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Frequently Asked Questions | Loan Away

Frequently Asked Question

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Frequently Asked Question 2017-09-22T16:15:46+00:00
Am I likely to get approved by Loan Away? 2017-09-01T14:58:54+00:00

Loan Away is an alternative lender with much more flexible approval criteria than any bank.

In fact, we approve a vast majority of the applications we receive.

What type of loans are available? Is it different than payday loan? 2017-09-01T14:58:54+00:00

Payday loans are very short term loans with annualized interest often exceeding 500%, typically due in 30 days or less. It is an extremely expensive way to borrow money and many people find themselves unable to get out of the viscous payday loan cycle.

With Loan Away you can borrow up to $5000 for as long as 36 months with rates starting at 19.9%. As a matter of fact, many of our customers use this opportunity to consolidate all their loans into one single loan, with much lower repayment instalments.

Does it make a difference what I need a loan for? 2017-09-01T14:58:54+00:00

No. It’s entirely up to you what you spend your money on.

What is the maximum amount I can borrow? 2017-09-01T14:58:54+00:00

Initially, you can qualify for up to $5000. However, once we establish a relationship with you, higher amounts could become available to you.

What do I need to complete an application? 2017-09-01T14:58:54+00:00

All you need are 2 pieces of ID and proof of income. These are the only mandatory requirements.

Once I complete an application, when will I know if I am approved? 2017-09-01T14:58:55+00:00

It takes 8-10 minutes to fill out the application, and most applications will get approved within 30-60 minutes.

Do you offer solutions for debt consolidation? 2017-09-01T14:58:55+00:00

Our live online agents are available to answer all your questions, specifically look into your situation and offer a credit solution that is right for you. We can look at your current obligations, customize terms and come up with a single affordable payment that will allow you to get out from never ever ending payday loan cycle.

I have recently declared a bankruptcy. Can I still be approved for your loan product? 2017-09-01T14:58:55+00:00

Yes. We do believe in second chances. We will carefully review your situation, and likely will still be able to approve you.

What are the minimum requirements to get a loan from Loan Away? 2017-09-01T14:58:55+00:00

You need to reside in ether Alberta, BC or Ontario, be a permanent resident in Canada, and have a steady source of income.

How do I make payments? 2017-09-01T14:58:55+00:00

You don’t have to worry about paying a bill, payments will be automatically debited from your bank account.

Can I pay off my loan anytime? 2017-09-01T14:58:55+00:00

Yes, our loans are fully open – there are no penalties for paying them off early.

I know my payment will not go through. What do I do? 2017-09-01T14:58:55+00:00

To avoid additional fees, please call Loan Away at +1(866)689-0091 or email so we can make alternative payment arrangements.

How can I be sure my personal information is secure? 2017-09-01T14:58:55+00:00

Loan Away uses the industry’s best security solutions, similar to what banks use to protect your personal information. We also use encryption to protect most sensitive points of your personal data.

How can I update my personal or banking information? 2017-11-20T17:13:52+00:00

We will maintain your own secure profile on our website where you can update your information, send us a message or request another loan.

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