Loan Away Review

Friday, July 11th

2025 Canadian Personal Loan Reviews

Loan Away

• Personal term loans available in Ontario, Alberta, Newfoundland and Labrador, and British Columbia
• Borrow from $1,000 to $5,000
• Loan terms between 6-36 months
• APRs between 19.9% and 45.9%
• Funds direct deposited within a day in most cases
• "A+” rated by the BBB

Loan Away is a strictly-online, Canadian owned-and-operated lender who approves over 80% of personal loan applications they receive. If you're approved, your loan proceeds may be deposited into your bank account within one business day, and sometimes as quickly as one hour.

Limited loan amounts and service area

Here's the scoop on the usual details. First, you can borrow from $1,000 to $5,000 here in increments of $1,000. You'll have to be a resident of Loan Away's service area: Ontario, Alberta, Newfoundland and Labrador, and British Columbia. Repayment terms range from 6-36 months, and interest rates are between 19.9%-45.9% APR.

You'll have to wait for an email

When you start the process of getting a quote, you'll be asked to create an account right away. Everything you're asked to disclose is on that same page, so at least you know exactly what you'll have to tell Loan Away before you click "submit”. We weren't thrilled that, when we did that, we were told that our application was submitted successfully and we "should receive an email within 4 business hours”. Not exactly an instantaneous process, is it? For reasons you'll understand as you continue reading, we submitted a fake profile here, so we're not sure how long it would have taken to get that actual loan offer they promised.

Interesting link revealed by the BBB

Reputation? The Better Business Bureau gives Loan Away an "A+” rating, with only 10 complaints filed against them in the last year (though none of those were available to view on the BBB site, for what it's worth). An interesting tidbit: according to the BBB, the director and president of Loan Away is also the director of Ontario Energy Group. We're not sure how the two are related, but it seemed like a somewhat unusual combination.

Lots of negative reviews

We're also wondering how the BBB thinks so highly of this Canadian company, when what people have to say on Trustpilot and in other places is scathing at best. More than 50 1-star reviews paint a picture of incompetent support representatives, payments that go missing (and then borrowers are penalized), and threatening emails and phone calls despite borrowers' repeated attempts to show documentation that loan repayments had been made.

Website and socials are way out of date

And, just to point out other reasons you should avoid Loan Away, we noticed that their site copyright was almost eight years old, the main loan page offered a not-so-helpful article about Personal Loans in 2019, and the links to their socials were all either dead accounts or ones that hadn't been updated in years. At least the toll-free number was still operational when we called.

Don't bother applying for a personal loan here

Loan Away doesn't earn our trust. They're definitely not keeping their website up to date, and their personal loans aren't anything to write home about. In fact, the only thing keeping this lender off the bottom of the barrel ranking-wise is their top-notch grade from the Better Business Bureau. Other than that, Loan Away doesn't even come close to measuring up to what we expect from a Canadian lender. Loan Away? More like "stay away”.