Loan Away Review (June 2024) – Pros, Cons, Features, & Pricing

Have you been looking for a place to obtain small loans quickly and without hassle? Do you wish to get a loan but you have a bad credit score that keeps getting you rejected by other financial and lending institutions? As you might have noticed, bad credit scores have quite deleterious effects on your chances of being approved for any loan, especially from private lenders.

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Last Updated: Jun 14, 2024

Loan Away

  • 83% of loan applications are approved
  • Apply for a loan in 6 minutes or less
  • Once approved, get an access to as much as $5,000

Get up to $5,000 in personal loans with Loan Away - Claim this offer

Loan Away is a private money-lending company that was established about 6 years ago. The company provides an online-only money lending service by utilizing a special financial web technology to approve loans within short durations.

According to information from the company website, each application is given more personal attention, far more than what banks and other financial institutions offer.

This helps Loan Away provide customers with personalized services, as well as find the best ways to help you reach financial wellness.

What makes Loan Away a good option?

Loan Away has been in service since 2015 and has served more than 50,000 Canadians since its creation. The company also offers flexible small to medium-sized loans at affordable and flexible interest rates.

In addition, most applications to Loan Away are approved within one business day. Agents are always live, taking a careful look at each application to ensure that you get the most individualized service. Also, Loan Away can help you settle your loans with relative ease, for up to 36 months.

Pros and cons of Loan Away

Before deciding to go all-in with Loan Away Inc, you must consider several advantages and disadvantages. Below, we discuss the most pertinent pros and cons you should consider when deciding to choose Loan Away.


Using Loan Away comes with several interesting benefits, some of which are discussed below:

  • Higher chances of approval: According to the information on Loan Away’s website, more than 80% of online loan applications processed daily are approved in real-time. Because the company runs all its services online and mostly automatically, money lending services are available every day of the week. This allows for a great deal of flexibility in approving loan applications from multiple lenders in real-time.
  • Quick delivery time: Loan Away deposits approved loans directly into your desired bank account within 24 hours, or even less.
  • Affordable repayment scheme: Loan Away offers loans that can be repaid between 6 and 36 months, with no prepayment penalties.
  • Simple eligibility criteria: There is no specific minimum credit score for approval of loan applications. You just need to have a stable means of income, be a legal adult and meet some other requirements as described below.
  • Bad credit scores are accepted: Loan Away does not discriminate against low credit scores. Having a low credit score does not hinder the approval of your loan in any way.
  • Loan amount: With Loan Away, you can get loans of up to $5,000. Since the loans are all personal, you have arguably no restrictions, meaning you can spend the loan on anything you wish.


Below are some of the disadvantages of borrowing money from Loan Away.

  • Limited information: Because Loan Away operates an online-only lending service, you will expect to find adequate information about loans on their website. Quite the contrary though, as many customers have complained of a dearth of useful information and metrics about loans they intended to obtain.
  • High-interest rates: The company offers relatively small loans and yet, the interest rates are somewhere between 19.9% and 45.9%. These rates appear ridiculously high for such a volume of loans.
  • Small loan amount: For any loan from Loan Away, the maximum you can get is $5,000. This is mostly useful for people in need of small sums of money. Usually, these small sums are not enough for businesses, not even the small ones. So, if you want a larger chunk of money, Loan Away is the wrong last place to check.
  • A credit score is required: Before you can be considered for any loan, you must have a credit score of at least 300. While a low credit score will likely not prevent you from getting a loan from Loan Away, the company still uses your credit information to determine important variables such as interest rates.
  • Geographical restrictions: Loan Away is only available to residents of Alberta, British Columbia, Newfoundland, and Ontario.
  • No person-to-person customer service: Loan Away is an online-only money lender, hence has no physical location to handle customer complaints.

Quality of products and services

Looking at the merits and demerits of Loan Away, you might begin questioning yourself if Loan Away is worth it at all. Well, since the company runs all of its services online, its services are more than useful for people who need quick small loans.

