Mogo vs GoDay
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 | GoDay |
|---|---|---|
| Loan Amounts | Up to $5,000 (MogoMini line of credit) | $100 – $1,500 |
| Interest Rates | Up to 34.37% APR | $15 per $100 borrowed (where applicable) |
| Loan Terms | Revolving (line of credit) | Up to next payday |
| Credit Required | Fair credit and above | No minimum credit score |
| Funding Speed | Pre-approval in 3 minutes | Same day (Interac e-Transfer) |
| Headquarters | Vancouver, British Columbia | Toronto, Ontario |
| Founded | 2003 | 2012 |
| Best For | Tech-savvy borrowers who want a flexible line of credit with free credit monitoring | Canadians who need a quick payday loan with a simple online process |
Loan Amounts
Mogo
Up to $5,000 (MogoMini line of credit)
GoDay
$100 – $1,500
Interest Rates
Mogo
Up to 34.37% APR
GoDay
$15 per $100 borrowed (where applicable)
Loan Terms
Mogo
Revolving (line of credit)
GoDay
Up to next payday
Credit Required
Mogo
Fair credit and above
GoDay
No minimum credit score
Funding Speed
Mogo
Pre-approval in 3 minutes
GoDay
Same day (Interac e-Transfer)
Headquarters
Mogo
Vancouver, British Columbia
GoDay
Toronto, Ontario
Founded
Mogo
2003
GoDay
2012
Best For
Mogo
Tech-savvy borrowers who want a flexible line of credit with free credit monitoring
GoDay
Canadians who need a quick payday loan with a simple online process
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
GoDay
Pros
- No minimum credit score — uses proprietary GoDay Score
- Same-day funding via Interac e-Transfer
- Fully online process — no faxing or branch visits
- Licensed and regulated across multiple Canadian provinces
Cons
- Maximum loan amount of $1,500
- High cost of borrowing relative to personal loans
- Must be repaid by next payday
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 GoDay if you're better described as canadians who need a quick payday loan with a simple online process. They offer $100 – $1,500 with no minimum credit score 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 GoDay better?
Mogo is best suited to tech-savvy borrowers who want a flexible line of credit with free credit monitoring, while GoDay is best suited to canadians who need a quick payday loan with a simple online process. The better option depends on your credit profile and borrowing needs.
What are the interest rates for Mogo vs GoDay?
Mogo charges Up to 34.37% APR, while GoDay charges $15 per $100 borrowed (where applicable). Your actual rate will depend on your credit profile and the specific loan product you qualify for.
Which lender has faster funding — Mogo or GoDay?
Mogo offers funding in pre-approval in 3 minutes, while GoDay provides funds in same day (interac e-transfer).
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