- Great alternative to a payday loan
- About a day per $100 borrowed ( AIR)
- Flexible payments – pay it off whenever you want
- Save up tocompared to a payday loan**
Up to $35,000
5.9% - 39.9% APR
1 - 5 years
Canadians currently carry over $500 billion in consumer debt, including about $82 billion in credit card debt. Although interest rates are at historical lows, rates on credit cards can be as high as 30%; and if you only pay the minimum payment, it could take decades to pay off your debt. Even those with great credit can be paying high rates on credit cards, and those with bad credit can be paying rates of up to 46% when borrowing from consumer finance companies. MogoLiquid is an installment loan designed to give as many people as possible an opportunity to borrow at better rates.
Unlike most traditional lenders, we offer a wide range of rates that enable us to approve a broader segment of consumers. Regardless of which rate you start at, our unique Level Up program lets you move to lower rates every 12 months by not missing a payment which keeps your account in good standing. Over 66% of customers today have already Leveled Up.
Jerry / Great credit score
MogoLiquid rate 6.9% APR
Jerry owed $10,000 on his credit card that has a 20% annual interest rate. He pays it off with a 6.9% loan from Mogo and reduces his interest rate by over 60%.
Jolie / Good credit score
MogoLiquid rate 16.9% APR
Jolie owed $5,000 on her credit card and is paying 29.99% annual interest. She borrows from Mogo at 16.9% reducing her rate by 44%.
Jason / Poor credit score
MogoLiquid rate 26.9% APR
Jason borrows $5,000 from a consumer financing company with an interest rate of 46.5%. He switches to Mogo and is approved for a loan at 26.9% cutting his rate by 42%.
The friendly staff helped me work out a great interest rate and payment schedule. I used the money to pay off both my credit card bills along with my line of credit.
I was able to obtain a loan to consolidate my debts at a much better rate than the credit companies and other institutions provided.Thank you Mogo!
Approximately 30% of Canadians have credit scores that are considered non-prime and are sometimes shut out from access to mainstream credit from banks. According to the Canadian Payday Loan Association approximately 2 million Canadians turn to payday loans.
Although convenient, these loans can be costly and many can find it difficult to get out of the cycle and gain access to more affordable options. We believe that the socially responsible thing to do is to offer these consumers a better option. We have 2 solutions that are designed to save these consumers up tocompared to the typical cost of a payday loan**, and with our unique Level Up program anyone can continue to lower their cost of credit over time and help them get out of debt. Over 66% of customers today have already Leveled Up.
You will be Leveled Up to either a higher credit limit or MogoLiquid with a lower rate in as little as 12 months with on-time payment history.
/$100 borrowed‡
Mary had a credit score of 500 and was unable to borrow from the bank and found herself turning to a local payday lender. A few months later she found herself unable to get out of the payday loan cycle ...given the high fees. She applied online at Mogo and was instantly approved for $500 MogoMini which she borrowed to pay off her payday loan. Her total cost of credit went from $105 for 14 days, down to $9.15, lowering her cost by 94%. She used the savings to begin paying down the principal and got out of debt in only a few months. Learn more
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After 4 successful loans you’re eligible to Level Up to MogoMini at a rate that is
Jay needed $500 to cover some bills and turned to a payday loan but quickly found himself a cycle of repaying and re-borrowing with seemingly no way out. He turned to Mogo and was approved for a $500 MogoZip* loan that he used to pay off... his payday loan. Because this loan was 50% cheaper than his payday loan, he used the savings to reduce the principal and eventually got out of debt.
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I have been able to get out of the payday loan cycle thanks to Mogo and if I ever feel the need to borrow in the future I will most definitely use Mogo!
Complete an application in three minutes without impacting your credit score.
See your loan options and rates. No commitment. Don’t want it, just say no.
Choose which loan or loans you want, and customize your amount.
Choose a funding option depending on how quickly you need funds. Voila!
At Mogo, you’re more than just your credit score as we use thousands of traditional and non-traditional data points including credit bureau information to assess your credit options.
To give you a sense of what you may be approved for, we’ve shown what our minimum credit score is for each level. Your credit score is only one element of what goes into determining your level but it can give you a sense of what you may be eligible for. We’re constantly updating and optimizing our models so these numbers are subject to change.
We've got a team dedicated to making sure your Mogo experience is great.
Because if you're not happy, we're not happy.
Do it in three minutes. No commitment necessary. No impact on your credit score.
Check your rate
Socially Responsible
Financial ServicesWhile the banks reap record profits, consumers are saddled with record levels of debt. We think there’s a better way.
Loans for
everyone
We believe that everyone deserves access to responsible credit solutions. We have rates that are lower than some banks. We offer loans to people with great credit and even those with bad credit.
Level up to
better rates
Our exclusive Level Up program gives you an opportunity to lower your rates to help you get out of debt sooner.
We believe that everyone deserves access to responsible credit solutions. We have rates that are lower than some banks. We offer loans to people with great credit and even those with bad credit.
Our exclusive Level Up program gives you an opportunity to lower your rates to help you get out of debt sooner.
Free Prepaid
Visa® Card
A reloadable prepaid Visa card to help you stay in control. Use your own money as there's no credit on this card and no monthly fee.
Free credit
score
Knowing your credit score is an important part of managing your financial health. If you borrow from Mogo, you'll get your credit score for free.
A reloadable prepaid Visa card to help you stay in control. Use your own money as there's no credit on this card and no monthly fee.
Knowing your credit score is an important part of managing your financial health. If you borrow from Mogo, you'll get your credit score for free.
Smart
Alerts
If you sign up, we make sure to remind you of payments and highlight important info to stay in control and avoid unnecessary fees.
Utterly
transparent
We want you to have all the tools you need to stay financially fit, so we let you see your credit score without impacting it—and remind you of upcoming payments.
If you sign up, we make sure to remind you of payments and highlight important info to stay in control and avoid unnecessary fees.
We want you to have all the tools you need to stay financially fit, so we let you see your credit score without impacting it—and remind you of upcoming payments.
We give you time to ensure you feel you made the right decision, or we will give you your fees back.