Company Information
Address:
50609 Spectrum Way, Unit 310
Mississauga, ON
L4W 5N5
Phone:
1-866-689-0091
Email:
Types of loans offered at Loan Away
Loan Away offers two types of loans. One is unsecured and the other is a Home Equity Loan. Unsecured loans have lower limits and a shorter term than Home Equity Loans. Borrowers can apply for either loan depending on their needs. They offer loans for bad credit, no credit, fair credit, personal loans, installment loans, micro loans, debt consolidation loans, easy loans, and quick loans.
Unsecured loans
Borrowers who need a small amount of money apply for unsecured loans. The maximum limit for an unsecured loan at Loan Away is $5,000. Borrowers apply online and can be approved very quickly. As a borrower, you can have an approval and the money deposited into your bank account within 24 hours or less.
Whether you have no credit, fair credit, poor credit or bad credit, Loan Away encourages you to apply if you need cash. They state that they approve 83%-90% of applicants for their unsecured loans. If you have no credit or bad credit, Loan Away recommends you apply for a $1,000 loan first. Once you have repaid a loan or if you have an average credit history, you can apply for a loan up to $5,000.
Loan Away unsecured loan details are:
- Limits from $100-$5000
- Loan amortization between 6-36 months
- APR between 19.9%-45.9%
- Money deposited directly to your bank account
How to qualify
To qualify for a Loan Away loan, you need the following:
- Two pieces of government-issued identification
- Proof of your income and employment for the last 3 months
- Valid address, email address, phone number and bank account
- Canadian resident
- 18 years of age or older
- Resident of Alberta, British Columbia, Newfoundland, or Ontario
Bad credit loans
If you have bad credit, you can still apply and could be approved for a Loan Away loan. Loan Away understands that people sometimes run into financial difficulties and may have missed some payments in the past. They believe people should still have the opportunity to get a loan if they need one. A bad credit loan can help you improve your credit rating if you make all your payments on time.
No credit loans
You may not have had the opportunity to build a credit rating and can’t get a loan because of this. Loan Away offers loans to people who have no credit history. Using a no credit loan is a way to develop a credit rating for yourself because your payments will be reported to the credit bureau. It’s also a great way to get the cash you need.
Fair credit loans
Loan Away is not just for borrowers who have bad or no credit. If you have fair credit but may not qualify for a loan at a traditional lender for other reasons, you can apply for a loan up to $5,000 at Loan Away. The application process is simple and you can be approved in as little as 20 minutes.
Personal loans
A personal loan can be used for any purpose. You might need cash for a wedding, car repairs, to consolidate debt or just about anything else. Loan Away provides personal loans for borrowers who need money for a variety of reasons and want to repay their loan with monthly installments.
Installment loans
Loan Away gives you the opportunity to pay off your loan in monthly installments for up to 36 months. The longer term can make your payment more manageable. You can choose a shorter term too for your installment loan. Another feature is that your payments for an installment loan are equal so you know exactly how much you have to pay each month.
Micro loans
Micro loans are very small loans, usually $1,000-$5,000. Loan Away offers small loans with limits as low as $100. If you don’t need to borrow a lot but still need a small loan, Loan Away has the solution for you. In addition, you don’t need to pay back the money in one payment as you do with a payday loan.
Debt consolidation loans
Do you owe money to several places but would like to have one payment? Do you have overdue bills you need to take care of? Consider a debt consolidation loan from Loan Away. You can borrow up to $5,000 to pay off any outstanding debts you might have such as overdue utility bills, medical bills, or credit card balances. You will have one monthly payment which will be taken from your account automatically.
Easy loans
You might not want to apply for a loan at a traditional lender because you need to book an appointment at an office, provide all kinds of paperwork, and wait for an approval. Loan Away offers easy loans for people who want a simple process to borrow money. All you need to do is apply online, meet their requirements, wait for your approval, and if approved, accept the terms and conditions. Once Loan Away receives your accepted contract, your money will be deposited to your account within 24 hours.
