Mogo vs Fairstone Financial
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 | Mogo | Fairstone Financial |
|---|---|---|
| Loan Amounts | Up to $5,000 (MogoMini line of credit) | $500 – $60,000 |
| Interest Rates | Up to 34.37% APR | 19.99% – 34.99% APR |
| Loan Terms | Revolving (line of credit) | 6 – 120 months |
| Credit Required | Fair credit and above | Fair to good credit preferred |
| Funding Speed | Pre-approval in 3 minutes | 1 – 3 business days |
| Headquarters | Vancouver, British Columbia | Montreal, Quebec |
| Founded | 2003 | 1923 |
| Best For | Tech-savvy borrowers who want a flexible line of credit with free credit monitoring | Homeowners who want larger secured loans with longer terms |
Loan Amounts
Mogo
Up to $5,000 (MogoMini line of credit)
Fairstone Financial
$500 – $60,000
Interest Rates
Mogo
Up to 34.37% APR
Fairstone Financial
19.99% – 34.99% APR
Loan Terms
Mogo
Revolving (line of credit)
Fairstone Financial
6 – 120 months
Credit Required
Mogo
Fair credit and above
Fairstone Financial
Fair to good credit preferred
Funding Speed
Mogo
Pre-approval in 3 minutes
Fairstone Financial
1 – 3 business days
Headquarters
Mogo
Vancouver, British Columbia
Fairstone Financial
Montreal, Quebec
Founded
Mogo
2003
Fairstone Financial
1923
Best For
Mogo
Tech-savvy borrowers who want a flexible line of credit with free credit monitoring
Fairstone Financial
Homeowners who want larger secured loans with longer terms
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
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
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 Fairstone Financial if you're better described as homeowners who want larger secured loans with longer terms. They offer $500 – $60,000 with fair to good credit preferred 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 Fairstone Financial 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. Fairstone Financial is rated 4.0/5 and is best for homeowners who want larger secured loans with longer terms.
Which has lower interest rates?
Mogo charges Up to 34.37% APR, while Fairstone Financial charges 19.99% – 34.99% APR. Your actual rate depends on your credit profile.
Which lender funds faster?
Mogo: Pre-approval in 3 minutes. Fairstone Financial: 1 – 3 business days.
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