Mogo vs LoanConnect
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 | LoanConnect |
|---|---|---|
| Loan Amounts | Up to $5,000 (MogoMini line of credit) | $500 – $50,000 |
| Interest Rates | Up to 34.37% APR | 6.99% – 29.99% APR (varies by partner lender) |
| Loan Terms | Revolving (line of credit) | 6 – 60 months |
| Credit Required | Fair credit and above | All credit types accepted |
| Funding Speed | Pre-approval in 3 minutes | As fast as same day |
| 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 who want to compare multiple offers at once |
Loan Amounts
Mogo
Up to $5,000 (MogoMini line of credit)
LoanConnect
$500 – $50,000
Interest Rates
Mogo
Up to 34.37% APR
LoanConnect
6.99% – 29.99% APR (varies by partner lender)
Loan Terms
Mogo
Revolving (line of credit)
LoanConnect
6 – 60 months
Credit Required
Mogo
Fair credit and above
LoanConnect
All credit types accepted
Funding Speed
Mogo
Pre-approval in 3 minutes
LoanConnect
As fast as same day
Headquarters
Mogo
Vancouver, British Columbia
LoanConnect
Toronto, Ontario
Founded
Mogo
2003
LoanConnect
2014
Best For
Mogo
Tech-savvy borrowers who want a flexible line of credit with free credit monitoring
LoanConnect
Borrowers who want to compare multiple offers at once
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
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
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 LoanConnect if you're better described as borrowers who want to compare multiple offers at once. They offer $500 – $50,000 with all credit types accepted 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 LoanConnect 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. LoanConnect is rated 4.1/5 and is best for borrowers who want to compare multiple offers at once.
Which has lower interest rates?
Mogo charges Up to 34.37% APR, while LoanConnect charges 6.99% – 29.99% APR (varies by partner lender). Your actual rate depends on your credit profile.
Which lender funds faster?
Mogo: Pre-approval in 3 minutes. LoanConnect: As fast as same day.
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