Mogo is a Canadian fintech company based in Vancouver that offers digital-first financial tools for consumers. It aims to be an all-in-one financial wellness platform — offering credit monitoring, personal loans, fraud protection, a prepaid Visa card, and Bitcoin trading.
Thus, if you have bad credit or prefer the safety and security of prepaid credit cards, could KOHO Financial be the right solution for you?
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Now, the company is publicly traded on both the TSX and NASDAQ under the symbol MOGO.
Mogo’s pitch: help Canadians get out of debt, monitor their credit, manage their spending, and even invest — all in one mobile app.
📍 Province-by-Province Access
Mogo operates nationwide, but due to varying provincial regulations, some products (especially loans) may be restricted or structured differently based on where you live.
| Province/Territory | Services Available |
|---|---|
| Ontario, BC, Alberta | Full access – loans, MogoCard, credit monitoring, fraud protection, crypto |
| Quebec | Limited – loans not offered due to local consumer credit regulations |
| Manitoba, Nova Scotia, Saskatchewan | Mostly available – some credit products may have limits |
| PEI, Newfoundland, Territories | Access to digital products, but lending and verification may vary by case |
Note: Residents of Quebec cannot access Mogo personal loans due to provincial licensing restrictions. However, they can still use credit score monitoring, MogoCard, and MogoProtect.
✅ What Mogo Does Well
1. Credit Monitoring (Free)
You get access to your Equifax credit score (monthly updates) with real-time alerts. It’s free and helps Canadians who don’t want to pay for a service like Borrowell or Credit Karma.
2. MogoCard (Prepaid Visa)
A reloadable prepaid card with spending controls and carbon offsetting built-in. Mogo claims to plant a tree for every purchase — a nice ESG-driven touch.
3. Identity Fraud Protection (MogoProtect)
You’ll get notified if your personal info is part of a data breach or suspicious activity is detected. Think of it like a Canadian version of LifeLock.
4. Bitcoin Trading
You can buy and sell Bitcoin directly in the app. While limited to Bitcoin only, it gives crypto-curious users an easy way to dip in.
5. Fast Personal Loans
Mogo offers unsecured personal loans and lines of credit, often with instant decisions. Ideal for credit-building, emergency needs, or consolidating debt — but rates can be high (more on that below).
⚠️ Where Mogo Falls Short
1. High APR on Loans
While it markets itself as a “better alternative to payday loans,” Mogo loans can still have interest rates between 20–47% APR, especially for borrowers with less-than-perfect credit. Always read the fine print.
2. Not a Real Bank
Mogo isn’t a bank — it doesn’t offer checking or savings accounts, e-transfers, or bill payments. The MogoCard is prepaid, not debit.
3. No Business Products
Mogo does not offer business loans or business accounts. If you’re a small business owner looking for capital, and you have an average/bad credit score, you’ll need to look at other lenders like Journey Capital, Merchant Growth, or traditional banks if you have a good credit score.
4. Limited Crypto & Investment Tools
You can only buy Bitcoin — no Ethereum, no staking, no portfolios. It’s very basic compared to platforms like Wealthsimple Crypto or Newton.
5. Customer Service Issues
This is a common complaint. Users report delays in support responses, especially for loan issues or account changes.
🛡️ Insurance & Protection
- SIPC-style coverage?
No — since Mogo isn’t a U.S. broker-dealer, SIPC insurance doesn’t apply. Any crypto you hold is subject to platform risk. - CDIC Protection?
Also no. Mogo is not CDIC-insured because it doesn’t hold deposits like a bank would. - Fraud Protection (MogoProtect)?
Yes — but it’s not “insurance.” It’s monitoring + breach alerting, similar to services like LifeLock or Equifax Complete.
So in short: you’re not insured, but you do have access to fraud alerts.
💼 Does Mogo Offer Business Loans?
No.
Mogo is 100% consumer-focused. There are no products for sole proprietors, corporations, or business banking. If you need working capital, you’d be better off with providers like:
- Loop (for business credit cards)
- Thinking Capital or Lendified (small biz loans)
- BDC (for government-backed business funding)
📊 Mogo vs. Other Canadian Fintechs
Here’s how Mogo stacks up against similar companies:
| Feature / Service | Mogo | Wealthsimple | KOHO | Neo Financial |
|---|---|---|---|---|
| Founded | 2003 | 2014 | 2014 | 2019 |
| Credit Monitoring | ✅ Yes | ❌ No | ❌ No | ❌ No |
| Prepaid Card | ✅ Mogo Visa (carbon offsets) | ❌ No | ✅ KOHO Prepaid Visa | ✅ Neo Card |
| Loans | ✅ Personal only | ❌ None | ❌ None | ❌ None |
| Business Loans | ❌ None | ❌ None | ❌ None | ❌ None |
| Crypto Trading | ✅ Bitcoin only | ✅ Multi-crypto | ❌ No | ❌ No |
| Investment Platform | ❌ No | ✅ Full investing & robo-advisory | ❌ No | ❌ No |
| Fraud Protection | ✅ Identity alerts (MogoProtect) | ❌ No | ❌ No | ❌ No |
| Insurance Products | ❌ No (monitoring only) | ❌ No | ❌ No | ❌ No |
| Province Access | Most (loans vary) | All | All | Most |
| Public or Private | ✅ Public (TSX/NASDAQ) | ❌ Private | ❌ Private | ❌ Private |
🧠 Final Verdict: Should You Use Mogo?
