MDG Financial review

What is MDG Financial?

MDG was established in 1991 as a computer manufacturer and retailer. Today, its online store allows you to shop for a wide range of electronics, appliances and furniture. It has also launched consumer financing programs in Canada and the United States through MDG Financial.

MDG Financial offers cash installment loans of up to $1,600 with a loan term of three years. You can pre-qualify online by providing your personal information as well as details of your income and employment. Once approved, the funds will be sent to you within three hours by direct deposit.

Is MDG Financial legit?

MDG Financial is based in Oakville, Ontario. Its website lists a physical address as well as phone and email contact details.

Not just a loan provider, MDG is an established retailer that has been selling computers and electronics since 1991. The company has received more than 2,500 customer reviews on Trustpilot.

What we like about MDG Financial loans

• Borrow up to $1,600. An MDG Financial cash installment loan lets you borrow up to $1,600.
• 3-year term. You can repay what you borrow over 3 years.
• Easy online application. Get pre-qualified for a loan by filling out an online application form. Your identity and bank information can also be completed online.
• Fast access to funds. Once you’ve been approved, funds will be deposited into your bank account within three hours.
• Prequalify without hurting your credit score. Pre-qualifying for financing online only requires a soft credit check, which won’t negatively impact your credit score.
• Prepayment allowed. Pay off your loan early without penalty.
• Improve your credit score. Your on-time payments are reported to credit bureaus, allowing you to improve your credit rating.
• Available across Canada. Loans are available in all provinces, including Quebec.
• Low credit scores are okay. You can get an MDG cash loan if your credit score is over 560.
• Established company. MDG has been in business since 1991.
• $3,200 line of credit also available. MDG Computers Canada Inc. also offers a line of credit of up to $3,200 to use at MDG.ca. Free shipping is available on eligible purchases, and you won’t pay any interest if you fully repay the money you use within 12 months.

What to watch out for

• High rates. Interest rates on an MDG Financial cash installment loan range from 29.78% to 44.8%.
• Maximum loan amount of $1,600. If you need to borrow more than $1,600, you’ll need to consider other options.

Alternatives to MDG Financial loans

What are MDG Financial’s interest rates?

MDG Financial cash installment loan interest rates range from 29.78% to 44.8%. Your rate will depend on factors such as:

• Your credit score
• Your income and employment information
• How much you borrow

If you have strong credit and a steady income, compare MDG Financial’s rates with what other lenders are willing to offer you. You may be able to find a lower interest rate elsewhere.

Related: Personal loan rates in Canada

Summary of MDG Financial reviews

Site	Details
Trustpilot	3.9/5 stars based on 2,543 MDG reviews
Google	N/A
BBB accreditation	No
BBB rating	A+
BBB reviews	2.03/5 based on 163 MDG reviews
Reviews as of	May 8, 2024

What do MDG Financial reviews say?

MDG has mixed customer reviews online. However, it’s worth noting that some reviews are for MDG USA, and some comment on MDG’s retail offerings rather than its consumer finance products.

Positive reviews about finance products mention a quick and easy application process, helpful customer service and flexible payment plans. Negative reviews sometimes complain about high interest rates, refused credit applications and poor customer service.

Am I eligible?

In order to qualify for an MDG Financial cash installment loan, you’ll need to:

• Be the age of majority in your province or territory
• Be a Canadian citizen or permanent resident
• Have a credit score of at least 560
• Have a source of income (there’s no specified minimum income required for approval)
• Have a valid Canadian bank account

During the application process you will need to provide:

• Proof of ID
• Proof of income
• A void cheque

How to get an MDG Financial loan

You can apply for an MDG Financial cash installment loan by filling out an online application form. Here’s what you need to do to get pre-qualified.

1. Enter your email address and create a password.
2. Enter your name and date of birth.
3. Provide your address and contact details.
4. Provide your Social Insurance Number (SIN).
5. Enter your total monthly income before taxes and the source of that income.
6. Specify whether you own or rent your home.
7. Read and agree to all the terms and conditions.

What to expect once you have an MDG cash loan

Once you’re approved, you’ll receive the loan amount in your account by direct deposit. You’ll need to manage your budget carefully to ensure that you can continue making on-time payments.

If you miss a payment due to insufficient funds in your account, an NSF fee will apply. But if your budget allows you to make extra repayments, you also have the option to pay off your loan early without penalty.

Bottom line

MDG Financial offers an easy and convenient way to access a fast loan. But the loan comes with steep interest rates, so make sure you’ll be able to afford repayments before applying. Compare the MDG Financial cash installment loan with other small loans to decide if it’s right for you.

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