Who Offers the Best Personal Loans in Canada? In urgent need of some quick cash? Unless you've got a friend or family member ready to lend a hand, your next stop is likely a financial institution. However, not all lending avenues are the same, and some unscrupulous lenders out there are charging interest rates well beyond 100%.
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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".
Continued from above...
In urgent need of some quick cash? Unless you've got a friend or family member ready to lend a hand, your next stop is likely a financial institution. However, not all lending avenues are the same, and some unscrupulous lenders out there are charging interest rates well beyond 100%.
Fortunately, for those seeking personal loans in Canada, there are lenders that can help you bridge the financial gap without sinking you further into trouble. The online world presents Canadian consumers with a wide variety of options for personal loans. Some directly link you with funding, while others act as intermediaries, connecting you with reputable financial partners to secure your loan.
A relatively new player gaining traction is the social lending network, or peer-to-peer lending, where everyday individuals invest in funding loans for their Canadian neighbors. This arrangement creates a win-win, with investors earning on the interest you pay and you getting the funds you need without sky-high rates or fees.
Regardless of the path you choose, it's crucial to understand the terms of any personal loan offers you receive. Not repaying a loan (on time or at all) can have a detrimental impact on your credit score, a setback that can be challenging to set right down the road.
Before signing on the dotted line, make sure you're clear on the interest rate, repayment terms, and any potential origination fees or prepayment penalties. While the allure of accepting the first cash offer you receive may be strong, take your time and be a discerning consumer.
As you navigate the array of personal loan options in Canada, you'll need to figure out where to start and which service to trust. Consider these factors:
For an in-depth review of the best online sources for personal loans in Canada, look no further than our list here at Top Consumer Reviews. We're confident that our insights will assist you in quickly getting the funds you need with terms you can manage. Be a well-informed borrower on your financial journey!
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Easy Ways to Start Saving Money
Saving money isn't fun. Why put it somewhere when you could spend it now, on that thing you've been wanting for months? Well, there are some easy and simple ways to start saving now, so that if there's an emergency - like a car accident or an unexpected health bill - you can be assured to have money for it. Being prepared isn't the trendiest idea, but in the future you'll thank yourself for saving your behind!
Saving money doesn't have to be all dark and dreary. There are a variety of small changes you can make to your daily routine to start preparing for the future.
The first tip to cut daily costs might just be the hardest for some. Many people spend money every day on coffee, especially from those expensive java bistros. Cue the gasps - but if you're still reading, then listen to this: While many people spend money on coffee every morning, major coffee companies (you know the ones) upcharge drinks to an almost comical degree. The reason these companies get away with this is because they count on the consumer being unwilling to make their own and come to them instead. You don't even have to get up any earlier if you make your own cup of coffee in the morning, since you'll be saving time on your commute. But getting up every morning and making your own coffee is a much more cost efficient alternative to giving a chunk of your paycheck to some other company.
Another simple trick to saving money is to cancel subscriptions you're not using. We can almost hear you shrieking "but what if I need to use it!" The thing is, you won't. If you're spending even $10 a month on something that you're not using, than it's not worth it. It's hard to stop something that used to bring you joy, or even that you're used to. But if you seriously want to start saving money, this is one of the most achievable and easy ways to do it. Go through your spending and look at all the things you're paying for that you didn't use this month. Then, go back and look at the previous month. If that isn't enough to convince you, go back one month further. If you haven't used something in 3 months, then you've spent a quarter of the year paying for nothing and it's time to stop.
A final bit of advice on the best ways to save money is another little thing. Use the 48 hour rule. If you see something and really want it, wait 48 hours. If you still want it after that, than you know it's not an impulse buy. On the other hand, if you've completely forgotten about it, then you just saved yourself some money.
It's especially difficult, the younger you are, to get out of the You Only Live Once mindset. You see something, and you think "hey, I really want that thing! I'll totally use it all the time, even though I've never thought about it before today!" Really - it's not worth it. You have to stop thinking "I need this now because it will make me happy", and instead think of the future. When considering whether you should blow your money on the impulse buy, picture the expensive item and think of how much more you'll enjoy it if you save for it.
These are just a few little things you can do to start saving money. Remember that it's important to save your money now, in order to save yourself future heartache. Soon you'll be on your way to affording that trip to Paris or whatever else you want!
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