Borrowell vs Mogo
A detailed side-by-side comparison of two popular Canadian lenders. See how they stack up on rates, loan amounts, eligibility, and overall experience.
Borrowell
Borrowers with fair-to-good credit who want low rates and free credit monitoring
Full Review →Mogo
Tech-savvy borrowers who want a flexible line of credit with free credit monitoring
Full Review →Side-by-Side Comparison
| Feature | Borrowell | Mogo |
|---|---|---|
| Loan Amounts | $1,000 – $35,000 | Up to $5,000 (MogoMini line of credit) |
| Interest Rates | 5.60% – 29.19% APR | Up to 34.37% APR |
| Loan Terms | 12 – 60 months | Revolving (line of credit) |
| Credit Required | Fair to good credit (620+) | Fair credit and above |
| Funding Speed | 1 – 3 business days | Pre-approval in 3 minutes |
| Headquarters | Toronto, Ontario | Vancouver, British Columbia |
| Founded | 2014 | 2003 |
| Best For | Borrowers with fair-to-good credit who want low rates and free credit monitoring | Tech-savvy borrowers who want a flexible line of credit with free credit monitoring |
Loan Amounts
Borrowell
$1,000 – $35,000
Mogo
Up to $5,000 (MogoMini line of credit)
Interest Rates
Borrowell
5.60% – 29.19% APR
Mogo
Up to 34.37% APR
Loan Terms
Borrowell
12 – 60 months
Mogo
Revolving (line of credit)
Credit Required
Borrowell
Fair to good credit (620+)
Mogo
Fair credit and above
Funding Speed
Borrowell
1 – 3 business days
Mogo
Pre-approval in 3 minutes
Headquarters
Borrowell
Toronto, Ontario
Mogo
Vancouver, British Columbia
Founded
Borrowell
2014
Mogo
2003
Best For
Borrowell
Borrowers with fair-to-good credit who want low rates and free credit monitoring
Mogo
Tech-savvy borrowers who want a flexible line of credit with free credit monitoring
Pros & Cons
Borrowell
Pros
- Free Equifax credit score for all users
- Among the lowest APRs for non-bank lenders (from 5.60%)
- AI-powered personalized financial product recommendations
- Over 2 million Canadian users — well-established platform
Cons
- Requires fair to good credit (620+ score recommended)
- Not ideal for borrowers with poor or no credit history
- Personal loans not available in all provinces
Mogo
Pros
- Free credit score monitoring for all users
- Line of credit flexibility — borrow only what you need
- 100-day trial period to test the product
- Fully digital experience with no branch visits needed
Cons
- Maximum borrowing limit of $5,000
- Interest rate up to 34.37% APR
- Line of credit format may encourage ongoing borrowing
Which Lender Should You Choose?
Choose Borrowell if you're looking for a lender that specializes in borrowers with fair-to-good credit who want low rates and free credit monitoring. They offer loan amounts of $1,000 – $35,000 with funding as fast as 1 – 3 business days.
Choose Mogo if you're better described as tech-savvy borrowers who want a flexible line of credit with free credit monitoring. They offer Up to $5,000 (MogoMini line of credit) with fair credit and above credit requirements.
Still unsure? Apply through 365 Loans to compare offers from both lenders and more — with no impact on your credit score.
Frequently Asked Questions
Is Borrowell or Mogo better?
It depends on your needs. Borrowell is rated 4.3/5 and is best for borrowers with fair-to-good credit who want low rates and free credit monitoring. Mogo is rated 3.7/5 and is best for tech-savvy borrowers who want a flexible line of credit with free credit monitoring.
Which has lower interest rates?
Borrowell charges 5.60% – 29.19% APR, while Mogo charges Up to 34.37% APR. Your actual rate depends on your credit profile.
Which lender funds faster?
Borrowell: 1 – 3 business days. Mogo: Pre-approval in 3 minutes.
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