Loan Away review
- APR Range
- 19.90% - 45.90%
- Loan Amount
- $1,000 - $5,000
- Loan Term
- 6 - 36 months
- Min. Credit Score
- 300
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
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
| Feature | Details |
|---|---|
| Loan amount | $1,000 – $5,000 |
| Loan term | 6 - 36 months |
| Interest rate | 19.90% - 45.90% |
| Serviced provinces | Ontario, British Columbia, Newfoundland and Alberta |
| Basic eligibility criteria | Canadian 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
- Accepts bad credit borrowers
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- Funds in as little as 24 hours
- Accepts bad credit borrowers
- Easy online application
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- Access cash within 1-3 business days
- Accepts bad credit borrowers
- Same day funding
- 100% online
- No prepayment fees
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.
| Review | Details |
|---|---|
| BBB accredited | No |
| BBB rating | A |
| BBB customer reviews | 1 out of 5 stars, based on 9 Loan Away reviews |
| Trustpilot score | 1.7 out of 5 stars, based on 68 Loan Away reviews |
| Google rating | 1.9 out of 5 stars, based on 249 Loan Away reviews |
| Customer reviews verified as of | April 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
