- Cost per $100
- $14.00
- Borrow up to
- $1,500
- Funding
- Next business day
- Apply
- Online and in-store
Licence verified AB, BC, MB, NB, NL, NS, ON, SK
Mogo line of credit: rates, eligibility and review
Last reviewed November 12, 2026 by the Koke editorial team.
Mogo is a Vancouver-based, publicly listed fintech whose MogoMini line of credit lends $500 to $5,000 at 34.37% interest in eight provinces, including Ontario. Pre-approval uses a soft credit check. If you repay the principal within 100 days, Mogo says it refunds the interest and fees you paid.
Last reviewed November 12, 2026
Mogo at a glance
- Provinces served
- Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island
- Apply
- Online, App
- Borrow
- $500 to $5,000
- Repay within
- —
- Loan type
- Line of credit
- Interest rate
- 34.37% annual interest rate
- Money arrives
- Next business day (Direct deposit or Interac e-Transfer, usually within 24 hours of a final decision)
- Credit check
- Soft credit check: “Soft Equifax check for pre-approval; a hard check follows when you submit the full application”
- If a payment bounces
- —
- If you pay late
- —
- Support hours
- —
Is Mogo licensed where I live?
Mogo is not a payday lender, so it doesn’t hold payday-loan licences. The rows below are the provinces it says it serves. Lenders charging over 32% are licensed separately as high-cost credit lenders in some provinces, including Alberta and British Columbia; the Verify link goes to the same regulator, where you can search that register too.
| Province | Licence number | Status | Regulator | Checked on |
|---|---|---|---|---|
| Alberta | Not published | Verified | Service Alberta and Red Tape Reduction · Verify | November 12, 2026 |
| British Columbia | Not published | Verified | Consumer Protection BC · Verify | November 12, 2026 |
| Manitoba | Not published | Verified | Manitoba Consumer Protection Office · Verify | November 12, 2026 |
| New Brunswick | Not published | Verified | Financial and Consumer Services Commission (FCNB) · Verify | November 12, 2026 |
| Newfoundland and Labrador | Not published | Verified | Digital Government and Service NL · Verify | November 12, 2026 |
| Nova Scotia | Not published | Verified | Service Nova Scotia (Consumer Affairs) · Verify | November 12, 2026 |
| Ontario | Not published | Verified | Ministry of Public and Business Service Delivery and Procurement (Consumer Protection Ontario) · Verify | November 12, 2026 |
| Prince Edward Island | Not published | Verified | Island Regulatory and Appeals Commission / Consumer Services · Verify | November 12, 2026 |
Apply now opens Koke’s application page, which sends your answers to our matching partner LeadScout. It may match you with Mogo or with other lenders. Koke may be paid for referrals and for clicks to lender websites; that never changes our rating. Disclosure
This is not a payday loan: Mogo charges interest over time (34.37% annual interest rate) instead of a fee per $100, and your exact rate is set when you apply. Read the total cost of borrowing on the lender’s quote before you sign.
How Mogo works
Mogo runs entirely through its website and app. You pre-qualify with a soft credit check that leaves your score alone, upload documents, and usually get a final answer within a few business hours. Once approved you draw what you need, up to your limit, by deposit or e-Transfer, and you pay interest only on what you’ve drawn.
What to watch
The low minimum payment is the trap here: it covers interest and optional-service fees but none of the principal, so $2,000 drawn can stay $2,000 owed for a year while you pay about $690 in interest. Set your own payment plan from the start. The 100-day guarantee is genuinely useful if you can clear the principal quickly.
What we like
- 100-day guarantee refunds interest and fees if you repay the principal in time
- Soft check to see whether you pre-qualify
- No penalty for paying the balance down early
What to watch
- Minimum payments cover only interest, so the balance never shrinks unless you pay more
- On-time payments are not reported to the credit bureaus
- Not offered in Quebec or Saskatchewan
Where Mogo lends
Other licensed lenders in Alberta
Applications go through our partner Loans Canada, which may match you with this or other lenders. Koke may be paid for referrals. Lenders decide approval, cost and terms.
- Cost per $100
- $14.00
- Borrow up to
- $1,500
- Funding
- Same day
- Apply
- Online and in-store
Licence verified AB, BC, SK
- Cost per $100
- $14.00
- Borrow up to
- $25,000
- Funding
- Next business day
- Apply
- Online and in-store
Licence verified AB, BC, MB, NB, NL, NS, ON, PE, SK
A payday loan isn’t your only option. See lower-cost alternatives
Reviewed by Trust Pilot, Accredited Financial Counsellor Canada® on November 12, 2026. Our editorial standards
Sources
- Loans Canada lender profile (accessed November 7, 2026)
- Credizen: Mogo review 2026 (accessed November 7, 2026)
Update log
- — Licences verified on provincial registers (AB, BC, MB, NB, NL, NS, ON, PE) by admin.
- — Profile published from public sources. Licences listed as stated by the lender; register check by Koke pending.