Mogo vs Spring 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 | Spring Financial |
|---|---|---|
| Loan Amounts | Up to $5,000 (MogoMini line of credit) | $500 – $35,000 |
| Interest Rates | Up to 34.37% APR | 9.99% – 34.95% APR |
| Loan Terms | Revolving (line of credit) | 6 – 84 months |
| Credit Required | Fair credit and above | All credit types accepted |
| Funding Speed | Pre-approval in 3 minutes | As fast as 24 hours |
| 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 looking to build or rebuild credit |
Loan Amounts
Mogo
Up to $5,000 (MogoMini line of credit)
Spring Financial
$500 – $35,000
Interest Rates
Mogo
Up to 34.37% APR
Spring Financial
9.99% – 34.95% APR
Loan Terms
Mogo
Revolving (line of credit)
Spring Financial
6 – 84 months
Credit Required
Mogo
Fair credit and above
Spring Financial
All credit types accepted
Funding Speed
Mogo
Pre-approval in 3 minutes
Spring Financial
As fast as 24 hours
Headquarters
Mogo
Vancouver, British Columbia
Spring Financial
Toronto, Ontario
Founded
Mogo
2003
Spring Financial
2014
Best For
Mogo
Tech-savvy borrowers who want a flexible line of credit with free credit monitoring
Spring Financial
Borrowers looking to build or rebuild credit
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
Spring Financial
Pros
- Accepts all credit types, including bad credit
- Credit-building program (The Foundation) reports to both major bureaus
- Fast online application with decisions in minutes
- No branch visit required — fully online process
Cons
- Maximum APR of 34.95% for higher-risk borrowers
- Not available for Quebec residents on some products
- Personal loans require minimum income verification
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 Spring Financial if you're better described as borrowers looking to build or rebuild credit. They offer $500 – $35,000 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 Spring 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. Spring Financial is rated 4.2/5 and is best for borrowers looking to build or rebuild credit.
Which has lower interest rates?
Mogo charges Up to 34.37% APR, while Spring Financial charges 9.99% – 34.95% APR. Your actual rate depends on your credit profile.
Which lender funds faster?
Mogo: Pre-approval in 3 minutes. Spring Financial: As fast as 24 hours.
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