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?
It depends on your needs. Spring Financial is rated 4.2/5 and is best for borrowers looking to build or rebuild credit. Mogo is rated 3.7/5 and is best for tech-savvy borrowers who want a flexible line of credit with free credit monitoring.
Which has lower interest rates?
Spring Financial charges 9.99% – 34.95% APR, while Mogo charges Up to 34.37% APR. Your actual rate depends on your credit profile.
Which lender funds faster?
Spring Financial: As fast as 24 hours. Mogo: Pre-approval in 3 minutes.
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