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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 pay off

Finanso.Multilogin™

Repayment of loan

Paying off your personal loans with Loan Away is simple and convenient. You have a flexible installment plan and loan amortization for up to 36 months.

Installment payments will be collected from your bank account directly. A Direct Debit is an instruction from you to your bank which authorizes the lender to collect the amounts of money from your account. You have already agreed with the application form's amounts and terms of collection.

During the application process, you choose the amount and the terms of a guarantor loan, but the interest rate is rather high — 19.9% — 45.9% APR. It's higher than banks can offer. And there is no info about the company's extra fees.

The repayment period depends on what you have chosen in the application form, typically it varies from 6—36 months. Calculate all the money that has to be paid off and try to settle your loan earlier.

You could pay early without any fees: just make the lender know that you want to change the repayment dates.

Call on +1(866)689-0091 or email at support@loanaway.com to correct your repayment schedule.

Conditions of loan extension

There is no information about extra fees for missed or late payments, or non-sufficient funds fee on the lender's website. But some reviews are talking about an NSF fee, which is typical for private lenders who offer payday loans and personal loans.

If you know it will be insufficient funds to make a regular installment payment call to arrange for an alternative date to collect the payment. You can call on +1(866)689-0091 or email at support@loanaway.com

Early payoff

Paying off your debt early by parts or settling the entire loan as well as a good idea and an efficient way to minimize your costs.

Call on +1(866)689-0091 or email at support@loanaway.com to correct your payment schedule.

Loan Away claims that never charges clients for making extra payments or early settling of the personal loans. Borrowers could make repayments earlier than it was scheduled if they notice the lender in advance.

They provide loans with a high rate of interest but make conditions helping to take off the financial burden and make your credit score stronger. You should pay regularly or earlier and settle your loan on time and stay debt-free

FAQ

How do I make a payment on Loan Away?

The money is deducted automatically every month from your bank account. You don't have to worry about missing regular important payments.

What happens if you don't pay back Loan Away?

If you missed your repayment due to a non-sufficient fund, be ready to pay an NSF fee. There is no specific info about the number of the lender's fees and details of repayments.

The payment period and amount are determined: repayments are deducted directly from your account regularly.

Call on +1(866)689-0091 or email at support@loanaway.com to correct your payment schedule.

You should pay in full every month, missing repayments may hurt your credit rating.

Can you pay Loan Away early?

Yes, you can. The lender offers to repay as often as you want without declaring any fees.

Call on +1(866)689-0091 or email at support@loanaway.com to change the repayment date or settle up an entire loan.

Can Loan Away sue you?

Yes, it can. There isn't any specific info on the website, but commonly if you don't settle loans on time, the lender will go to court to arrange a collection of the debt. The company claims that never put your property at risk because all the loans are unsecured.

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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