Alaska Payday Loan Laws and Regulations

Find out if short-term Payday Loans are legal in Alaska and what amounts, interest rates and repayment terms are set by the state's Legislation.

alaska payday loans Rates and Terms

Legal Status

Legal Status

The status of a loan type according to the Federal laws and regulations. What concerns Payday Loans some states consider them legal, some – illegal and some restrict them in terms of amounts and interest rates.

Legal
Maximum Loan Amount

Maximum Loan Amount

It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000. But it may vary depending on the lender and his requirements.

$500
Minimum Loan Term

Minimum Loan Term

It’s the minimum period of time within which you are allowed to pay off your loan.

14 day(s)
Maximum APR

Maximum APR

The maximum percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.

520.00%
Finance Charges

Finance Charges

All the payments you’re going to be charged for the loan including APR and other fees.

15% of the amount advanced
Legal Payday Loans Online for Alaska residents

Make yourself safe by studying the laws, rules and regulations concerning Payday Loans and other short-term cash advance in Alaska. Apply for a Payday Loan online on a strong note.

Compare top legit Payday Lenders in Alaska:

LendYou is will help you get the cash you need when you need it. You can apply for Payday Loans, Installment Loans or Personal Loans, etc. Compare the lenders and get matched with the best one.

  • MIN Loan Amount: $100
  • MAX Loan Amount: $35000
  • Terms: Varied
  • Rates and fees: Starting at 4.99% APR
  • Turnaround Time: 1 business day
  • $100 - $1000 Payday Loans
  • $1000 - $5000 Installment Loans
  • $5000 - $35000 Personal Loans
  • 18 years of age or older
  • U.S. citizenship
  • Valid checking or savings account with direct deposit
  • Minimum regular income of $1,000 per month
  • Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps or Navy (or be a dependent of someone who is,) serving on active duty under a call or order that does not specify a period of 30 days or fewer.
Pros
  • High up to $15,000 loan amounts. 
  • Minimal restrictions on how you can use your loan.
  • No collatera or guarantor.
  • Bad credit is OK. 
Cons
  • It's not a direct lender, so you'll need to clarify rates and terms with the company you are matched with. 

 

Check Into Cash offers Payday Loans, Title Loans, Personal Installment Loans and other money products at affordable rates with convenient repayment. 

  • MIN Loan Amount: $50
  • MAX Loan Amount: $3000
  • Terms: Vary by state.
  • Rates and fees: 261% to 782% APR
  • Turnaround Time: 1 business day
  • Payday Loans
  • Online Payday Loans
  • Title Loans
  • Installment Loans
  • Online Installment Loans
  • Line of Credit
  • Flex Loans
  • Other Services
  • Check Cashing
  • Bill Pay
  • Western Union 
  • U.S. Money Card
  • Cell Phone Top-Ups
  • Sell Us Your Gift Cards For Cash
  • Active checking account open for 90+ days
  • US citizen or permanent resident
  • Personal and work phone number
  • Valid email address
  • 21+ years old (19+ in Alabama)
  • Social Security number (for Indiana residents only)
Pros
  • You can get even as low as $50.
  • Quick funding on the next business day.
  • Money can be used for any personal needs.
Cons
  • Not available in every state.
  • APR can be more than 153.73% depending on your state.
  • High late payment fees.

 

PaydayloansUSA.online offers Payday Loans, Installment Loans, Personal Loans and other money products at affordable rates with convenient repayment. 

  • MIN Loan Amount: $100
  • MAX Loan Amount: $35000
  • Terms: Vary by state.
  • Rates and fees: 4.99% to 1386% APR
  • Turnaround Time: 1 business day
  • Payday Loans
  • Installment Loans
  • Personal Loans
  • Active checking account open for 90+ days
  • US citizen or permanent resident
  • Personal and work phone number
  • Valid email address
Pros
  • Quick - no driving, waiting, faxing, paperwork.
  • More than 300 direct lenders.
  • High approval rate even for bad credit Payday Loans.
  • Online Payday cash advance with no collateral.
  • 24 / 7 online service.
  • No hard credit check Payday Loans.
Cons
  • High interest rates.
  • Available not in all the states.
  • Not many financial products offered.

 

 

Table of Contents:

Are Payday Loans legal in Alaska?

Alaska Payday Loan Terms and Amounts

Alaska Payday Loans online laws

Alaska Payday Loans interest rates, fees and other finance charges

Alaska Payday Loans direct lenders regulations

Alaska Payday Loans consumer information

Legitimate Payday Loans online with NO credit check in Alaska

Does Alaska law allow Payday Loans for bad credit borrowers?

