Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

Loan Away review

You can apply to this lender if you have bad credit.

Loan Away is an online lender that offers installment loans to people with fair or bad credit scores. Residents of Ontario, British Columbia, Newfoundland and Alberta can apply. Before you sign up for this loan, compare your alternatives, because Loan Away has received negative reviews about its customer service.

Finder Rating: 3.6 / 5

★★★★★

19.90% - 45.90%

Interest Rate

$5,000

Max. Loan Amount

300

Min. Credit Score

Loan Away at a glance

  • Accepts bad credit
  • High approval rate
  • Decision in as little as 20 minutes
  • High rates for bad credit
  • Some negative reviews online
  • “Guarantees” approval

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

FeatureDetails
Loan amount$1,000 – $5,000
Loan term6 - 36 months
Interest rate19.90% - 45.90%
FeesNSF fee, late fee, potential prepayment penalty
Serviced provincesOntario, British Columbia, Newfoundland and Alberta
Basic eligibility criteria- Be the age of majority in your province of residence
- Be a Canadian resident
WebsiteGo to site

Is Loan Away legitimate?

Loan Away is a registered corporation with an “A” rating by the Better Business Bureau (BBB), so it is a legitimate business. However, it has received negative reviews on Google, Trustpilot and BBB. We also don’t like that Loan Away advertises guaranteed approval for its loans (though they also say that only 83% of applications are approved). Lenders should not guarantee you’ll get approved for a loan.

Summary of Loan Away reviews

Loan Away has received complaints about its bad customer service, difficult application process and high rates.

FeatureDetails
BBB accreditedNo
BBB ratingA
BBB customer reviews1 out of 5 stars, based on 9 Loan Away reviews
Trustpilot score1.5 out of 5 stars, based on 55 Loan Away reviews
Google rating2.6 out of 5 stars, based on 223 Loan Away reviews
Customer reviews verified as ofJune 9, 2022

Alternatives to Loan Away loans

★★★★★

Finder Rating: 3.5 / 5

Go to site

APR

29.90% - 46.90%

Loan term

12 - 60 months

Loan amount

$1,000 – $15,000

Min. credit score

570

Eligibility Requirements

Min. credit score 570, min. income $1,200/month, 3+ months employed

★★★★★

Finder Rating: 4.1 / 5

Go to site

APR

12.99% - 39.99%

Loan term

9 - 60 months

Loan amount

$500 – $10,000

Min. credit score

550

Eligibility Requirements

Min. income of $1,600 /month, stable employment

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 up to $50,000 by using your house as collateral.

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 30 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.

What to watch out for

With any loan you take, you should always pay attention to the red flags. Here’s what to keep in mind for Loan Away:

  • Steep interest rates. Interest rates go up to 45.9%. Loan Away has a starting rate of 19.9%, but this may be reserved for home equity loans.
  • 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 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.
  • Potential prepayment penalty. Loan Away is not clear about whether it’ll charge you fees for paying off a loan early or making extra payments. Prepayment penalties are not common for installment loans.

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 we take Loan Away’s highest loan amount, 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 do 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.

Compare personal loans

1 - 8 of 8
Name Product Interest Rate Loan Amount Loan Term Requirements Link
Loans Canada Personal Loan
Secured from 4.70%, Unsecured 8.00% - 46.96%
$300 - $50,000
3 - 60 months
Requirements: min. credit score 300
Go to site
More Info
A broker with the largest lender network in Canada. Fill out one application and get matched for free with lenders.
goPeer Personal Loan
8.00% - 33.92%
$1,000 - $25,000
36 - 60 months
Requirements: recommended income $40,000/year, no payday loan debt, min. credit score 600
Go to site
More Info
Connects creditworthy Canadians looking for an unsecured loan with Canadians looking to invest. Apply in minutes and get a response within 24 hours.
Spring Financial Personal Loan
17.99% - 46.96%
$500 - $15,000
9 - 48 months
Requirements: min. income $1,800/month, 3+ months employed, min. credit score 500
Go to site
More Info
If you're not eligible for an unsecured loan, you may be offered a credit builder loan to help improve your credit score.
SkyCap Financial Personal Loan
12.99% - 39.99%
$500 - $10,000
9 - 60 months
Requirements: min. income $1,600/month, stable employment, min. credit score 550, no bankruptcy
Go to site
More Info
Apply in less than 5 minutes for an unsecured loan and if approved, receive financing in as little as 24 hours.
Loanz Personal Loan
29.90% - 46.90%
$1,000 - $15,000
12 - 60 months
Requirements: min. credit score 570, min. income $1,200/month, 3+ months employed
Go to site
More Info
Apply online and get approved in less than 3 minutes. Receive funds in as little as 15 minutes. Borrowers with bad credit or no credit can apply.
LoanConnect Personal Loan
Secured from 4.99%, Unsecured 5.99% - 46.96%
$100 - $50,000
3 - 120 months
Requirements: min. credit score 300
Go to site
More Info
Fill out one application with this broker and get pre-approved by different lenders in 5 minutes.
OFFER
Mogo Personal Loan
9.90% - 46.96%
$200 - $35,000
6 - 60 months
Requirements: min. income $13,000/year, min. credit score 500
Go to site
More Info
Get a free quote without affecting your credit score and get an unsecured loan the same day. 100-day money-back guarantee: If you're not happy with your loan, pay back the principal and get the 100 days of paid interest and fees back.
SECURED
Fairstone Secured Personal Loan
19.99% - 23.99%
$5,000 - $50,000
36 - 120 months
Requirements: must be a homeowner, min. credit score 560
Go to site
More Info
Use your home equity to get a secured loan with flexible repayment options. Get a free quote without impacting your credit score.
loading

Compare up to 4 providers

Frequently asked questions

Go to site