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Loans Canada vs Mogo

Wednesday, August 4th

2021 Canadian Personal Loan Reviews

Loans Canada Review 3 Star Rating

Loans Canada

3 Star Rating
  • Loans from $500 to $50,000
  • Loan referral service
  • "A+" rated and accredited by the BBB
  • Loan amounts ranging from $500 to $50,000
  • APRs range from really low to really high

Loans Canada is a comparison platform that, in theory, allows you to get quotes from a variety of lenders to secure a personal loan. The service has a good rating from the BBB and seems to be available to residents of all Canadian provinces. But, your lender matches may not actually offer personal loans, leaving you back at square one in your research.

Mogo Review 2.5 Star Rating


2.5 Star Rating
  • Loans from $500 to $35,000
  • "A+" rated by the BBB
  • Most loans have a 100-day refund policy: pay back your principal and get a refund of your interest and fees to-date
  • Loans may not be available to residents of all provinces

Mogo is probably one of the most tech-savvy options among providers of personal loans for Canadians. This fintech company has a lot of free bells and whistles used by over a million members of their platform. Unfortunately, those perks are overshadowed by the biggest area of complaints by Mogo users: personal loans! Clients describe their experiences with the loan process and Mogo reps as frustrating at best. You may want to look elsewhere for your personal loan.

The 6 Best Canadian Personal Loans

Who Offers the Best Canadian Personal Loans?

Do you need some quick cash? Unless you happen to have a family member or friend who's in a position to float you a loan, you'll probably need to look to a financial institution to get the money you require. But, not all sources of loans are equal, with some predatory forms of lending charging interest rates of well over 100%! Fortunately, there are lenders offering personal loans that can help you close the gap between what you have and what you need - without plunging you deeper into financial straits.

For Canadian consumers, there are several different options for personal loans online. Some services connect you directly with funding, while others work as a middleman and refer you to trusted financial partners to ultimately close your loan.

The Best Canadian Personal Loans Compare Canadian Personal Loans Compare Canadian Personal Loan Reviews What are the best Canadian Personal Loans Best Canadian Personal Loan Reviews

Canadian Personal Loan FAQ

Sometimes referred to as "instalment loans" or "consumer loans" , personal loans involve borrowing a set amount of money and agreeing to pay it back in regular payments. These loans may be for a specific purchase, like a home renovation or car, or used to pay off debts with higher interest rates.
Yes, usually. During the quote and application process, you may be asked to specify the purpose of your personal loan - but that's not a binding commitment. That information is often used to give you alternative types of financing, like debt consolidation or an auto loan.
In Canada, most providers of personal loans offer amounts that range from $500 to $50,000. Your loan offers will depend on several factors, such as your credit history, your current income, your debt-to-income ratio and your employment history.
It helps. The higher your credit score, the less you'll probably pay in interest and fees, and the bigger the amount of the loan you'll qualify for. But, if you're not quite there yet, there are some lenders who specialize in personal loans for people with less-than-stellar credit.
Most of the time, yes, without penalty. That's good to know if you're applying for a loan with a lender that only offers longer-term funding (e.g. 3 or 5 years): as long as there's no prepayment penalty, you can pay it back as quickly as you like. Read the terms of your loan offer carefully before you sign, to determine if there will be any fees if you pay it back ahead of the loan period.
Beyond the interest charged on your loan, you might have an origination fee as well. The origination fee is often a percentage of your total loan amount, and may either be added to the total of your loan or subtracted from it before you receive the payout. For example, if your origination fee is 1% of a $1000 loan, that $10 may either give you a total borrowed amount of $1010, or you may only receive a payout of $990.
That depends on how quickly you can gather any required documents for the application and on the lender you select. Once your personal loan has been approved, some providers can have the funds in your account in as little as an hour, while others may take up to a week or more to get the money to you.
Absolutely. Most of the financial services you already know and trust make their loan application process easy to complete online. Plus, doing your research on the internet helps you find the personal loan with the best rate and terms for your situation, instead of just taking whatever your local bank may have to offer. As with all online transactions, however, be sure to choose a loan provider with a proven track record: a positive rating from the BBB and numerous customer reviews are two good signs that you can trust a given lender online.
Compare the Best Reviews

Continued from above...

One of the newest ways to get a personal loan is through a social lending network, also known as peer-to-peer lending: everyday people choose to invest in funding loans for their fellow Canadians, creating a win-win where they make money on the interest you pay on the loan, and you get the money you need without paying exorbitant interest rates or fees.

Whichever route you choose, it's important that you carefully consider the terms of any personal loan offers you receive. Failure to repay your loan will negatively impact your credit score and history, which can be hard to repair later on down the road. Be sure to determine the interest rate, repayment terms, and any origination fees or prepayment penalties before you sign on the dotted line. While it can be tempting to accept any cash offer you get, take the time to choose wisely and be a well-informed consumer first.

As you look at the various options for personal loans in Canada, how can you determine where to start and, ultimately, which service to use? You may find it useful to keep these factors in mind:

  • Direct funding or referral service. Will the provider be funding your loan or helping you comparison shop by connecting you with several different lenders? Bear in mind that, in the latter case, you may have to take extra steps to actually complete the application and get your personal loan funded. If it's a referral service, who are their lending partners and are they reliable?
  • Transparency. Does the service make it easy to see the average interest rates paid by borrowers? Can you get sample quotes by browsing the site or by entering some of your personal information? Does the lender or referrer publish their fees, if any?
  • Reputation. What do consumers say about their experience with the service? Has the Better Business Bureau rated and/or accredited the company? Has the provider been in business long enough to establish its trustworthiness?
  • Timeframe for receiving funds. How quickly can you expect to receive the proceeds of your personal loan once your application has been accepted? Some services can transfer the money to you in as little as an hour, while others may take a week or more. If time is of the essence, you'll want to ensure you select a lender or referral service with a quick turnaround time.

TopConsumerReviews.com has reviewed and ranked the best online sources of personal loans in Canada today. We are confident that this information will help you get the money you need quickly, with loan terms you can afford.

See the Best Canadian Personal Loan
The Best Reviews of Canadian Personal Loans