Mogo Review 2026 – Personal Loans & Line of Credit
Loan Amount
$500 - $35 000
APR Range
5.9% - 45.9%
Approval Time
24h
Loan Terms
3-60 months
Mogo is a digital Canadian lender focused on personal loans and line-of-credit style borrowing. It is geared toward borrowers who want a fully online process, transparent offer terms, and flexible repayment options that are typically longer than payday products.
✅ Best For:
- • Borrowers who prefer an online-first lending journey
- • Personal loans and credit-style products with larger limits than payday loans
- • Applicants comparing digital lenders such as Mogo, Money Mart, and Fairstone
- • Borrowers who want clear cost and repayment disclosures before acceptance
Compare before you apply:
About Mogo Canada
Mogo Finance Technology Inc is a Canadian fintech brand known for online-first borrowing and credit-oriented financial tools. The company focuses on digital onboarding, streamlined verification, and consumer-facing transparency around rates and repayments.
Mogo products generally include personal loans and revolving-credit style options, with loan limits and eligibility shaped by province, affordability checks, and profile risk. Borrowers should always evaluate total cost, not just headline rates.
Mogo operates in the Canadian regulatory environment covering federal privacy obligations (PIPEDA) and province-specific consumer lending requirements. Offer terms, disclosures, and complaint pathways are subject to those provincial rules.
For borrowers evaluating Mogo against alternatives, the key decision factors are approval speed, total borrowing cost, repayment flexibility, and provincial availability. Comparing offers side by side before applying is strongly recommended.
Loan Types Offered by Money Mart
💵 Payday Loans
- Amount: $100 - $1,500 (varies by province: Quebec max $650, others $1,500)
- Term: 14-62 days (typically your next payday)
- APR: 391-442% (Example: $500 for 14 days = $75-$90 fee, total $575-$590)
- Approval: 5-15 minutes online, 10-30 minutes in-store
- Disbursement: Immediate cash pickup or 1-2 hour e-transfer
- Requirements: Valid ID, active bank account, proof of income, age 18+ (19+ in BC/NS/NB)
📅 Installment Loans
- Amount: $1,000 - $15,000 (available at select locations)
- Term: 6-36 months (monthly payments)
- APR: 29.9-46.9% (lower than payday loans due to longer terms)
- Approval: 30 minutes - 2 hours (requires income/employment verification)
- Disbursement: Same-day or next business day via direct deposit
- Requirements: Credit check (soft pull), proof of employment, 3 months bank statements
⚠️ Cost Comparison:
Payday loans cost more per day but less total for short borrowing. Example: $1,000 payday loan for 14 days = $150 fee vs $1,000 installment loan for 12 months = $310 total interest. Use payday loans ONLY for true emergencies (car repair, medical bill) that you can repay quickly. For larger amounts or longer terms, installment loans are cheaper.
How to Apply for Money Mart Loan
Choose Application Method
Online: Visit moneymart.ca, click "Apply Now", create account with email and password. In-Store: Find nearest location using store locator, bring required documents, speak with agent.
Complete Application Form
Provide: Full name, date of birth, address, phone number, email, SIN (optional for payday loans), employment details, monthly income, bank account information. Upload or show: Government ID (driver's license or passport), proof of income (recent paystub, bank statement, or pension letter), void cheque or bank statement (for account verification).
Instant Decision
Money Mart reviews application immediately. Online: 5-15 minutes. In-store: 10-30 minutes. They perform soft credit check (doesn't affect score) and verify income/bank account. First-time borrowers typically approved for $300-$500. Repeat customers with good repayment history qualify for higher amounts ($1,000-$1,500).
Review & Sign Agreement
Read loan agreement carefully: total borrowing cost, APR, repayment date, fees (NSF, extension). In Quebec, mandatory 2-day cooling-off period before signing. In other provinces, sign immediately if you agree. Set up pre-authorized debit for automatic repayment on due date (recommended to avoid late fees).
Receive Funds
In-Store: Immediate cash pickup or cheque. Online: E-transfer sent within 1-2 hours during business hours (Mon-Sat 9am-6pm local time). Sunday applications processed Monday morning. Funds deposited directly to your bank account. Total time from application to money in hand: 1-2 hours online, immediate in-store.
Where is Mogo available?
Mogo serves all Canadian provinces and territories
Money Mart Loan Cost Example
📊 Representative Example: $500 Payday Loan (14 days)
| Loan Amount | $500.00 |
| Term | 14 days |
| Borrowing Cost (Fee) | $82.50 |
| APR | 430.0% |
| Total Repayment | $582.50 |
*Based on Ontario rates: $15 per $100 borrowed. Actual cost varies by province. Quebec: Max 35% APR cap ($500 for 14 days = ~$6.70 fee). Always review your loan agreement for exact costs before signing.
📊 Representative Example: $5,000 Installment Loan (12 months)
| Loan Amount | $5,000.00 |
| Term | 12 months |
| Monthly Payment | $484.00 |
| Total Interest Paid | $808.00 |
| APR | 29.9% |
| Total Repayment | $5,808.00 |
*Assumes 29.9% APR with equal monthly payments. Monthly payment includes principal + interest. Early repayment allowed without penalty.
