Borrowing basics: United States vs. Canada

Personal loans work in much the same way on both sides of the border — you borrow a fixed amount and repay it in monthly installments — but some details differ.

Identity numbers

US lenders typically ask for your Social Security number (SSN). Canadian lenders may ask for your Social Insurance Number (SIN) to help confirm your identity. Only share these numbers with lenders you trust, through their secure website — never by email or text.

Currency

Loans are made and repaid in local currency: US dollars in the United States and Canadian dollars in Canada. Make sure your offer shows the currency you expect.

Rate limits

In the US, the maximum rate a lender may charge depends on state law and varies by state. In Canada, the federal Criminal Code sets a maximum annual rate of 35% APR for most consumer loans (since January 1, 2025), and some provinces have additional rules. At LoanEase, US APRs range from 9.99% to 35.99% and Canadian APRs never exceed 34.99%.

Credit reports

• US: the three nationwide credit bureaus are Equifax, Experian and TransUnion. You can get free reports at AnnualCreditReport.com.
• Canada: the two main credit bureaus are Equifax Canada and TransUnion Canada, and both offer free access to your credit report.
• Checking your own report doesn't affect your score, and it's a good way to spot errors or fraud.

Your rights

Both countries require lenders to clearly disclose the cost of borrowing before you sign. In the US, if you're declined, the lender must tell you and you have the right to know the main reasons for the decision. Wherever you live, read your offer carefully and ask questions about anything that isn't clear.