Fairstone Financial 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.
Mogo
Tech-savvy borrowers who want a flexible line of credit with free credit monitoring
Full Review →Side-by-Side Comparison
| Feature | Fairstone Financial | Mogo |
|---|---|---|
| Loan Amounts | $500 – $60,000 | Up to $5,000 (MogoMini line of credit) |
| Interest Rates | 19.99% – 34.99% APR | Up to 34.37% APR |
| Loan Terms | 6 – 120 months | Revolving (line of credit) |
| Credit Required | Fair to good credit preferred | Fair credit and above |
| Funding Speed | 1 – 3 business days | Pre-approval in 3 minutes |
| Headquarters | Montreal, Quebec | Vancouver, British Columbia |
| Founded | 1923 | 2003 |
| Best For | Homeowners who want larger secured loans with longer terms | Tech-savvy borrowers who want a flexible line of credit with free credit monitoring |
Loan Amounts
Fairstone Financial
$500 – $60,000
Mogo
Up to $5,000 (MogoMini line of credit)
Interest Rates
Fairstone Financial
19.99% – 34.99% APR
Mogo
Up to 34.37% APR
Loan Terms
Fairstone Financial
6 – 120 months
Mogo
Revolving (line of credit)
Credit Required
Fairstone Financial
Fair to good credit preferred
Mogo
Fair credit and above
Funding Speed
Fairstone Financial
1 – 3 business days
Mogo
Pre-approval in 3 minutes
Headquarters
Fairstone Financial
Montreal, Quebec
Mogo
Vancouver, British Columbia
Founded
Fairstone Financial
1923
Mogo
2003
Best For
Fairstone Financial
Homeowners who want larger secured loans with longer terms
Mogo
Tech-savvy borrowers who want a flexible line of credit with free credit monitoring
Pros & Cons
Fairstone Financial
Pros
- Over 100 years of lending experience in Canada
- Both unsecured and secured loan options
- Large loan amounts up to $60,000 for homeowners
- 200+ physical branch locations across Canada
Cons
- Minimum interest rate of 19.99% is higher than bank alternatives
- Secured loans require home equity as collateral
- Branch visit may be required to finalize some loans
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 Fairstone Financial if you're looking for a lender that specializes in homeowners who want larger secured loans with longer terms. They offer loan amounts of $500 – $60,000 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 Fairstone Financial or Mogo better?
It depends on your needs. Fairstone Financial is rated 4.0/5 and is best for homeowners who want larger secured loans with longer terms. 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?
Fairstone Financial charges 19.99% – 34.99% APR, while Mogo charges Up to 34.37% APR. Your actual rate depends on your credit profile.
Which lender funds faster?
Fairstone Financial: 1 – 3 business days. Mogo: Pre-approval in 3 minutes.
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