Based solely online, Loan Away offers installment-style loans of up to $5,000 for qualified borrowers in Alberta, British Columbia, and Ontario, which can be used for any purpose. With an 80% – 90% approval rate for their applications, even borrowers with bad credit or who have recently been discharged from bankruptcy can be eligible if they provide the appropriate information. While typical payment terms range from 6 – 36 months, borrowers are able to pay off their loans at any time.
As stated on their website, one of the main advantages of applying with Loan Away is that they have very minimal approval requirements for their loan products. In fact, the only documents that you may need to fax, photocopy, or otherwise send them are:
You must also be a permanent Canadian resident living in one of the following provinces:
Essentially, anyone who can afford their loan payments, interest, and fees is eligible for approval with Loan Away. Borrowers who have bad credit, low incomes, or have recently been discharged from bankruptcy or completed a consumer proposal are still eligible for approval.
Like most alternative lenders in Canada, the majority of Loan Away’s applicants submit their information via their online portal, which only takes a few minutes. If you’re thinking of applying, be sure to use their loan calculator beforehand so you can factor the estimated final costs into your monthly budget.
Quite possibly the best thing about being a Loan Away client is that you can access small, fast installment loans with very limited restrictions. Typically, the money is deposited as a lump sum directly into your bank account soon after your application has been approved.
As mentioned, you can then use the money you receive for a variety of costs, such as travel, debt consolidation, and other personal expenses.
Here are a few other positive features attached to a Loan Away installment loan:
| Loan Amount | $1000 to $5,000 |
| Term | 6 to 36 months |
| APR | 19.9% and 45.9% |
| Funding Time | Get funded in as little as 24 hours |
| Funding Method | Direct deposit |
Perhaps the biggest drawback to an installment loan through Loan Away is that their interest rates are pretty high, which is typical of most bad credit products. While subprime lenders charge these rates in exchange for easy access to quick cash, it’s essential to be aware of what you could be paying for your loan over time.
Additionally, the Loan Away website doesn’t specify what they charge in terms of the extra fees that may be involved, such as loan origination, payment processing, and other administrative purposes. All these costs can greatly affect the overall price of your loan and may be unaffordable if you’re already experiencing issues with debt or you don’t manage to maintain a solid source of income.
Here’s how much a Loan away loan would cost if you borrowed $1,000 over 12 months.
| 19.9% APR | 45.9%APR | |
| Monthly Payment | $92.59 | $105.47 |
| Total Interest Paid | $111.04 | $265.68 |
| Total Loan Cost | $1,111.04 | $1,265.68 |
It’s important to always weigh the positive and negative aspects of applying for a loan from any lender, including Loan Away. This way, you can avoid any potential financial issues cause by taking on a loan you cannot afford or by working with a lender that isn’t the right fit for your needs.
Loan Range | Rate & Terms | Product Details | Eligibility | Requirements & Documents | |
|---|---|---|---|---|---|
Personal Loan | Up to $5,000 |
|
| At least 18 years of age Canadian resident | 2 pieces of government-issued identification Proof of income |
Good company, if you make all payment perfectly.
Miss a payment and they will threaten you with they will contact your friends on Facebook to ask how they can find you this is ridiculous
I have never in my life dealt with such an awful company! Twice arrangements were made held up on my end and then switched by them saying that deal sh... read more
Scam…misleading marketing, no accountability from the company, shady practices. I applied for a loan with this company and after reading up on t... read more
Great company! I got 4000 CAD. Thanks for approving me with a bad credit history.
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Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
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