In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews
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Loan Away Personal Loan
3.7
★★★★★
APR Range
19.90% - 45.90%
Loan Amount
$1,000 - $5,000
Loan Term
6 - 36 months
Min. Credit Score
300
All information about Loan Away Personal Loan has been collected independently by Finder. Finder is not connected with Loan Away products, and this page is not sponsored, endorsed or administered by, or associated with, Loan Away. All product names, logos, and brands have been used for identification purposes only and are property of their respective owners.

Our verdict

You can apply with Loan Away if you have bad credit, but watch out for high interest rates.

Loan Away is an alternative lender that specializes in bad credit personal loans. It has a high approval rate of between 83% to 90%. 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

In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews

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

FeatureDetails
Loan amount$1,000 – $5,000
Loan term6 - 36 months
Interest rate19.90% - 45.90%
Serviced provincesOntario, British Columbia, Newfoundland and Alberta
Basic eligibility criteriaCanadian resident, age of majority in your province of residence

Is Loan Away legitimate?

While Loan Away is not accredited with the Better Business Bureau (BBB), it does have an A+ rating with the institution. It is a listed int the Ontario Business Registry, and has been in business since 2014. The company clearly lists its contact details on its website (email and phone number).

Most Recommended

Loan Away obtained an overall customer satisfaction score of 78.24% in the Finder: Personal Loans Customer Satisfaction Awards 2023 and secured a spot in the Top 15 Most Recommended personal loan providers in Canada in 2023.

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 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.

Alternatives to Loan Away loans

Competitive Rates

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Low interest rates
  • Options for all credit scores
  • Fast application
  • Quotes from multiple lenders
  • Pre-approval in five minutes
  • Low interest rates
  • Funds in as little as 24 hours

Flexible Terms

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  • Accepts bad credit borrowers
  • Easy online application
  • Quotes from multiple lenders
  • Access cash within 1-3 business days
  • High loan amounts of up to $50,000

Fast Financing

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No prepayment fees
  • Accepts bad credit borrowers
  • Same day funding
  • 100% online
  • No hidden fees
  • No prepayment fees
  • Established lender

Summary of Loan Away reviews

Loan Away reviews have often focused on complaints about the company’s bad customer service, difficult application process and high rates. People who left positive reviews have mentioned that Loan Away is fast and easy to work with.

ReviewDetails
BBB accreditedNo
BBB ratingA
BBB customer reviews1 out of 5 stars, based on 9 Loan Away reviews
Trustpilot score1.7 out of 5 stars, based on 68 Loan Away reviews
Google rating1.9 out of 5 stars, based on 249 Loan Away reviews
Customer reviews verified as ofApril 17, 2024

Loan Away reviews from our Finder survey

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 loan?

To be eligible for a Loan Away 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
  • No active bankruptcies or consumer proposals
  • A valid email address, mailing address, phone number and bank account

How do I apply for a Loan Away loan?

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 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 (36 months) and maximum interest rate (45.90%), below is how much your loan will cost:

  • Monthly payment: $258
  • Total cost: $9,290
  • Amount paid to interest alone: $4,290

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

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