Quick loans
Do you need money fast? Loan Away’s application process takes only 6 minutes to complete. You can have a credit decision within 20 minutes. If you’re approved, the money will be automatically deposited to your bank account once Loan Away receives your accepted contract.
Home equity loans
If you need to borrow more than $5,000, you can consider a home equity loan. These loans are secured by your property which reduces the lender’s risk. You can apply online for a home equity loan with Loan Away-the process only takes about 20 minutes.
Loan Away works with second mortgage specialists who will help you apply and qualify. Applicants with low credit scores or bad credit can be approved for a home equity loan. Additionally, the money can be used for almost anything, such as home repairs, a debt consolidation or a major purchase.
Home equity loan details
Details of Loan Away’s home equity loans are:
- Amounts up to $50,000
- Loan amortization up to 15 years
- Interest rates starting at 19.90%
- Money deposited directly to your bank account
How to qualify
To qualify for a Loan Away home equity loan, you need the following:
- Two pieces of government-issued identification
- Proof of your income and employment for the last 3 months
- Valid address, email address, phone number and bank account
- Canadian resident
- 18 years old or older
- Resident of Alberta, British Columbia, Newfoundland, or Ontario
- Own a home with available equity
Pros
- Loan away considers applicants with no credit, bad credit or poor credit
- Applying online is fast and easy
- You can have a credit decision in as little as 20 minutes
- Loan Away offers unsecured loans for smaller amounts and home equity loans if you need to borrow more than $5,000
Cons
- Rates are very high
- Not everyone is approved
- Not all fees are disclosed, such as NSF fees
Why choose Loan Away
Loan Away offers customers the convenience of applying online, a fast application and approval process and a mid-to long-term repayment plan depending on whether you take an unsecured loan or a home equity loan.
Apply online
Loan Away doesn’t have physical branches which helps them keep their costs low. They pass the savings on to their customers in the form of lower interest rates. Applying online is convenient too since you can start your application at any time and from any location. Loan Away keeps your information secure by using industry-standard security software. The software is similar to what the big banks use to keep the personal data they have secure.
Fast application and approval process
Applying for an unsecured loan takes about 6 minutes while applying for a home equity loan takes about 20 minutes. You can receive a decision in as little as 20-30 minutes. If you are approved, your funds will be deposited to your account. In most cases, borrowers get their money within 24 hours of being approved.
Mid-to-long term repayment plan
You can take up to 36 months to repay an unsecured loan or up to 15 years to repay a home equity loan. Longer repayments terms can help make payments more manageable. You can repay the unsecured loan early if you have the funds available.
How to sign up
Go to Loan Away’s website.
Use the slider to choose how much you want to borrow.
Click on “Get This Loan Now.”
Fill in your email and create a password.
Fill out your personal information.
Choose whether you own a vehicle.
Fill in whether you have declared bankruptcy in the last 12 months, filed a consumer proposal in the past 6-12 months or are going through credit counselling.
Select the reason for the loan and how much you want to borrow.
Authorize the consents in the form.
Submit the application and wait for your response.
Frequently asked questions
What type of loans can you get from LoanAway?
Are there penalties for early repayment?
Are the loans from LoanAway payday loans?
When will I know if I have been approved for a loan?
What can I spend the money from the LoanAway loan on? Are there stipulations to this?
I’ve had a bankruptcy, am I still able to borrow a loan from LoanAway?
How are payments made back on the loan?
What other regulations must I meet to get one of the loans from LoanAway?
How secure is my information during the process and after?
Can I update any of the information I’ve given you?
How Loan Away can help you
Loan away offers a simple, easy, and secure online application process. You can have an approval within 20 minutes with the money in our account in 24 hours or less. Getting the money soon after you apply is a great feature when you need money fast. In addition, you can have up to 36 months to pay back an unsecured loan. The longer term makes payments more manageable. If you have the money to pay it off early, you can do that too. Loan Away is a good choice for people who need money quickly and want an easy way to apply.
Piggyy
״The secret of happiness, is not found in seeking more, but in developing the capacity to enjoy less״ - Socrates
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