customer Reviews

Sources

• MDG Computers Canada Website