Legit Payday Loans in Alaska collection practices

Alaska Payday Loans news  - latest changes

Alaska Payday Loans historical background

Alaska Payday Loan alternatives

Are Payday Loans legal in Alaska?

Short-term Payday Loans are legal in the state of Alaska and are mostly regulated through Alaska Statute Code 06.50.010 et seq.. The Payday Lending legislation covers all the parts of the process concerning:

  • Payday Loan amounts
  • Payday Loan repayment terms
  • Payday Loan online direct lenders
  • Payday Loan stores near you
  • Payday Loan interest rates and other fees
  • Payday Loan collecting practices
  • Payday Loan default penalties
  • The number of outstanding Payday Loans as well as a cooling-off period in-between etc.

Read more: Payday Loans in Alaska

The main eligibility criteria to get approved for a Payday Loan in Alaska are:

  1. 18 years old or over.
  2. A legal resident of Alaska with a fixed address.
  3. Regular income source.

Alaska allows maximum Payday Loan amount. It should be repaid in minimum 14 days. The cost of a Payday Loan in Alaska is $20 for $100 borrowed for 14 days taking into account the maximum APR of 520.00%. For other details read further to find out how many Payday Loans you can borrow, whether rollovers or extensions are allowed, etc.

Alaska Payday Loan Terms and Amounts

Alaska residents who are eligible for a Payday Loan can get $500 cash advance per contract and have no more than 1.00 outstanding loans at a time. The repayment term is capped by minimum 14 day(s).

However, there are no limits on the purpose of loan usage. Any urgent expenses, unforeseen bills, car repair, home repair, etc. may seem a sound reason to apply for a Payday Loan in Alaska.

If $500 is not enough, there are always other options to receive the necessary funds in Alaska:

  • Unsecured Installment Loans,
  • Bad credit Personal Loans,
  • Title Loans,
  • Check Cashing,
  • Pawn Shops, etc.

Alaska Payday Loans online laws

Cash advances (payday loans) from both storefront and online lenders are legal in the state of Alaska pursuant to the Alaska Division of Banking and Securities, P.O. Box 110807 Juneau AK 99811, (888) 925-2521. Reputable online lenders operating in accordance with all relevant state and federal laws can be applied to and compared on our platform using a simple online application form.

You state the necessary amount, fill in your personal information and get suitable offers from legit direct lenders. It takes only a few minutes and doesn't affect your credit score. 

Alaska Payday Loans interest rates, fees and other finance charges

The main part of payday loan payment is mostly made up of the interest rate, or APR. The maximum APR that may be charged for short-term cash advance in Alaska is 520.00%. It means that if you borrow $100 Payday Loan for 14 days the finance charges will be 15% of the amount advanced.

Besides, the total cost of a Payday Loan includes some additional fees. Alaska lending rules allow to charge:

$5 origination fee

The law obligates Alaska Payday Loan lenders to provide you with a written disclosure of all the rates and fees in the understandable language. You should read them carefully and if you agree acknowledge the notification by signing the contract.

Alaska Payday Loans direct lenders regulations

According to Alaska payday loan laws all direct lenders are obliged to register their companies which will allow issuing payday loans contract. It concerns both Online Payday Loan direct lenders and lenders in a store near you.

The main rules regarding Payday loan lenders in Alaska are:

  • Essential state license.
  • Complete disclosure of all the information concerning the loan such as its repayment terms, rates, fees, etc.
  • Besides, Alaska direct lending companies are recommended to educate the customers on the possible issues related to payday loans. Borrowers must be aware of possible risks, default penalties, other consequences of short-term loans and their alternatives.
  • Alaska laws prohibit offensive collecting practices connected with the due loans. Criminal action threats are banned and the lender is required to send a mail notification before starting any legal proceedings against expired contracts.

Nevertheless, you should be careful not to come across any scams. Some unfair lenders can operate without license or under a different license and offer too expensive ‘payday loans’ under illegal conditions. Always check that the lender you are going to apply to works under Alaska state law.

