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Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Loan Away

Finanso.Multilogin™

About lender

Loan Away is a private online-only lender in Canada which offers installment loans, home equity loans, debt consolidation loans and bad credit loans up to $5,000 for 6 to 36 months with a fast approval.

Loan Away offers various forms of small and medium sized loans with annual rates 19,9% — 45,9% in 6 Canadian provinces: British Columbia, Ontario, Alberta, New Brunswick, Newfoundland, Nova Scotia.

The amount you can borrow varies from $1,000 to $5,000 within 24 hours of approval. Pre-approval in 20-30 minutes.

The company was established in 2015, it's located in Mississauga, Ontario. It offers an easy and fast online application process for customers with either good or bad credit history.

The financial solutions tailored for borrowers who need some money urgently and don't want to wait or don't qualify for a bank loan.

Pros and cons

Loan Away is a private lender with the list of features which the borrower is better to know before taking a responsibility of paying back a loan.

Be aware of who you are lending from. Whether you can afford all the repayments and fees, is this borrowing suits your financial situation and goals., especially if you take bad credit loans.

Pros

  • Easy and fast application

  • 100% online services 7 days a week

  • Available for borrowers with bad credit

  • Approval rate is over 80%

  • Various forms of loans to choose from, e.g. bad credit loans or debt consolidation loans

  • Flexible repayment plan

  • Pay out directly into your bank account

Cons

  • High interest rate

  • No official info about fees (NSF fee, deferral and late payment fees, transaction fee, etc.) at the lender's website

  • For residents of 6 provinces only

  • A bulk of personal and employment info to fill out

Interest rates of private lenders which provide payday loans and bad credit loans even are always higher than that offered by banks. That's why you should review all the advantages and disadvantages of borrowing with Loan Away. If you qualify for a traditional bank loan — use it.

Loan conditions

There are different forms of loans which you can request with Loan Away. They are available for customers with no, poor or bad credit history over 18 years old living in 6 provinces of Canada and capable of proving their revenue.

Loans amortization is up to 36 months with a flexible installment plan for amounts of 1,000$ — 5,000$ annual interest rates vary from 19,9% to 45,9%.

Example: $1,000 borrowed for 12 months at 29.9%: Monthly payment: $97.24; Total repayment with interest: $1,166.88.

This is an alternative option for payday loans, because the company provides a comfortable repayment schedule either for long and short term loans.

If you want to apply for another loan, you can always access a reloan program and check if you qualify.

Methods of a loan funding

After your application is accepted you get a confirmation email and a contract to sign. Immediately after receiving your contract, lender's systems transfer the money to your bank account through direct deposit.

Application approval takes less than 30 minutes and the whole process is faster than 24 hours.

FAQ

What is Loan Away?

It is an alternative lender in Canada which offers short term loans, fast installment loans, home equity loans, and debt consolidation loans online up to $5,000 with a flexible payment plan from 6 to 36 months.

Who owns Loan Away?

The lender's full name is Loan Away Inc. It has been based in Mississauga, Ontario since 2015.

Eugene Farber, the Director and President of Loan Away Inc, was also the Director of Ontario Energy Group.

How do you qualify for Loan Away?

  • There some criteria you have to meet to qualify:

  • Be more than 18

  • Be a resident of Alberta, British Columbia, New Brunswick, Newfoundland, Ontario, Nova Scotia

  • Have a proven income

  • Have a minimum credit score and credit history

  • Have a valid ID

How much can you borrow from Loan Away?

You can borrow an amount from $1,000 up to $5,000 in as little as 6 minutes, with flexible repayment options ranging from 6-36 months.

Is Loan Away a legitimate company?

Yes, it is. The lender has more than 30,000 customers in Canada. The company has been providing business services since 2015.

What to pay attention to when applying for a loan from Loan Away

  1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
  2. You can check the availability of the relevant license (copy) at the branch of the lending company.
  3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
  4. Availability of lending policies.
  5. The procedure for applying for a loan.
  6. The procedure for concluding the loan agreement and receiving the payment schedule.
  7. Other conditions for granting loans.

We recommend

  1. To check out the interest rates and frequency. 
  2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
  3. Check whether the loan agreement contains information about the total cost of borrowing.
  4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
  5. Speed of loan processing.
  6. Accessibility – alternative lenders often operate where there are no bank branches.
  7. For the borrower - high interest on the loan.
  8. For an investor, the safety of funds is not guaranteed by the state.

What distinguishes Loan Away from banks:

  1. Simplicity - loan processing is less formalized than in a bank.
  2. Fast loan processing.
  3. Accessibility.
  4. For the borrower - high interest on the loan.
  5. For an investor, the safety of funds is not guaranteed by the state.
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All Loan Away’s reviews by October 2022
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