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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's application

Finanso.Multilogin™

How to apply

Requirements

To apply for a personal loan go to the official website, click the "Get this loan Now" button and fill out the loan application. The entire process is available online and takes you about 6 minutes.

If your home bank declined a loan application, you still can have a loan today. Currently, your chances of borrowing with Loan Away are very high: 83% to 90% of all loan applications are approved.

What do you need to apply for a quick loan:

  1. Name and date of birth

  2. Cell phone number and email

  3. A government-issued valid ID

  4. Address in one of 6 acceptable provinces

  5. Proven employment

  6. Loan amount and reason

Notice that when you access the site, including during your application for credit with the lender, they collect a lot of information: name and contact information, date of birth, government-issued identification numbers, employment information, financial information, personal information (including credit information) from credit bureaus or other lenders, or pre-authorized debit forms, loan agreements or credit life and disability insurance application or policies issued for you, whether at the time of your initial application or from time to time on an ongoing basis.

All information is protected from unauthorized access and disclosure by a third party.

Application details

Loan Away offers fast loans for Canadian residents. They claim your money will be paid out within 24 hours after the application is accepted: request — Monday and loan approved — Tuesday.

The company works online to approve loans 7 days a week to keep customers satisfied.

It is extremely easy to borrow with a personal loan service, however, your application could be declined. Why it is possible:

  • You don't have any proven stable income

  • You don't live in Canada

  • You aren't 18

  • You are in an active bankruptcy

Do you urgently need some quick money and don't qualify for bank financial services? Requesting a short-term loan or bad credit loan online is a quick and easy alternative option.

Go to the Loan Away website, click the "Get this loan Now" button and fill out the application form. The entire process is available online. An application process takes you about 6 minutes. Create a profile:

  1. Fill in some personal info: name, email, password, personal phone number, date of birth.

  2. Residential info: province, address, postal code, the period you have been living there.

  3. Employment info: employment status, employer name, sources of earnings, net monthly revenue, work phone number.

  4. Financial info: are you a homeowner or tenant, do you have a mortgage, do you have a car, do you have an active bankruptcy or consumer proposal within 6-12 months, and are you going through credit counseling.

  5. Details about the loan you claim to get: the amount and the reason.

If you accept all the conditions like receiving and collecting your info, tick "If you do consent click here" and "I agree…".

Also, you agree to send text messages to assist with your application and send marketing info. although you could Text (267769): HELP for help. STOP canceling.

Click the "Submit" button to apply. Wait for the agents to review your application in real-time and email about their decision in 30 minutes.

You will receive an approval notification in your email. To get a loan you should sign a contract which will be sent to your email shortly after the application is approved. Instantly after the lender has your signed contract back, systems will automatically process a direct deposit request to your account.

FAQ

How long does it take to get approved by Loan Away?

To fill out the application form you need about 6 minutes. To have your application accepted wait 20-30 minutes. You will receive an approval notification in your email.

Sign up and forward the contract to the lender. Then within 24 hours or less, depending on your bank, the money will be funded directly to your bank profile.

How trustworthy is Loan Away?

Since 2015 about 30.000 people in Canada have already used the lender's service to get their loans.

There are Privacy Policy and Terms of Use pages on the lender website that you could explore. The security software protects customers' personal information from unauthorized access, similar to what banks use to protect personal information.

Notice that the company has a "Bad" rating for its business at Trustpilot: 54 reviews give it in total only 1.5 stars from 5. There are a lot of negative reviews, however, some clients say that the customer service is amazingly supportive and that they were treated respectfully like a valued customer and highly recommend Loan Away.

Does Loan Away verify income?

Yes, you should prove the sources and amount of your earnings in your application form. Be ready to provide your employment and revenue info: employer name and phone number or bank statement, net monthly revenue, and details about your property and debts. But the company says there are no credit checks for bad credit or personal loans.

Does Loan Away hurt your credit score?

There is no information about this on the lender's website, but typically, if you don't payout the repayments the lender goes to a court and it affects your credit score and credit file.

The company claims that you could even improve and re-establish your bad credit. By making on-time installment payments, you could boost your score, the lender reports to EQUIFAX — an American multinational consumer credit reporting agency — about successful repayments.

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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