Eligibility Requirements & Documents
✅ Basic Requirements
- • Age 18+ (19+ in BC, Nova Scotia, New Brunswick)
- • Canadian citizen or permanent resident
- • Active bank account in your name (3+ months old)
- • Regular income source (employment, pension, disability, EI)
- • Valid Canadian address (no P.O. boxes)
- • Working phone number and email
📄 Required Documents
- • Government-issued photo ID (driver's license or passport)
- • Proof of income (recent paystub, bank statement, or pension letter)
- • Void cheque or bank statement (account verification)
- • Proof of residence (utility bill, lease, or property tax bill)
- • SIN card (optional for payday loans, required for installment loans)
💡 Bad Credit Accepted:
Money Mart approves loans for borrowers with bad credit (scores below 600) or no credit history. They perform soft credit checks (doesn't affect your score) but focus more on current income and bank account activity. No minimum credit score required. However, bad credit may limit your initial loan amount to $300-$500 instead of the maximum $1,500. After successful repayment, your limit increases regardless of credit score.
Advantages & Disadvantages of Money Mart
✅ Advantages
- ✓ Fast approval: 5-15 minutes online, 10-30 minutes in-store with instant cash pickup
- ✓ Bad credit accepted: No minimum credit score, soft credit check only
- ✓ 400+ retail locations: In-person service across 8 provinces for cash pickup
- ✓ Online platform: Apply from home, get e-transfer in 1-2 hours
- ✓ Fully licensed: 40+ years in business, regulated by FSRA, AMF, Consumer Protection BC
- ✓ Transparent pricing: All costs disclosed upfront, clear loan agreements
- ✓ No early repayment penalty: Pay off loan anytime to save on interest
- ✓ Installment loan option: Up to $15,000 with 29.9-46.9% APR (lower than payday loans)
❌ Disadvantages
- ✗ Very high APR: 391-442% on payday loans (expensive for long-term borrowing)
- ✗ Low maximum amounts: $1,500 max payday loan (Quebec: $650 max)
- ✗ Short repayment terms: 14-62 days for payday loans (must repay quickly)
- ✗ NSF fees: $40-$50 charged if payment bounces
- ✗ Limited provinces: Not available in PE, NL (payday loans only in 8 provinces)
- ✗ Pre-authorized debit required: Must allow automatic withdrawal from bank account
- ✗ Collections for defaults: Unpaid loans reported to credit bureaus, sent to collections
- ✗ Debt cycle risk: Easy to borrow repeatedly, leading to long-term debt trap
Alternatives to Money Mart
Money Mart is best for emergency payday loans, but consider these alternatives if you need lower APRs or different loan types:
easyfinancial – Lower APR Installment Loans
$500-$45,000 installment loans with 19.99-46.96% APR and 6-60 month terms. Better for larger amounts or longer repayment. Available in 10 provinces (ON, QC, BC, AB, MB, SK, NS, NB, NL, PE). Credit check required but bad credit accepted.
Fairstone – Traditional Installment Lender
$500-$40,000 personal loans with 9.99-29.99% APR (lower than Money Mart). 6-48 month terms, 48-hour approval. Requires credit check and proof of income. Best for borrowers with fair credit (600+) needing larger amounts.
Cash Money – Competing Payday Lender
$100-$1,500 payday loans with similar rates (391-456% APR) but available in 8 provinces including NL. 2-hour approval, e-transfer or in-store pickup. Good alternative if Money Mart denies your application.
Credit Union Emergency Loan – Community-Based Alternative
Many Canadian credit unions offer emergency loans ($500-$5,000) with 18-24% APR for members. Requires membership (usually free or $5), credit check, and proof of income. Slower approval (2-5 days) but much cheaper than payday loans.
Related Articles
Best Installment Loans in Canada (2026)
Top 7 installment lenders compared — rates, terms, and requirements.
Read article →Credit Score Requirements for Canadian Lenders
Minimum credit scores needed by major Canadian lending providers.
Read article →No Credit Check Loans: Myth vs Reality
Do no-credit-check loans really exist in Canada? The truth explained.
Read article →Expert Recommendation
Rostislav Sikora
Canadian Lending Specialist | 15+ Years Experience
Money Mart is one of the most reliable payday loan providers in Canada, with 40+ years of operation and full regulatory compliance. Their APRs are high (391-442%) but transparent, and they don't hide fees in fine print. If you need emergency cash ($100-$1,500) within 1-2 hours and can repay within 14-30 days, Money Mart is a solid choice—especially for borrowers with bad credit who can't qualify for bank loans.
However, payday loans should be a last resort. Before applying, exhaust these options first: (1) Ask family/friends for a small loan, (2) Negotiate payment plans with creditors (utility companies often allow extensions), (3) Use a credit card cash advance (usually 19.99% APR, cheaper than 391%), (4) Apply for a credit union emergency loan (18-24% APR), (5) Sell items you don't need.
