• TIME IN BUSINESS: Since 2015
  • CUSTOMERS BASE: Over 50,000
  • LOANS OFFERED: Installment loans, home equity loans, and debt consolidation loans
  • LOAN TERMS: 6 to 36 months
  • APR RATING: 19.9% - 45.9%
  • BBB RATING: A+

Loan Away Review (2021 Features, Pros & Cons)

  • TIME IN BUSINESS: Since 2015
  • CUSTOMERS BASE: Over 50,000
  • LOANS OFFERED: Installment loans, home equity loans, and debt consolidation loans
  • LOAN TERMS: 6 to 36 months
  • APR RATING: 19.9% - 45.9%
  • BBB RATING: A+

Best For

Fast approval of small and medium-sized loans

Strengths

  • Easy online application
  • Over 80% approval rate
  • Customers with bad credit can apply and get a loan

Weaknesses

  • High interest rate
  • Only available in six provinces

Going to banks for a loan can be a waste of time, especially if you have bad credit. It is a known fact that Canadian banks only provide loans to people with excellent credit scores. Private lenders that provide short-term loans and payday loans are the ones that come forward and save many people who struggle with their finances.

Loan Away is one of those lenders. The company gives people second chances when it comes to their financial security and provides them with loans regardless of their credit score. The LoanAway reviews show us that they offer easy online applications as well as fast approval. This can come in handy if you are in need of a quick loan.

What Do I Need to Know about Loan Away?

Loan Away is a Canadian lender company that offers financial services. The company is located in Mississauga, Ontario, and was founded in 2015. It’s an online-only lender, available in six provinces (Alberta, British Columbia, New Brunswick, Newfoundland, Ontario, Nova Scotia).

Loan Away offers several types of loans, including personal loans, home equity loans, debt consolidation loans, and secure loans. You can use the loans to cover various costs, for example paying for your long-overdue college loans or going on vacation. The minimum annual percentage rate (APR) is 19.9%, and the maximum is 45.9%.

In this review, we will cover:

✅ Loan Away features
✅ LoanAway Canada reviews, loan application procedure and terms
✅ Pros and Cons
✅ FAQ

Personal Loans Features

According to the LoanAway personal loans reviews, LoanAway interest rates are lower compared with other online lenders. However, keep in mind that they are still considerably higher than the ones from the banks. Here are the full details:

  • Expected Loan Amount: Minimum $1,000, maximum $5,000
  • APR: Between 19.9% and 45.9%
  • Monthly Payment: Depends on the loan
  • Loan Term: Between 6 and 36 months
  • Fees and Penalties: Origination fee, late payment penalty, and returned payment fee are not disclosed on the website
  • Unsecured or Secured loan: Both
  • Automatic withdraw of funds from your bank account for each payment
  • Prepayment Penalty: Not charged
  • Typical approval time: You can get pre-approval in less than 20 minutes
  • Typical funding time: Within 24 hours of approval

Loan Eligibility Criteria

Getting approved for a loan with Loan Away is easy, but you still have to meet their eligibility criteria.

  • Have to be over 18
  • Canadian resident living in one of these provinces: Alberta, British Columbia, New Brunswick, Newfoundland, Ontario, Nova Scotia
  • Minimum credit score can vary depending on the loan
  • Income threshold of minimum $1,000 a month
  • Minimum length of credit history: Recent bank statement as proof of your income

How To Apply for a Personal Loan with Loan Away?

If you want to apply for a personal loan at Loan Away, you can easily do it online. According to the Loanaway pre approval reviews, the application process takes less than six minutes. Here are the steps that you need to go through to pass all the Loanaway loan requirements.

Step 1:

Land on the website www.loanaway.com and click on the green “Apply Now” button in the upper right-hand corner.

Step 2:

At Stage 1, you need to create a profile and fill in some fields. The following information is required: Salutation, First Name, Last Name, Email, Create Password. After you fill out this info, you need to give consent for your info to be used.

Step 3:

At Stage 2, you need to fill in the following info: Province, Date of Birth, Employment Status, Work Phone Number, Cell Phone Number.

Step 4:

Now that you’ve reached Stage 3, you need to fill out some personal information, including your Street Number, Street Name, Street Type, Direction, City, Province, and Postal Code and answer how long you’ve been living at your current address.