Alaska Payday Loans consumer information

Besides amounts, rates and fees, consumers must be also well aware of other details of Payday Loans in Alaska. They include the availability and number of rollovers, extensions and repayment plan, a cooling-off period, any default penalties or additional fees, etc. Check out the table below to find the most essential information:

Rollovers or extensions 2 rollovers, repayment plan up to 6 months
Cooling-off period 14 business days
NSF fee $30
Other default penalties Alaska has collection restrictions in cases when payday loans were delayed or were not entirely repaid. Licensee may not collect any fees under AS 06.50.400.
Criminal actions Prohibited

Look for more detailed information on the official Alaska state regulator website - http://www.commerce.alaska.gov.

Legitimate Payday Loans online with NO credit check in Alaska

Looking for a legal Payday Loan with No credit check in Alaska? You must understand the meaning of this phrase correctly at first. No credit check implies that a lender will not inquire your credit history information from or send your borrowing data to any of the three major credit bureaus Equifax, Experian and TransUnion.

If you don’t want to damage your credit history Alaska law allows you to apply for a Payday Loan with No credit check. But you should understand that a lender needs to check your creditworthiness at least in some way. He can perform a soft credit check when a lender pre-approves you for a loan and this inquiry will not appear on your credit report. Or there’re other ways to prove you can afford the cash advance. Payday Loan lenders use the tracking system to verify your debts, check your income, etc. And generally, they charge higher interest to lessen the risks.

Alaska Payday loans online no credit check are one of the easiest options of getting quick cash to cope with emergency financial requirements, especially for the people with poor credit.

Does Alaska law allow Payday Loans for bad credit borrowers?

The average credit score in Alaska is 675, which is good. But it doesn't mean that those who have a worse credit can't apply for a Payday Loan in Alaska. 

  • First of all, there're a lot of legit direct lenders in Alaska providing Payday cash advance to borrowers with both good and bad credit score.
  • Secondly, you can always find a cosigner to increase your chances of being approved for a bad credit Payday Loan.
  • Find out how to improve your credit score and do your best to do it fast. 
  • Or consider taking out a bad credit Installment Loan, or bad credit Personal Loan.

Legit Payday Loans in Alaska collection practices

If you can’t repay the loan amount plus interest on a due date it means you default the loan.

Alaska has collection restrictions in cases when payday loans were delayed or were not entirely repaid. The licensee may not collect any fees under AS 06.50.400.

Criminal actions against borrowers in Alaska are entirely prohibited.

If you think that your payday lender violates the Alaska Payday Loans law, you may file a written complaint with Alaska Division of Banking and Securities, P.O. Box 110807 Juneau AK 99811, (888) 925-2521. The supervisor from that office interviews witnesses, reviews the payday lender’s business records and documentation, and determine whether to pursue civil or criminal charges

Alaska Payday Loans news  - latest changes

Since 2017 there have been no other changes regarding Payday Loans laws in Alaska. The loan amount, interest rate and fee terms, as well as loan duration, stayed the same.

Alabama Payday Loans historical background

The History of Payday Loans in Alaska
2004 The first law regulating payday lending in Alaska – "The deferred deposit advance lending", which required that lenders got a license to dispense deferred deposit advance loans, – was signed.
2010 The updates in the law were made requiring each physical location where these loans are made to have a license. Besides, they limited the average amount of the loan and other key data points.
2016 the Consumer Financial Protection Bureau rolled out proposed federal-level regulations for payday lending, adding rules that stated lenders must have reasonable evidence that the borrower has the ability to repay the loan. The regulations also restricted the number of rollovers or renewals on payday loans and required lenders to notify borrowers when they withdraw funds from the borrower’s bank account.
2017 A joint resolution was introduced under the Congressional Review Act to reevaluate and reexamine the Consumer Financial Protection Bureau’s final payday lending rules but still with no results.

Alaska Payday Loan alternatives

If you're looking for instant cash advance in Alaska but not a Payday Loan, consider other alternative ways to get the necessary funds:

  • Apply for an Alaska Installment Loan - $1000 - $5000 cash advance repaid over several months or years in equal installments.
  • Take out a Car Title Loan if you own a vehicle to use as collateral.
  • Sell some of your valuable stuff online or at a pawn-shop.
  • Consider borrowing from a bank or credit union. In Alaska there're at least 3 Federal Credit Unions offering Payday Alternative Loans: Alaska USA Federal Credit Union, Alaska USA and Spirit of Alaska Federal Credit Union. 
  • Qualify for one of Federal or Alaska government assistance programs: the Adult Public Assistance (APA) program, Medicaid, Native Family Assistance Program, etc.

Loans for ANY  NEEDS
APR from 4.99%

Loans for ANY  NEEDS
APR from 4.99%

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