Mogo vs Borrowell
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 →Borrowell
Borrowers with fair-to-good credit who want low rates and free credit monitoring
Full Review →Side-by-Side Comparison
| Feature | Mogo | Borrowell |
|---|---|---|
| Loan Amounts | Up to $5,000 (MogoMini line of credit) | $1,000 – $35,000 |
| Interest Rates | Up to 34.37% APR | 5.60% – 29.19% APR |
| Loan Terms | Revolving (line of credit) | 12 – 60 months |
| Credit Required | Fair credit and above | Fair to good credit (620+) |
| Funding Speed | Pre-approval in 3 minutes | 1 – 3 business days |
| Headquarters | Vancouver, British Columbia | Toronto, Ontario |
| Founded | 2003 | 2014 |
| Best For | Tech-savvy borrowers who want a flexible line of credit with free credit monitoring | Borrowers with fair-to-good credit who want low rates and free credit monitoring |
Loan Amounts
Mogo
Up to $5,000 (MogoMini line of credit)
Borrowell
$1,000 – $35,000
Interest Rates
Mogo
Up to 34.37% APR
Borrowell
5.60% – 29.19% APR
Loan Terms
Mogo
Revolving (line of credit)
Borrowell
12 – 60 months
Credit Required
Mogo
Fair credit and above
Borrowell
Fair to good credit (620+)
Funding Speed
Mogo
Pre-approval in 3 minutes
Borrowell
1 – 3 business days
Headquarters
Mogo
Vancouver, British Columbia
Borrowell
Toronto, Ontario
Founded
Mogo
2003
Borrowell
2014
Best For
Mogo
Tech-savvy borrowers who want a flexible line of credit with free credit monitoring
Borrowell
Borrowers with fair-to-good credit who want low rates and free credit monitoring
Pros & Cons
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
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
Which Lender Should You Choose?
Choose Mogo if you're looking for a lender that specializes in tech-savvy borrowers who want a flexible line of credit with free credit monitoring. They offer loan amounts of Up to $5,000 (MogoMini line of credit) with funding as fast as pre-approval in 3 minutes.
Choose Borrowell if you're better described as borrowers with fair-to-good credit who want low rates and free credit monitoring. They offer $1,000 – $35,000 with fair to good credit (620+) 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 Mogo or Borrowell better?
It depends on your needs. Mogo is rated 3.7/5 and is best for tech-savvy borrowers who want a flexible line of credit with free credit monitoring. Borrowell is rated 4.3/5 and is best for borrowers with fair-to-good credit who want low rates and free credit monitoring.
Which has lower interest rates?
Mogo charges Up to 34.37% APR, while Borrowell charges 5.60% – 29.19% APR. Your actual rate depends on your credit profile.
Which lender funds faster?
Mogo: Pre-approval in 3 minutes. Borrowell: 1 – 3 business days.
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