Loan Away
Loan Away is a Canadian owned and operated online-only lender that uses unique proprietary technology to approve loan applications. They focus on providing installment loans with a streamlined digital application experience, passing savings onto customers by operating without expensive retail branches.
Expert Review
Best For
Loan Away works best for Canadians with steady income who need a modest amount of cash and prefer an entirely online process, especially those with fair or challenged credit.
Our Take
Loan Away is a Canadian-owned, online-only installment loan provider built around efficiency and privacy. By operating without physical branches, Loan Away keeps overhead lower and focuses on a streamlined digital application experience. The lender uses proprietary technology to evaluate applications, aiming to deliver quick decisions without the friction of in-person visits.
What We Like
- Simple and efficient online application process
- Fixed-term installment format for predictable payments
- Flexible repayment schedules (weekly, bi-weekly, monthly)
- Fast funding, typically within 48 hours of approval
- Privacy and comfort of applying from home
Where to Improve
- Interest rates can be high, reaching the mid-thirties
- Maximum loan amount is limited to $5,000
- Approval and pricing are still dependent on income stability and banking history
Verdict
Loan Away is a practical and accessible alternative for Canadians seeking quick access to structured financing without leaving home. It's a good fit for modest installment loans and those who value privacy and an online-only experience, though borrowers should be mindful of the interest rates.
Brand Signals & Trust
Years in Business
11+
Geographic Reach
6 provinces
Product Diversity
1 product
Customers Served
Over 50,000
Trust Badges
Quality Lender, Enduring Excellence
Products Offered
Instalment Loan
Amount Range
$1,000 - $5,000
Interest Rate
19.9% - 34.5%
Term
12 - 36 months
Funding Speed
Under 48 hours
Eligibility
- Canadian resident over 18
- Minimum income of $1,000 per month
- Government ID
- Proof of Income
- Void Cheque / PAD Form
- Bank Statement
Google Reviews
266 Google reviews
Monday: 9:00 AM – 8:00 PM
Tuesday: 9:00 AM – 8:00 PM
Wednesday: 9:00 AM – 8:00 PM
+4 more days
Photos
Absolutely horrible company. I apply for a loan they do a hard check on credit report and drop my score 39 points. That's insane considering my own bank dropped my score only 8 point. Oh ya forgot to mention they denied me saying my credit score was not good enough for them. Well if you didnt drop my score a massive 39 points it was good for ya. Every loan place ive used ever didnt do this at all 10 point max this place is horrible DONT USE THEM
Incompetent People work here - I've had to send multiple documents the many times (same documents) and they wouldn't give a reason as to why. When I finally addressed it - no answer. They sent the contract and the payments/interest was CRIMINAL. it was like taking out 2 loans. I didn't sign.
Loan away gives you money quickly and provide you easy monthly payments. Now they have access to your account they will come back and take more when they please. When you ask them will tell you a irresponsible answer. Oh I thought your account was closed after full payment I don’t why they are still taking money bi-weekly. This person is mainly in charge of collections Camilla the one who will trap you into getting the loan is Simarn. After I paid in full I had to pay extra $100.00 this is what I call highway robbery. And I am still waiting for them to close my account for good and still I am on hold. All watch out for this company they will take money without your consent. You have been warned!!!!!
Waste of time. They make you send all these documents and then deny you anyway. Bunch if scammed after sending them info my account was compromised! Do not use them
Should've read the reviews first huh? Now I got too through a lot of effort to protect myself from Loan Away misuse of my documents! Approved for a loan, just needed to submit some documents. Okay shouldn't be a problem, got a long term job $70K a year, living in the same place for a year, been banking with the same institution for 10 years and no derogatory comments, all accounts payed on time with the credit bureau, don't even have bad credit rating just shy of 680 because I never really used credit. And not even a phone call from them, but I did find e-mails in the junk folder that said "approved", submit documents "here" which I never saw or was told about. So I guess the "you don't meet minimum requirements" was the result of sending documents to the wrong email. Absolutely the crappiest experience ever!
How Loan Away Compares
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