Step 5:

At Stage 4, some employment information is required. For instance, you need to fill out the fields about current employment, such as Employer Name, Your Title/Position, How Long Have You Been Employed, What Is Your Supervisor’s Name, What Is Your Supervisor’s Number, What Is Your Gross Amount Per Paycheck, What Is Your Net Amount Per Paycheck, How often do you get paid, Last Paycheck, Next Paycheck, Payment Type, Do You Have Any Other Source of Income?

Step 6:

At Stage 5, you need to provide financial information, such as whether you rent or own your home. Additional questions include: Do you have a car?; Are you currently going through credit counseling?; Did you file a consumer proposal in the past 6 to 12 months to avoid bankruptcy?

In the next section of this stage, you need to fill out reference information: Name of Reference 1; Phone Number of Reference 1; Relationship to You; Name of Reference 2; Phone Number of Reference 2; Relationship to You.

In the last section of this fifth stage, you need to specify how much you want to borrow and the reason for the loan.

Step 7:

At Stage 6, you need to add Payment Account (Institution Number and Branch Transit) as well as Bank Details (Account Number, Account Holder Name, Account Type, Government-issued photo ID, Void cheque or pre-authorized debit form, Most current pay stub, Last 30 days bank statement.

Stage 6 is the last in the application process.

Step 8:

Now that you have completed all of your application process stages, you need to wait to be contacted by Loan Away.

Pros & Cons

Pros

  • Fast and easy approval of small and medium-sized loans
  • Paying off a multitude of expenses with the funds you get from Loanaway
  • Accepts applications from candidates with bad credit and low financial health

Cons

  • No detailed loan cost information on the website
  • High interest rates
  • Privacy & Security Policy

LoanAway Canada reviews point out the company protects your privacy and will not collect your personal and non-personal information without your consent. Also, Loan Away has security procedures to protect itself from any potential risks and data breaches.

All the data that the company stores is within electronic and physical files that are safe and secure. This way, your financial information is safely handled by some of the following security measures – restricted access to records and data processing equipment, secure on- and off-site storage, password protocols, and encryption and security software.

Your personal information will be stored as long as it is necessary for you to get the loan. Afterwards, Loan Away will delete it.

If you are concerned about your rights or something that might affect your security or privacy, you should contact Loan Away online.

Loanaway Reviews 2021 & Customer Feedback

We were wondering what were people have to say about Loan Away, so we explored the most common LoanAway reviews:

  • On TrustPilot, Loan Away has been rated as “excellent” by 22% of the users. About 12% of users say Loanaway’s services were great. 66% have left a review saying they were dissatisfied with the company’s services, rating it as bad.
  • On Yelp, according to LoanAway customer reviews, the service has a 2-star rating out of 7 reviews.
  • On Indeed, LoanAway credit reviews gave the company 2.7 stars.
  • Almost all reviews on Revdex are positive. Out of 11, the LoanAway ratings are 5 stars.
  • LoanAway reviews BBB show us the company has 1 star out of 5 from 7 customer reviews.

Loan Away Alternatives

Even though Loan Away has an over 80% approval rate, there’s still a chance that you somehow don’t get approved. In case that happens, you still have other options. One of them is Mogo. Mogo is a non-bank online lender that provides loans of up to $35,000. After you open a Mogo account, you will get free credit reports every month, as well as free identity fraud protection.

Another good option is Fairstone, which is known for its quick approval process and low interest rates.

Wrap Up

Overall, Loan Away is an excellent online lender and the right one for you if you need to borrow money quickly. It’s one of the few lenders that will approve loans to people with bad credit, which can be a lifesaver for many Canadians, as confirmed by the many LoanAway reviews.

FAQ

Is Loanaway legit?

Yes, Loan Away is a legitimate online lender with headquarters in Mississauga, Ontario. Even though the lender is legit and safe, we should mention that it is not a member of the Canadian Lenders Association.

Does LoanAway do credit checks?

On the website, the company states it doesn’t do credit checks. However, there are some LoanAway bad credit reviews on TrustPilot that say otherwise.

What kind of loans does Loan Away offer?

Loan Away offers a variety of different loans, including installment loans, secured personal loans, debt consolidation loans, and home-equity loans.

How much can I borrow from Loan Away?

Customers can borrow up to $5,000. According to the LoanAway reviews, the application process is very quick.

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