Loan Away

Smarter Loans Expert Review for Loan Away

Reviewed by: Vlad Sherbatov, Personal Finance Analyst at Smarter Loans

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.

Loan Away offers installment loans ranging from $1,000 to $5,000 with repayment terms between 12 and 36 months. Interest rates fall within the non-prime range, reflecting its target audience: Canadians who may not qualify for traditional bank loans but want predictable payments and a clear end date.

This is a straightforward product designed to solve mid-sized, short-term financial needs rather than ongoing credit access.

Who Loan Away Works Best For

Loan Away works best for Canadians with steady income who need a modest amount of cash and prefer an entirely online process. If you want fixed installment payments, privacy, and a clear repayment timeline, Loan Away’s structure can be appealing.

It is particularly relevant for borrowers who have fair or challenged credit and have been declined by banks, but who still meet basic income requirements. With a minimum income threshold of $1,000 per month, eligibility is relatively accessible.

Loan Away may be less suitable for borrowers seeking larger loan amounts, very short-term borrowing, or the lowest possible rates available to prime credit applicants.

What We Like

Simplicity is a key strength. The application can be completed from home, documentation requirements are clear, and funding typically occurs within 48 hours of approval. For borrowers who value speed without sacrificing structure, this balance works well.

We also like the fixed-term installment format. Knowing your payment amount and loan end date helps with budgeting and reduces the risk of revolving debt.

Flexible repayment schedules are another plus. Weekly, bi-weekly, or monthly pre-authorized payments allow borrowers to align repayments with their income cycle.

Where Loan Away Could Improve

Cost is the primary consideration. Interest rates can reach the mid-thirties, which is higher than traditional bank loans. Borrowers should carefully review the total cost of borrowing and ensure the monthly payment fits comfortably within their budget.

Loan size is another limitation. With a maximum of $5,000, Loan Away is not designed for larger expenses or consolidation needs.

Finally, while the process is efficient, approval and pricing are still dependent on income stability and banking history, and not all applicants will qualify.

Is Loan Away Right For You?

Loan Away can be a good fit if you want a modest installment loan, value privacy, and prefer an online-only experience. It works best as a short- to medium-term solution with a clear repayment plan.

If you qualify for lower-cost bank credit or need larger loan amounts, other options may be more appropriate. But for Canadians seeking quick access to structured financing without leaving home, Loan Away offers a practical and accessible alternative.

Alternatives to Loan Away

• Money Mart
• easyfinancial
• Spring Financial
• Mogo
• MDG Financial – Expert Review, Ratings & Alternatives

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