LoanConnect 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 | LoanConnect | Mogo |
|---|---|---|
| Loan Amounts | $500 – $50,000 | Up to $5,000 (MogoMini line of credit) |
| Interest Rates | 6.99% – 29.99% APR (varies by partner lender) | Up to 34.37% APR |
| Loan Terms | 6 – 60 months | Revolving (line of credit) |
| Credit Required | All credit types accepted | Fair credit and above |
| Funding Speed | As fast as same day | Pre-approval in 3 minutes |
| Headquarters | Toronto, Ontario | Vancouver, British Columbia |
| Founded | 2014 | 2003 |
| Best For | Borrowers who want to compare multiple offers at once | Tech-savvy borrowers who want a flexible line of credit with free credit monitoring |
Loan Amounts
LoanConnect
$500 – $50,000
Mogo
Up to $5,000 (MogoMini line of credit)
Interest Rates
LoanConnect
6.99% – 29.99% APR (varies by partner lender)
Mogo
Up to 34.37% APR
Loan Terms
LoanConnect
6 – 60 months
Mogo
Revolving (line of credit)
Credit Required
LoanConnect
All credit types accepted
Mogo
Fair credit and above
Funding Speed
LoanConnect
As fast as same day
Mogo
Pre-approval in 3 minutes
Headquarters
LoanConnect
Toronto, Ontario
Mogo
Vancouver, British Columbia
Founded
LoanConnect
2014
Mogo
2003
Best For
LoanConnect
Borrowers who want to compare multiple offers at once
Mogo
Tech-savvy borrowers who want a flexible line of credit with free credit monitoring
Pros & Cons
LoanConnect
Pros
- Compare multiple lender offers with one application
- Soft credit check for initial comparison — no impact on score
- Wide range of loan amounts from $500 to $50,000
- Fully online process with no branch visits required
Cons
- Rates vary significantly depending on which partner lender you're matched with
- Not a direct lender — acts as a marketplace/aggregator
- Loan terms and conditions vary by individual lender
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 LoanConnect if you're looking for a lender that specializes in borrowers who want to compare multiple offers at once. They offer loan amounts of $500 – $50,000 with funding as fast as as fast as same day.
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 LoanConnect or Mogo better?
It depends on your needs. LoanConnect is rated 4.1/5 and is best for borrowers who want to compare multiple offers at once. 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?
LoanConnect charges 6.99% – 29.99% APR (varies by partner lender), while Mogo charges Up to 34.37% APR. Your actual rate depends on your credit profile.
Which lender funds faster?
LoanConnect: As fast as same day. Mogo: Pre-approval in 3 minutes.
Other Lender Comparisons
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Compare Loan OffersEditorial Note: Our content is reviewed by financial experts for accuracy. We may receive compensation from partner lenders, which does not influence our rankings or recommendations. Read our full disclosures