Computer-based learning has gained popularity in recent years, providing learners greater flexibility and freedom. However, these learning environments do not consider the learner’s mental state in real-time, resulting in less optimized learning experiences. This research aimed to explore the effect on the learning experience of a novel EEG-based Brain-Computer Interface (BCI) that adjusts the speed of information presentation in real-time during a learning task according to the learner’s cognitive load. We also explored how motivation moderated these effects. In accordance with three experimental groups (non-adaptive, adaptive, and adaptive with motivation), participants performed a calibration task (n-back), followed by a memory-based learning task concerning astrological constellations. Learning gains were assessed based on performance on the learning task. Self-perceived mental workload, cognitive absorption and satisfaction were assessed using a post-test questionnaire. Between-group analyses using Mann–Whitney tests suggested that combining BCI and motivational factors led to more significant learning gains and an improved learning experience. No significant difference existed between the BCI without motivational factor and regular non-adaptive interface for overall learning gains, self-perceived mental workload, and cognitive absorption. However, participants who undertook the experiment with an imposed learning pace reported higher overall satisfaction with their learning experience and a higher level of temporal stress. Our findings suggest BCI’s potential applicability and feasibility in improving memorization-based learning experiences. Further work should seek to optimize the BCI adaptive index and explore generalizability to other learning contexts.