About lender
Loan Away offers financial solutions tailored to individual needs, providing personal loans of up to $5000 with quick approval times as fast as 6 minutes. With flexible repayment options spanning from 6 to 36 months, customers can find a payment plan that fits their monthly budget. Regardless of past financial challenges such as a bad credit history or a consumer proposal, Loan Away aims to assist customers in re-establishing their financial stability. As an online-only lender, Loan Away eliminates the need for expensive retail branches, allowing them to pass on cost savings to valued customers. The application process is conveniently completed from the comfort and privacy of one's own home, ensuring a hassle-free experience. Whether it's debt consolidation, short-term loans, or installment loans, Loan Away provides financial solutions that prioritize customer satisfaction and ease of access.
Features
- They Approve Loans Within Hours. Loan Away offers swift approval processes, with loans approved as quickly as Tuesday, providing a convenient solution for urgent financial needs.
- Flexible Repayment Options. Customers can enjoy flexible repayment terms, including monthly payments and amortization schedules tailored to their financial situation.
- Bad Credit Personal Loan Options. Loan Away specializes in providing loans to individuals with bad credit histories, offering an alternative option to traditional banks that may have declined their applications.
- Personalized Financial Solutions. Loan Away provides personalized financial solutions, tailoring loan options to meet the unique needs of each customer.
Pros and cons
Pros
Cons
Reliability
Loan Away appears to be a reliable option for obtaining loans. As a registered corporation, it has been in business since 2016, providing financial solutions to customers in need. Additionally, the ability to contact Loan Away via email or phone further adds to its reliability, as customers can easily reach out for assistance or inquiries regarding their loans.
How to apply for a Loan Away loan
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Visit the Website. Open your web browser and navigate to the Loan Away website.
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Click "Apply Now". On the homepage or designated landing page, locate the "Apply Now" button and click on it to initiate the loan application process.
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Fill Out the Application. Once you've clicked "Apply Now," you'll be directed to the loan application form. Fill out all required fields, including name, email, password, address, date of birth, reason for the loan, and desired loan amount.
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Submit Your Application. After completing all required fields, review your information for accuracy. Once satisfied, click the "Submit" button to send your loan application to Loan Away for review and processing.
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Await Approval Notification. Upon submission of your application, Loan Away will process your request and notify you of the approval status. You will receive an email shortly after your application has been reviewed.
Conditions
- Loan Amortization Period. Loans amortization periods range from 6 to 36 months, providing flexibility in repayment terms to borrowers.
- Annual Percentage Rate (APR). Loan Away offers APRs between 19.9% and 45.9%, depending on factors such as creditworthiness and the specific loan product.
- Loan Amounts. Borrowers can access loans of up to $5,000 through Loan Away, catering to various financial needs and circumstances.
- Home Equity Loans. For individuals seeking larger loan amounts, Loan Away offers home equity loans of up to $50,000, leveraging the equity in their homes to secure financing.
Requirements
- Proof of Legal Age. Applicants must provide proof that they are the age of majority in their province or territory of residence.
- Government-Issued Identification. Applicants are required to present two pieces of government-issued identification for verification purposes.
- Proof of Employment and Income. Applicants must provide documentation demonstrating their employment and monthly income for the past 3 months. This can be in the form of pay stubs or bank statements.
- Contact Information. Applicants need to provide a valid email address, mailing address, and phone number for communication purposes.
- Bank Account. Applicants must have a valid bank account, which will be used for loan disbursement and repayment purposes.
Ways to receive the money
You will receive the borrowed amount from Loan Away directly into your bank account. Loan Away typically disburses funds directly into the bank account provided during the application process. This ensures a quick and convenient transfer of funds, allowing you to access the loan amount without delay.
Products
- Short-Term Loan. Loan Away provides short-term installment loans, with repayment terms extending up to 36 months, offering flexibility for borrowers.
- Medium-Term Loan. Borrowers can access medium-term installment loans from Loan Away, allowing them to manage their finances over an extended period.
- Home Equity Loans. Loan Away offers home equity loans, leveraging the equity in one's property to secure financing, with options for larger loan amounts and longer repayment periods.
Reasons you may be denied a Loan Away loan
- Debt Consolidation Loans. If the applicant's debt-to-income ratio is too high or if they have significant outstanding debts, they may be denied a debt consolidation loan.
- Pre Approval. Despite pre-approval, if the applicant's financial situation changes or if there are discrepancies found during the final approval process, they may be denied the loan.
- Credit History. A poor credit history, including late payments, defaults, or bankruptcy, may result in denial of the loan application.
- Income Verification. If the applicant fails to provide sufficient proof of income or employment stability, they may be denied the loan.
- Incorrect Information. Providing incorrect or incomplete information on the loan application may lead to denial by Loan Away.
How to repay a Loan Away loan
- Monthly Payment. Your installment payments will be automatically collected from your bank account directly on a monthly basis. This ensures timely payments without the need for manual intervention.
- Total Repayment. The loan is payable over a period of 36 months, allowing for manageable monthly payments. However, you have the flexibility to pay it off earlier if desired.
- Debt Free. By making timely payments, you can become debt-free sooner and improve your financial situation.
- Application Process. The application process takes only a short time, ensuring that you can access the funds you need quickly and efficiently.
Editorial opinion
Important
How to Choose a Lender
- Verify that the lender is registered with the appropriate regulatory authorities in Canada, such as the Financial Consumer Agency of Canada (FCAC), or is licensed to operate in your province.
- Check if the lender is a member of reputable industry associations in Canada, such as the Canadian Bankers Association (CBA) or the Canadian Lenders Association (CLA).
- Thoroughly review all terms and conditions outlined in your loan agreement. Understand the repayment schedule, interest rates, fees, and any penalties for late payments or defaults.
- Ensure that the contract clearly states the annual percentage rate (APR) and the total cost of borrowing, including any administrative fees or additional charges.
- Familiarize yourself with your rights regarding loan cancellation or early repayment. Canadian consumers have the right to cancel a loan within two business days after signing the agreement, without penalty.
- Research the lender's reputation by checking customer reviews, complaints, and feedback on reputable online platforms, as well as through resources provided by organizations like the Better Business Bureau (BBB).
Methodology
At Finanso, we've carried out a comprehensive analysis of over 70 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.
In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.
At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.
Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.
Additional resources
- Loan Away Online Banking
- How to Apply for Loan Away Loan
- How to PayOff Loan Away Debt
- Loan Away Personal Loans for April 2025
- Loan Away Customer Reviews