The few reviews on Trustpilot, Yelp, and BBB have mixed results. For example, Loan Away has a 4.2 rating on Trustpilot yet, some of the reviews from other platforms show some displeasure at how Loan Away takes more time than officially indicated on the company’s website.

Types of loans offered by Loan Away Inc.

Loans obtained from Loan Away can be used for any personal purposes. Loans ranging between $1000 and $5000 are available for any qualified applicant. Below are some of the loans offered by Loan Away.

Bad Credit Loans

According to the company website, Loan Away specializes in granting loans to customers with bad credit scores. If you live in Canada, you will know that credit scores are almost as important as your account balance, because it reveals your borrowing and spending habits at a glance.

Hence, many corporate financial organizations and private money lenders turn down people with bad credit loans.

However, Loan Away has a policy of considering loan applications from people with bad credit scores, and mostly eventually granting them.

Personal Loans

As long as you are a resident or citizen of Canada, you are qualified to receive loans from Loan Away, to do whatever you feel is right. Loans of up to $5000 are tailored to meet your immediate and long-term personal needs.

Whether you want to complete the money to purchase a new car, buy your dream home or settle a debt, Loan Away has the structure to suit your needs.

The comfort of obtaining these loans lies in the affordable repayment plans, with loan terms lasting as long as 36 months.

Car Loans

Although Loan Away does not directly finance your car loans, you can still use the loans you get here to pay for any automobile expenses.

Consumer Financing

Loans obtained from Loan Away can be used to pay for household items like freezers, furniture, and other electronic appliances.

Debt Consolidation

Making loan repayments to different loan companies can significantly increase the number of paybacks you do in a month. For this reason, Loan Away offers customers the opportunity to get loans from them to pay off loans from other money lenders.

Cash Advance Loans

These are loans that are obtained against projected future income. This is useful for you if you have a financial emergency but do not have enough cash in hand to handle it.

These kinds of loans do not require collaterals or credit history as they rely mostly on a history of steady income flow. With Loan Away Inc., getting this type of loan is fast, simple, and convenient.

Unsecured Loans

Unsecured loans are loans you get without the need for a guarantor or collateral. Loan Away inc. believes everyone should be afforded a second chance, even with a bad credit history.

The company works with you to find an innovative, fail-safe, and affordable way to pay back this kind of loan.

Bankruptcy Loans

Before you decide to file for bankruptcy, you must have considered a lot of other options. Most times, people who file for bankruptcy do not intend to do so. Loan Away helps you find a professional bankruptcy adviser to help you with your decision-making.

Also, the company provides loans for individuals who have declared bankruptcy, something which is quite rare in the money lending world.

The only major criteria to be met is, you must not be in active bankruptcy. This is, your bankruptcy must have been discharged before you can successfully obtain bankruptcy loans from Loan Away Inc.

Farming Loans

Loan Away is one of the few private money lenders that provide money-lending services to the agriculture industry.

On many occasions, farmers need quick loans to manage events regarding their farms. Loan Away comes in handy here with their quick and easily accessible online lending service.

Cost of getting loans from Loan Away

Even though Loan Away offers loans between $1000 to $5000, the annual percentage rate on these loans ranges from 19.9% to 45.9%.

While this is lower than those offered by many commercial banks, this rate is relatively higher than when compared to other private lenders.

Is Loan Away insured?

While Loan Away Inc. does not directly provide insurance services for loans offered to customers, you can obtain insurance services from third-party providers.

Is it safe to borrow loans from Loan Away?

Loan Away has a robust privacy policy, which includes the requirement of your express permission before disclosing sensitive personal information to third parties.

Bank-level and industry-standard security measures are in place to ensure the continual safety of all your personal information.

The company also stores critical personal customer data within secure physical and electronic locations. There is privilege-only access to your records, as well as tight password security and encryption protocols to ensure maximal safeguarding of your transactions.

Are there promotions and discounts?

There is not much information regarding promotions and discounts for loans offered by Loan Away.

How about the customer service?

As a starting point, Loan Away has no physical customer service branch. However, the company offers a 24-hour support service via phone and email every day of the week.

There is also a live chat service and request form on the company website to aid easy and real-time communication with customer support providers.

