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Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Mogo's application


How to apply

There are different ways to apply for a loan. You can do it online or complete the paper application and mail it to a Mogo branch. For users who want to apply for a loan online, Mogo will provide an instant decision in most cases.

The steps below will show you how easy and fast it is to borrow money from Mogo:

  1. Create a free account. To do it, you need to go to the financial application of the official website of Mogo.

  2. Submit the required information. Once you have created a Mogo profile, you can complete the essential details under "My Details." After that is done, you can submit your application by clicking the "Apply Now" button. You will answer some questions and then submit your loan application.

  3. Review your application. After it is submitted, you will see your loan status at Mogo. When this financial technology company reviews your data, you will receive a notice by email and an SMS to your mobile device. You will know if you have been approved for credit and how much you can borrow as soon as possible after applying.

  4. Get money fast via a direct deposit or cheque/paperless statements. After you have received final approval, Mogo will send a cheque or statement by mail within one day. If the money is electronically deposited directly into your bank account, it can be available in minutes. You can choose whichever way is convenient for you.


Reasons for rejection

Your application may be denied if you have a poor credit score. Generally, you will be rejected if the value of the asset(s) against which you are applying for the loan is less than $25,000. It can be a house, vehicle, or any other type of asset. Suppose you are rejected because your debt is too high, and you would need to pay more than $150 per month on average over the loan term. In that case, you probably will not be approved unless there is a discounted rate or special offer that otherwise qualifies you for a lower interest rate.

How long are applications considered?

It might take a few minutes to receive a decision if you apply online. Mail-in applications are reviewed in 7-10 days. If you don't hear anything by phone within 45 days, it might be possible that Mogo has not received your application yet, so you should contact the Customer Care team by sending a request at the "Contact Mogo" page.

How quickly can funds be received?

Funding takes 1-2 business days to be deposited into your bank account. Mogo does not charge a fee. The only charges that may be applied may be from your financial institution if you don't have enough money in your account when the funds are deposited.

Calculate loan payments in Mogo

Mogo calculator will allow you to calculate an approximate payment schedule for the loan

Loan amount

Enter the desired loan amount

5000 $
35000 $
Loan term

Specify the loan term for the calculation


What to pay attention to when applying for a loan from Mogo

  1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
  2. You can check the availability of the relevant license (copy) at the branch of the lending company.
  3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
  4. Availability of lending policies.
  5. The procedure for applying for a loan.
  6. The procedure for concluding the loan agreement and receiving the payment schedule.
  7. Other conditions for granting loans.

We recommend

  1. To check out the interest rates and frequency. 
  2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
  3. Check whether the loan agreement contains information about the total cost of borrowing.
  4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
  5. Speed of loan processing.
  6. Accessibility – alternative lenders often operate where there are no bank branches.
  7. For the borrower - high interest on the loan.
  8. For an investor, the safety of funds is not guaranteed by the state.

What distinguishes Mogo from banks:

  1. Simplicity - loan processing is less formalized than in a bank.
  2. Fast loan processing.
  3. Accessibility.
  4. For the borrower - high interest on the loan.
  5. For an investor, the safety of funds is not guaranteed by the state.
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