✅ Use Mogo if you:
- Want free credit score tracking and identity fraud alerts
- Need access to quick personal loans (and can manage high APRs responsibly)
- Are interested in a prepaid card with climate-conscious perks
- Want a simple, Bitcoin-only entry point
- Live in a province with full product access (e.g. ON, BC, AB)
🚫 Skip Mogo if you:
- Are looking for low-interest loans
- Want full-service banking or a debit card
- Need business financial products
- Expect white-glove customer support
- Live in Quebec (loan access is restricted)
.
📚 Mogo Financial – Extended FAQ (2025)
❓1. Is Mogo a real bank?
No. As we said before, Mogo is a financial technology (fintech) company — not a chartered bank. It doesn’t offer traditional banking products like savings accounts, chequing accounts, or Interac e-Transfers. The MogoCard is a prepaid Visa, not a debit card linked to a deposit account.
❓2. Is Mogo safe to use?
Yes — for the most part. Mogo is a publicly traded company (TSX & NASDAQ), and it uses industry-standard encryption and security practices. However:
- Funds loaded to your MogoCard are not CDIC-insured
- Bitcoin purchased through Mogo is not insured, nor is it stored in a wallet you control
- Mogo does provide identity fraud monitoring, but this is not the same as fraud insurance
So, while it’s safe to use, you’re not protected like you would be at a traditional bank.
❓3. Does using Mogo affect my credit score?
Not for most features. Simply signing up and using Mogo’s credit monitoring tools has no impact on your score.
However, applying for a Mogo loan or line of credit may trigger a hard credit check, which can temporarily lower your score by a few points — just like applying for a credit card or car loan.
❓4. How often does Mogo update your credit score?
Mogo provides monthly updates to your Equifax credit score, along with alerts for any changes. The score you see is your Equifax “ER 2.0” model, which is a consumer score (not the same as FICO or Beacon 9.0 used by some lenders).
❓5. Can I build credit with Mogo?
Sort of. If you take out a Mogo personal loan or line of credit and make on-time payments, Mogo may report this to Equifax, helping you build credit. However, if you only use the MogoCard or credit monitoring, there is no direct impact on your credit score — positive or negative.
❓6. Does Mogo charge hidden fees?
Here are a few to watch for:
- Loan interest rates: Can be 20%–47% APR depending on your credit.
- MogoCard ATM withdrawals: May incur third-party fees.
- Inactive account fee: Some users report a fee if your account sits idle for too long.
- Crypto trading spread: Mogo makes money on the difference between the buy and sell price of Bitcoin, rather than charging a clear fee.
Always read the fine print before agreeing to any financial product.
❓7. Can I transfer my Bitcoin out of Mogo to my own wallet?
No. Mogo currently does not allow Bitcoin withdrawals to an external wallet. Your BTC is held in custody by Mogo’s third-party partner. You can buy and sell Bitcoin within the app — but you don’t control the private keys.
This makes Mogo more like a broker, not a true crypto wallet provider. If you want custody, you’d be better off with Newton, Shakepay, or a hardware wallet.
❓8. Can I get a loan through Mogo if I have bad credit?
Yes — but you’ll likely face high interest rates and lower borrowing limits. Mogo markets itself as an alternative to payday loans, so it does approve many borrowers with subprime credit, but the APRs can be steep (20–47%).
Make sure you fully understand the repayment terms before accepting any offer.
❓9. Can I use Mogo if I live in Quebec?
Partially. Quebec residents can’t access personal loans due to provincial consumer lending laws. However, they can still use:
- MogoCard (prepaid Visa)
- Credit monitoring
- MogoProtect (identity alerts)
- Bitcoin trading
Always double-check product availability during signup — Mogo may limit some features based on your postal code.
❓10. Is Mogo good for budgeting or financial planning?
Mogo isn’t a full budgeting tool like YNAB or Mint. While it helps you see your credit score and spend history (via MogoCard), it doesn’t offer:
- Budget breakdowns
- Goal tracking
- Spending categorization
- Bill payment tracking
If you want budgeting features, you’ll need a separate app — or consider KOHO, which does offer some of these tools.
❓11. Does Mogo offer joint accounts or family plans?
No. All Mogo accounts are individual, and the MogoCard is only issued to the named account holder. There’s no way to share access with a spouse, child, or business partner.
❓12. Can I invest in stocks through Mogo?
Not yet. Mogo offers Bitcoin trading only, and does not provide access to stocks, ETFs, or robo-investing. If you want to invest in the stock market, Wealthsimple Trade or Questrade are better alternatives.
❓13. How does Mogo make money?
Mogo’s revenue comes from:
- Interest on personal loans and credit lines
- Merchant and transaction fees on the MogoCard
- Bitcoin trading spreads
- Optional services like MogoProtect
- Strategic partnerships and acquisitions (e.g. Coinsquare, investing platforms)
It’s worth noting that Mogo has yet to consistently post profits — like many growth-stage fintechs, it’s investing heavily in user acquisition and platform development.
❓14. Is Mogo worth it?
It depends. Mogo is great for:
- Tracking your credit
- Starting to build financial awareness
- Making small purchases with a prepaid card
- Buying Bitcoin casually
But it’s not ideal if you want:
- Full-service banking
- Low-interest borrowing
- Crypto self-custody
- Business or family financial tools
Mark Turner is a retired financial writer that now enjoys blogging about different financial topics, such as commodities, inflation, debt, retirement, alternative investments and Canadian politics.
