Loan Away review

Our verdict

Our verdict

Loan Away is an alternative lender that specializes in bad credit personal loans. It has a high approval rate of around 83%. Loan Away is a legitimate solution when you need fast funding and traditional lenders aren't an option. However, since it specializes in loans for bad credit, watch out for high interest rates.

Best for: People with bad credit who need an emergency personal loan

Pros

• Decision in as little as 20 minutes
• 100% online

Cons

• High rates
• Some negative reviews on Google and Trustpilot

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Loan Amount

$1,000 - $5,000

Loan Term

6 - 36 months

Interest Rate

19.90% - 45.90%

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Loan Away Personal Loan

Learn more on Loan Away's secure site

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Loan Away was included in the Finder: Personal Loans Customer Satisfaction Awards 2023.

Overall customer satisfaction score: 78.24%

What is Loan Away?

Loan Away is an online lender that provides installment loans to people with fair or bad credit. It also offers home equity loans, but installment loans are its primary product. This lender is based in Mississauga, Ontario.

Loan Away installment loan features

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Is Loan Away legitimate?

Loan Away is a registered corporation with an A rating by the Better Business Bureau (BBB). It’s been in business since 2015 and can be contacted via email or phone.

What we like about Loan Away

• Fast. Loan Away’s application takes less than 10 minutes to complete, and you can get a decision in as little as 20 minutes.
• Flexible eligibility requirements. Loan Away doesn’t have a minimum credit score threshold you’ll need to meet or a minimum monthly income. Instead, you’ll just need to prove that you are employed with a stable income that’s sufficient to cover off your loan repayments.
• Bad credit is okay. Whether you have bad credit, no credit or you’ve filed for bankruptcy or a consumer proposal in the past, Loan Away says you are still eligible to apply. The only condition is that you must have a discharged bankruptcy and not be in active bankruptcy.
• Use the loan for any purpose. Loan Away doesn’t restrict how you can use your funds. You can use the loan for debt consolidation, moving, renovations, emergency expenses and more.
• Flexible loan terms. You’ll be able to lock in a term starting at 6 months up to 36 months. Only extend the life of your loan if you need to.
• No prepayment penalties. You can pay off your Loan Away installment loan any time without penalty.

What to watch out for

• Steep interest rates. Interest rates go up to 45.9%, which is in line with other bad credit loan lenders.
• Installment loans cap out at $5,000. If you need more than $5,000, you’ll need to seek out another lender if you’re looking for an unsecured personal loan.
• No in-person customer service. Because Loan Away is an online-only lender, you won’t have a bricks-and-mortar storefront to visit for any in-person assistance.

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Summary of Loan Away reviews

Loan Away has received complaints about its bad customer service, difficult application process and high rates. People who have left positive comments say that Loan Away is fast and easy to work with.

Loan Away reviews from Finder survey

I didn't have problems. It was just a normal experience, nothing special.

Loan Away Customer from Kitchener, Ontario

They directed me to several options. I was able to obtain a loan at reasonable interest rate.

Loan Away Customer from Guelph, Ontario

They were quite professional during the entire process and listened to my needs, which I appreciated.

Loan Away Customer from Burlington, Ontario

Average customer service.

Loan Away Customer from Kitchener, Ontario

This loan was easy to obtain.

Loan Away Customer from Ottawa, Ontario

What types of loans does Loan Away offer?

Loan Away offers the following types of loans:

• Installment loan. Borrow up to $5,000 without providing any collateral.
• Home equity loan. Borrow between $10,000 and $50,000 by using your house as collateral.

Am I eligible for a Loan Away installment loan?

To be eligible for a Loan Away installment loan, you’ll need the following:

• Proof that you’re the age of majority in your province
• 2 pieces of government-issued ID
• Proof of your employment and monthly income for the past 3 months (via pay stubs or bank statements)
• A valid email address, mailing address, phone number and bank account

How do I apply?

You can apply for a Loan Away loan online. The application takes less than 10 minutes. You’ll need to provide the following details:

• Email to create an account
• Name
• Date of birth
• Address
• Phone
• Income
• Vehicle
• Reason for the loan
• How much you want to borrow

How much will a Loan Away installment loan cost?

This depends on your loan amount, loan term and interest rate. As an example, if you get a $5,000 loan from Loan Away with the longest loan term and maximum interest rate, below is how much your loan will cost:

• Loan amount: $5,000
• Loan term: 36 months
• APR: 45.90%
• Monthly payment: $258
• Total cost: $9,290 ($4,290 interest)

Bottom line

Loan Away is an online lender that considers borrowers with bad credit. People who may not qualify for a loan from a bank or credit union and also want to avoid payday loans can apply for an installment loan from Loan Away. However, it’s received some negative reviews online, so be sure to compare your alternatives before signing up with this lender.

Frequently asked questions

• Can I visit a Loan Away location in-person to apply for a loan?

  Loan Away is an online-only lender. Its personal loans and application process are 100% online, so borrowers can’t visit a physical location to set up a loan. You can call or email if you have any questions though.

• How do I know if I've been approved for a loan with Loan Away?

  Loan Away has agents looking over applications in real time, so it won’t take long to know where your loan request stands. The application is available 24 hours a day and you’ll receive a decision in as little as 20 minutes if you’re applying during business hours.

• Does Loan Away provide payday loans?

  It doesn’t provide payday loans. Loan Away only offers bad credit personal loans.

• Are there any restrictions on how I can spend my personal loan?

  While Loan Away‘s application process asks why you’re seeking out a loan, you can spend the funds on anything you want, including bill payments, debt consolidation, home repairs or auto repairs.