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Loan Away says it approves between 85% and 90% of all loan applications and even welcomes Canadians who have declared bankruptcy in the past.

Finder Rating: 3.6 / 5

★★★★★

19.90% - 45.90%

Interest Rate

$5,000

Max. Loan Amount

300

Min. Credit Score

Details

Product NameLoan Away Personal Loan
Interest Rate19.90% - 45.90%
Min. Loan Amount$1,000
Max. Loan Amount$5,000
Loan Term6 - 36 months
Turnaround TimeReceive funds within as little as 24 hours.
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Loan Away emphasizes its easy-to-use application process, which includes a quick approvals process and electronic contract signing. Canadians can apply for a personal loan of $1,000 up to $5,000 to use as needed for debt consolidation, moving, renovations, emergency expenses and more. Terms run for up to 36 months but Loan Away says borrowers can repay their loan earlier without any penalties.

30-second take

  • Choose Loan Away if you’re looking for a personal loan of up to $5,000 and live in the provinces of Ontario, British Columbia, Newfoundland and Alberta.
  • Pick something else if you need a loan that’s larger than $5,000 or you prefer to work with a lender with a bricks and mortar location. Loan Away is an online-only lender.
  • Keep in mind that you will go through a hard credit check when you complete its application.

What makes Loan Away Personal Loans unique?

As an online-only lender, Loan Away emphasizes its seamless loans process, including its 6-minute application process, 30-minute decision process, electronic contract signing and direct deposit of funds into your bank account within one business day.

Loan Away also emphasizes its minimal approvals process. There are no requirements for minimum credit score or minimum monthly income. If you have bad credit, no credit history, low income or you’ve filed for bankruptcy or a consumer proposal in the past, you are still eligible for a personal loan. Instead, borrowers need proof of employment and that they are able to manage monthly loan payments.

What are the benefits of a Loan Away Personal Loan?

If you’re thinking about taking out a Loan Away Personal Loan, the key benefits include the following:

  • An online-only application process with a quick turnaround on loan decisions. Loan Away is an online-only lender, so the application process is done completely online within 10 minutes, while loan decisions are made within half an hour. You can even sign your loan contract electronically and have the funds sent directly to your account within one business day.
  • Lenient 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 loans available. 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.
  • Loan amount of up to $5,000. The amount you can borrow from Loan Away starts at $1,000 and goes up to $5,000. There are no restrictions on how you can use the funds, so you can spend the money on anything you want.
  • Lengthy 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.
  • Option to pay off loans early. You can pay off your loan early without facing any prepayment penalties.

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 start at 19.9% and go up to 45.9% for Loan Away Personal Loans. If your credit isn’t in great shape, you could end up paying interest rates that are as high as payday loans.
  • Personal loans cap out at $5,000. If you need more than $5,000, you may have to seek out another lender.
  • 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.
  • Only available in certain provinces. Loan Away only services Ontario, British Columbia, Newfoundland and Alberta at the moment.
  • Your credit score is pulled. While your credit score won’t bar you from getting a Loan Away loan, it will check your credit score before deciding on the rate it will offer you. Loan Away provides loans to people with all levels of credit, but you’ll need a fair or good credit score to receive the lowest rates.
  • No online quotes or online comparisons. Loan Away is a direct lender, not a broker. After you submit your application, Loan Away will contact you by telephone to go over your loan request. Brokers such as Loans Canada and LoanConnect let you compare multiple lenders at one time on an easy-to-navigate platform so you can do your homework on various lenders.