If you do use Money Mart: (1) Borrow only what you absolutely need (don't max out your limit), (2) Repay on time or early to avoid NSF fees and credit damage, (3) Don't roll over or renew (this doubles your debt), (4) Switch to installment loans if you need more than $1,500 (29.9% APR is much cheaper than 391% APR).
My rating: 8.4/10 for payday loans (fast, reliable, transparent) but 5/10 for cost (very expensive). Use Money Mart for genuine emergencies only, and always have a repayment plan before borrowing.
Frequently Asked Questions – Money Mart Canada
What loan amounts does Mogo offer in Canada?
Mogo products typically range from about $500 to $35,000 depending on province, product type, and your credit profile. Approval amounts are personalized after affordability checks and identity verification.
What is Mogo's APR range and total cost?
Mogo APR typically ranges from about 5.9% to 45.9% depending on loan type, risk profile, and province. Your exact cost is disclosed in the loan offer before acceptance, including repayment amount and schedule.
How long does Mogo approval and funding take?
Most Mogo applications receive a decision within about 24 hours. Funding speed depends on product type, verification steps, and banking rails, and can vary by province.
Can I get a Mogo loan with fair or bad credit?
Mogo may approve borrowers across different credit profiles, but rates and limits vary. Stronger affordability and repayment history generally improve pricing and approval outcomes.
What are the main requirements for Mogo?
Typical requirements include age of majority in your province, valid Canadian ID, active bank account, verifiable income, and successful identity checks. Product eligibility can differ by province.
How does repayment work with Mogo?
Repayment is generally set as scheduled installments or line-of-credit repayment terms, depending on product. Always review due dates, prepayment options, and any late-payment fees in your contract.
Is Mogo legitimate and regulated in Canada?
Mogo is a legitimate Canadian fintech brand. Consumer lending and disclosures are governed by federal and provincial rules, including PIPEDA privacy requirements and provincial consumer protection frameworks.
How does Mogo compare with Money Mart or Fairstone?
Mogo is generally positioned as a digital personal loan/credit solution, while Money Mart is more payday-oriented and Fairstone focuses on installment lending. Compare APR, total cost, and repayment flexibility before applying.
Legal & Compliance Information
Provincial Licensing
Money Mart is licensed as a payday lender in all operating provinces:
- • ON: Financial Services Regulatory Authority (FSRA)
- • QC: Autorité des marchés financiers (AMF)
- • BC: Consumer Protection BC
- • AB: Service Alberta
- • MB: Consumers Protection Office
- • SK: Financial and Consumer Affairs Authority (FCAA)
- • NS: Service Nova Scotia
- • NB: Financial and Consumer Services Commission (FCNB)
Privacy & Data Protection
Money Mart complies with PIPEDA (Personal Information Protection and Electronic Documents Act) and provincial privacy laws. Your personal information (name, SIN, bank details, income) is encrypted using 256-bit SSL and stored securely. Money Mart may share your data with: (1) Credit bureaus (Equifax, TransUnion) for credit checks, (2) Collections agencies if loan defaults, (3) Parent company Dollar Financial Group for internal operations. You can request data deletion by contacting privacy@moneymart.ca.
Responsible Lending
Money Mart is required by law to assess your ability to repay before approving loans. They must verify your income and cannot lend more than 50% of your net paycheck in Ontario, or $1,500 total (whichever is lower). In Quebec, maximum loan is $650 regardless of income. Money Mart must also display total borrowing cost (APR) prominently in loan agreement and provide a copy for your records. You have the right to cancel your loan within 2 business days in most provinces without penalty.
Contact Money Mart Canada
📞 Customer Support
- Phone: 1-877-899-MART (6278)
- Hours: Mon-Fri 9am-8pm, Sat 10am-6pm (local time)
- Email: customerservice@moneymart.ca
- Website: moneymart.ca
🏢 Head Office
Money Mart Financial Services Inc1600 – 421 7th Avenue SW
Calgary, AB T2P 4K9
Canada
📍 Find a Location
Money Mart has 400+ retail locations across Canada. Use their store locator to find the nearest branch with address, phone, hours, and services offered (payday loans, installment loans, cheque cashing, Western Union).
⚠️ Responsible Lending Warning
Payday loans are expensive credit intended for short-term emergency use only. APRs of 391-442% mean a $500 loan costs $82.50 in fees for just 14 days. Borrowing repeatedly or rolling over loans creates a debt cycle that can lead to financial hardship.
Before applying: (1) Explore all alternatives (family loans, payment plans, credit unions, credit cards), (2) Borrow only what you can repay on your next payday, (3) Never roll over or renew payday loans, (4) Seek free financial counseling if struggling with debt.
Free credit counseling: Financial Consumer Agency of Canada (FCAC) | Credit Counselling Canada | Provincial consumer protection offices
Ready to Apply for a Loan?
Compare Money Mart with other lenders to find the best rate for your situation. Our AI matches you with top-rated lenders in seconds—100% free, no obligation.
External links are affiliate links. We may earn commission if you apply, at no cost to you. See our methodology for details.