Independent head-to-head comparison of APR, loan limits, credit requirements and funding speed for two Canadian lenders.
Leading Canadian digital bank known for ultra-low mortgage rates, zero monthly account fees, and high-interest savings.
Visit EQ BankCanadian financial technology company offering MogoLiquid personal loans, free Equifax credit score monitoring, and identity fraud protection.
Visit Mogo| Feature | EQ Bank | Mogo |
|---|---|---|
| Lowest APR | 4.79% | 9.9% |
| Highest APR | 7.99% | 32.9% |
| Min Loan | $50,000 | $1,000 |
| Max Loan | $2,000,000 | $35,000 |
| Min Credit Score | 680 | 580 |
| Funding Time | 3-5 business days | Same day |
| Loan Types | mortgage | personal, debt_consolidation |
| Provinces | ON, BC, AB, QC, MB, SK, NS, NB, NL, PE | ON, BC, AB, MB, SK, NB, NS, PE, NL |
EQ Bank starts at 4.79% APR while Mogo starts at 9.9%. The cheapest option depends on your credit score, loan amount and term. Always compare your personalized APR offers — advertised rates are minimums for the strongest applicants.
EQ Bank typically requires a minimum credit score of 680. Below that, consider alternative lenders that specialize in credit-challenged borrowers.
Mogo typically funds in Same day after final approval. Same-day funding usually requires e-transfer-eligible accounts and document approval before cutoff.
EQ Bank serves ON, BC, AB, QC, MB, SK, NS, NB, NL, PE. Mogo serves ON, BC, AB, MB, SK, NB, NS, PE, NL. Province availability is a hard requirement — verify before applying.
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