Compare personal loans

Name Product Interest Rate Loan Amount Loan Term Requirements Link
Spring Financial Personal Loan
Finder Rating: 4 / 5: ★★★★★
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.
LoanConnect Personal Loan
LoanConnect Personal Loan
Secured from 1.90%, Unsecured from 5.75%-46.96%
$500 - $50,000
3 - 120 months
Requirements: currents debts total less than 60% of income, 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.
Mogo Personal Loan
Finder Rating: 4.5 / 5: ★★★★★
OFFER
Mogo Personal Loan
9.90% - 46.96%
$200 - $35,000
6 - 60 months
Requirements: min. income $13,000/year, min. credit score 500
100-day money-back guarantee. If you're not happy with your loan, pay back the principal and get your 100 days of paid interest and fees back.
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More Info
Get a free quote without affecting your credit score and get a loan on the same day. Track your credit score for free.
goPeer Personal Loan
Finder Rating: 3.6 / 5: ★★★★★
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 a loan with Canadians looking to invest. Apply in minutes and get a response within 24 hours.
SkyCap Financial Personal Loan
Finder Rating: 4.1 / 5: ★★★★★
SkyCap Financial Personal Loan
12.99% - 39.99%
$500 - $10,000
9 - 36 months
Requirements: min. income $1,200/month, stable employment, min. credit score 550
Go to site
More Info
Apply in less than 5 minutes and if approved, receive financing in as little as 24 hours.
Fairstone Unsecured Personal Loan
Finder Rating: 3.9 / 5: ★★★★★
Fairstone Unsecured Personal Loan
26.99% - 39.99%
$500 - $25,000
6 - 60 months
Requirements: able to make monthly repayments, min. credit score 560
Go to site
More Info
Get a free quote without impacting your credit score. Receive funds within as little as 24 hours. No prepayment fees.
ConsumerCapital Personal Loan
Finder Rating: 3.2 / 5: ★★★★★
ConsumerCapital Personal Loan
19.99% - 34.99%
$1,500 - $12,500
24 - 60 months
Requirements: min. income $1,900/month, 6+ months employed, no payday loan debt, min. credit score 600
Go to site
More Info
Complete an application in less than 10 minutes and get a decision within 24 hours.
Loans Canada Personal Loan
Loans Canada Personal Loan
Secured from 2.00%, Unsecured from 8.00% to 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.
FlexMoney Personal Loan
Finder Rating: 4 / 5: ★★★★★
FlexMoney Personal Loan
18.90% - 46.93%
$500 - $15,000
6 - 60 months
Requirements: min. income $2,000/month, 3+ months employed, min. credit score 500
Go to site
More Info
Apply in less than 10 minutes and if approved, receive financing in as little as 24 hours. Pay off your loan any time without penalty.
Loan Away Personal Loan
Finder Rating: 3.6 / 5: ★★★★★
Loan Away Personal Loan
19.90% - 45.90%
$1,000 - $5,000
6 - 36 months
Requirements: min. credit score 300
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More Info
A lender that approves loans in as little as 20 minutes. Get affordable monthly repayments with any credit score.
Fairstone Secured Personal Loan
Finder Rating: 3.7 / 5: ★★★★★
SECURED
Fairstone Secured Personal Loan
19.99% - 23.99%
$5,000 - $50,000
60 - 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.
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Compare up to 4 providers

Am I eligible?

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

  • Proof that you’re the age of majority in your province
  • Two pieces of government-issued ID
  • Proof of your employment and monthly income for the past three 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 Personal Loan on your desktop or mobile phone. The whole application process shouldn’t take more than 10 minutes to complete:

  1. Click the green ‘Go to site’ button to be securely redirected to the application page.
  2. The first page will ask you to create a profile by registering with your first name, last name, email and a password.
  3. After logging into your newly created account, Loan Away will ask for the province you live in, your date of birth, employment status (full-time, part-time, contract, self-employed, disability, employment insurance, CPP, social assistance or unemployed) and your mobile phone number.

Is Loan Away legit?

It is. Loan Away was founded in 2015, with its headquarters in Mississauga, Ont. It has a 24-hour support line for clients (1-866-689-0091) and an email support line (support@loanaway.com) as well as an active social media presence on Facebook, Twitter, Instagram and YouTube. It also has a blog with personal finance advice on unsecured loans, installment loans, private loans and other loan products Canadian consumers may be curious about.

Loan Away says it approves about 90% of the loan applications it receives and usually within 30 minutes of receiving an application. Even 87% of bad credit loans are approved.

I got the Loan Away Personal Loan. Now what?

A decision on your loan application should come together quickly – to the tune of about 30 minutes, according to Loan Away. If Loan Away approves your loan request, it will send over your contract, which you can sign electronically. Once the paperwork is dealt with, Loan Away transfers your funds directly into your bank account within one business day. The cash is all yours, so use it carefully.

In your loan contract, the details of your terms, interest rate and repayment plan will be ironed out. You can schedule loan repayments on a weekly, fortnightly or monthly plan. Loan Away will set up an automatic withdrawal from your account so you don’t have to worry about keeping up with due dates. Just make sure you’re fitting the loan repayment into your budget and have the funds available for withdrawal.

Loan Away‘s terms range from 6 months to 36 months, but you can pay off your loan early without any penalties. This is worth keeping in mind if you are trying to get out of the red faster!

Bottom line

If you’re in a province where Loan Away provides services and you need a personal loan, you can apply for a loan online via a quick, easy-to-follow application. This is a great option if you don’t want to visit a bank branch to apply for a loan and if you need a small loan of up to $5,000. The approvals process is speedy too – you’ll receive a decision on your application within 30 minutes and if Loan Away has all the details it needs, you could receive your funds within one business day.

Loan Away is also a worthy candidate if you’re looking for a lender that allows for non-traditional sources of income, including government assistance and self-employment. Don’t hesitate to apply if you don’t have perfect credit either.

Before you decide on Loan Away, do your homework and compare lenders and the interest rates on offer as well as the terms and conditions and the fees so that you end up with the best loan to suit your needs.

You can also consider the wider range of personal loan options available to you.

Frequently asked questions

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