Spring Financial vs Mogo
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 | Spring Financial | Mogo |
|---|---|---|
| Loan Amounts | $500 – $35,000 | Up to $5,000 (MogoMini line of credit) |
| Interest Rates | 9.99% – 34.95% APR | Up to 34.37% APR |
| Loan Terms | 6 – 84 months | Revolving (line of credit) |
| Credit Required | All credit types accepted | Fair credit and above |
| Funding Speed | As fast as 24 hours | Pre-approval in 3 minutes |
| Headquarters | Toronto, Ontario | Vancouver, British Columbia |
| Founded | 2014 | 2003 |
| Best For | Borrowers looking to build or rebuild credit | Tech-savvy borrowers who want a flexible line of credit with free credit monitoring |
Loan Amounts
Spring Financial
$500 – $35,000
Mogo
Up to $5,000 (MogoMini line of credit)
Interest Rates
Spring Financial
9.99% – 34.95% APR
Mogo
Up to 34.37% APR
Loan Terms
Spring Financial
6 – 84 months
Mogo
Revolving (line of credit)
Credit Required
Spring Financial
All credit types accepted
Mogo
Fair credit and above
Funding Speed
Spring Financial
As fast as 24 hours
Mogo
Pre-approval in 3 minutes
Headquarters
Spring Financial
Toronto, Ontario
Mogo
Vancouver, British Columbia
Founded
Spring Financial
2014
Mogo
2003
Best For
Spring Financial
Borrowers looking to build or rebuild credit
Mogo
Tech-savvy borrowers who want a flexible line of credit with free credit monitoring
Pros & Cons
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
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
Which Lender Should You Choose?
Choose Spring Financial if you're looking for a lender that specializes in borrowers looking to build or rebuild credit. They offer loan amounts of $500 – $35,000 with funding as fast as as fast as 24 hours.
Choose Mogo if you're better described as tech-savvy borrowers who want a flexible line of credit with free credit monitoring. They offer Up to $5,000 (MogoMini line of credit) with fair credit and above 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 Spring Financial or Mogo better?
Spring Financial is best suited to borrowers looking to build or rebuild credit, while Mogo is best suited to tech-savvy borrowers who want a flexible line of credit with free credit monitoring. The better option depends on your credit profile and borrowing needs.
What are the interest rates for Spring Financial vs Mogo?
Spring Financial charges 9.99% – 34.95% APR, while Mogo charges Up to 34.37% APR. Your actual rate will depend on your credit profile and the specific loan product you qualify for.
Which lender has faster funding — Spring Financial or Mogo?
Spring Financial offers funding in as fast as 24 hours, while Mogo provides funds in pre-approval in 3 minutes.
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