How to get started with Loan Away

Because Loan Away runs an online-only service, all of the application processes for Loan Away loans are done online at their website. Before you apply to Loan Away, be sure to meet all the eligibility criteria below:

  • Be a resident or citizen of Canada
  • Minimum monthly income of $1,000
  • Important documents such as:
    • Government-approved identity
    • Proof of income
    • Void cheque or a Pre-authorized debit form
    • Bank statement

According to information on, the application process takes just about 8 minutes. To apply for loans, following the following steps:

  • Go to and click the Apply Now button.
  • On the next page, create a profile by entering your first and last name, email address, and password. Give appropriate consents and Click Save & Continue to go to the next step.
  • On the next page, you will be required to enter information such as your Province, Date of Birth, Employment Status, Work Phone Number, and Cell Phone Number.
  • Step 3 involves your contact address information such as your Street Number, Street Name, Street Type, Unit, Direction, City, Province, and Postal Code and how long you have been staying at your address.
  • At step 4, enter your employment information such as Employer Name, Position, and other income information.
  • Other information you need to provide includes some financial details, reference information, and how much loan you want to borrow.
  • Finally, you will need to add your bank details, bank statement, and other relevant information.

After completing the six steps of the application process, you will then have to wait for Loan Away to contact you. Subsequently, the money will be deposited directly into your bank account.

Alternatives to Loan Away

Not sure Loan Away is not the best for you, below are some other options to consider. These include LoanConnect, Spring Financial, and Consumer Capital.

Like Loan Away, LoanConnect is an online money lending service that helps clients make more informed financial decisions. The company offers different loans with interest rates starting at 1.9% for secured loans and ranging from 5.75% for unsecured loans.

Rates can be as high as 46.96% for unsecured loans. Unlike Loan Away with small loans, LoanConnect offers an amount ranging from $500 to $50,000, to be repaid over 3 to 120 months, depending on loan type.

Spring Financial is also an online lending platform, but they specialize mainly in unsecured loans and loans to build credit scores.

Like Loan Away, you can apply for bankruptcy loans as long as you are eligible. Loan amounts range from $500 to $15,000 and loan rates vary between 17.99% and 46.96%.

They also offer a relatively flexible repayment timeline of 9 to 48 months. However, a minimum monthly income of $1800 and a minimum 3-month employment period is required, along with other eligibility requirements.

Similarly, Consumer Capital offers unsecured loans for personal use. The application process takes just about 10 minutes, with a 24-hour decision time.

Loan rates vary from 19.99% to 34.99% on loan amounts ranging from $1,500 to $12,500. The repayment period can be as long as 60 months, with a minimum monthly income requirement of $1900.

Other financial platforms similar to Loan Away include SkyCap Financial, Loans Canada, FlexMoney, and Mogo.

Loan Away Review Conclusion

Having been in operation for more than 5 years, Loan Away is an established money lender for small to medium-sized loans. Being an online-only platform, the company deploys highly ingenious technology in its website to help attend to and personalize the needs of each customer.

Obtaining a loan from Loan Away does not place too much emphasis on credit history, and you can use any loan gotten to attend to virtually any personal emergencies. Other possible uses include farming, debt consolidation, and consumer financing, among others.

Loan Away also has a robust privacy and information security policy that ensures that user data is well secured. Although there are no physical customer support desks, the company has a buoyant customer service that is ready to act at any time of the day, every day of the week.

As long as you are within locations served by Loan Away, your needs for personal loans can be quickly met. As an online-only platform, the application is easy, and loans can be obtained within a short period – you can get the loan within 30 minutes.

Low credit scores do not matter in deciding which loans are approved, as more than 80% of applications get approved. And if you think the loans offered by Loan Away are too small for you, there are several other viable options to choose from.

In the end, Loan Away is great for you if you need extra cash very urgently. Also, if you have a legitimate but unconventional source of income, like being self-employed, Loan Away will be worth a try.

Whether you have been rejected for bad credit or you do not have an extensive credit history, as long as you are a Canadian, Loan Away might be a worthy adventure for you.

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