Loan Away: how does it work?
Looking for a quick and reliable way to borrow money in Canada? Loan Away might be the solution you need.
This article covers everything you need to know about Loan Away—from eligibility to repayment and more.
*We are not affiliated with Loan Away. Our content is for informational purposes only. We may earn advertising revenue through banners and sponsored placements on this page.*
Taxes and fees of the Loan Away
Understanding your cost of borrowing is essential before signing any agreement.
19.9% to 45.9% APR
Up to $5,000 CAD
6 – 36 meses
All credit types accepted
Regulated lending notice: Loan Away operates under Canadian provincial and federal lending laws to ensure safe and transparent financing.
Pros and cons of using Loan Away
Loan Away offers various benefits, but it’s important to weigh them against the potential limitations.
Pros
- Fast online application with near-instant decisions
- Approval possible with fair or bad credit
- Transparent terms and interest rates
- Repayment terms up to 36 months
- Funds in as little as 24 hours
Cons
- Higher interest rates than traditional bank loans
- Not available in Quebec
- Limited loan amount (maximum $5,000)
Loan Away simulator (estimates only)
Here are some example loan terms to give you a better idea of your monthly payments.
| Loan Amount | Term | APR | Estimated Monthly Payment |
|---|---|---|---|
| $1,000 | 12 months | 29.9% | $97.24 |
| $3,000 | 24 months | 34% | $179.85 |
| $5,000 | 36 months | 39.9% | $242.11 |
*This loan calculator provides only estimated values. Actual loan terms may vary depending on your credit profile, lender, and location. This is not a financial offer.*
Why Canadians choose Loan Away
Loan Away appeals to borrowers for its ease of use, fast funding, and accessible approval process.
- Easy application in under 6 minutes;
- Funds available in as little as 24 hours;
- No minimum credit score to apply;
- Amortized repayment for lower monthly costs;
- Over 30,000 clients served in Canada.
Compare Loan Away to other Canadian lenders
See how Loan Away stacks up against other providers in the personal loan space.
Compare top lenders for fast personal loans
| Lender | APR | Amount | Funding Speed |
|---|---|---|---|
| Loan Away | 19.9% – 45.9% | Up to $5,000 | 24 hours or less |
| Fairstone | 19.99% – 39.99% | $500 – $50,000 | 1–2 days |
Eligibility requirements to apply with Loan Away
Before applying, it’s important to ensure you meet the basic loan away eligibility rules.
- Be a resident of a province served: Ontario, Alberta, British Columbia, or Newfoundland;
- Active bank account: Required for direct deposit and repayment setup;
- Proof of income: Pay stubs, government assistance, or self-employment income are accepted;
- Government-issued ID: You’ll need to verify your identity during the process;
- Valid contact information: Ensure you have an active email and phone number.
Loan Away considers more than just credit score.
Even with a history of poor credit, you could qualify if your income is steady and you meet the basic requirements.
How to apply with Loan Away
The entire application process is online and can be completed quickly.
- Fill out the online application form (takes less than 6 minutes);
- Wait for approval email usually within 30 minutes;
- Review and sign your contract digitally;
- Receive funds via direct deposit, often within 24 hours.
All steps are simple and don’t require printing or faxing any documents. Loan Away’s process is built for speed and convenience.
Frequently Asked Questions
Got questions about loan away? Here are a few common ones Canadians ask.
Does Loan Away lend directly?
Yes. Unlike brokers or aggregators, Loan Away issues loans directly to approved applicants.
Can I apply with bad credit?
Absolutely. Loan Away accepts applications from people with poor, fair, or limited credit history.
How fast will I get the money?
Once your contract is signed, funds are typically deposited within 24 business hours.
Is there a minimum credit score?
Loan Away does not require a minimum credit score. Instead, they focus on your overall financial situation and ability to repay.
Can I pay off my loan early?
Yes. All loans are open, which means you can repay anytime without penalty or fees.
What types of loans are available?
Loan Away provides unsecured personal loans, including solutions for bad credit, fair credit, and debt consolidation.
Editorial Verdict
Loan Away is a solid option for Canadians looking to borrow up to $5,000 quickly especially if their credit isn’t perfect. The fast online process, high approval rates, and flexible terms make it a convenient and accessible choice for urgent financial needs. While the APR can be high, the ability to pay off early without fees helps make this lender more attractive than many payday alternatives.
**You will remain on this site**