Here’s the information you need before you take out a payday loan in Juneau, Alaska.
Whether you lost track of bills or just fell a little short on cash this month, you may be looking into payday loans to help you make ends meet. If you live in Juneau and are considering a payday loan, check out this guide first. You’ll want to know exactly how much a loan can cost before you sign a contract.
How much can I borrow if I’m a resident of Juneau, Alaska?
Under Alaska statute 06.50.010 et seq., all lenders are required to have a license for every physical location and website where they advance loans. If you’re looking to borrow, you can take out as much as $500 with a minimum loan term of 14 days. Lenders can charge both a $5 origination fee and a financing fee of $15 per $100 or 15% of the amount advanced, whichever is smaller.
You can compare these lenders if you need a payday loan
What to expect when you get a payday loan in Juneau
- Limited rollovers. Unlike many other states, you’ll be able to roll over your loan if you’re unable to make the payment on the due date. While this will cost more, it can extend the life of your loan and prevent the buildup of late fees and non-sufficient funds (NSF) fees.
- Good minimum term. Payday loans usually fall on your next payday, but if that’s before 14 days, you won’t have to worry about scrambling to get the payment to your lender. Alaska gives consumers 14 days to pay off their loan at minimum, and you might be able to get a longer term if you request it.
- Easy application process. An average payday loan application takes just a few minutes to complete and the questions are there to guide you through the information you’ll need to submit. If you do have questions, most online lenders have a live chat to help you.
Martin needs to get urgent repairs done on his car
The parking brake on Martin’s car needed to be replaced, and his mechanic told him the repair would cost about $400. Martin decided to play it safe, so he figured he should borrow around $500 to make sure he had enough to cover any surprises during the fix.
He applied for a payday loan online and had the funds in his bank account on the next business day. The loan contract clearly stated that he would have to pay an origination fee of $5 and that lender would also charge a finance charge of $75. This brought the total Martin would need to repay to $580.
Unfortunately, the electronic request from the lender for the repayment of the loan didn’t go through because Martin didn’t have enough money in his bank account. The lender added a $30 non-sufficient funds (NSF) fee fee to the overall cost of the loan.
Despite the setback, Martin was able to pay the full amount soon after and was able to drive his care safely and without worry.
Not sure what to do? Here’s how to apply
If you don’t live or work near a payday store, you can submit an online application. To begin, simply click on the Go to Site button next to any of the lenders in the comparison table above. You’ll need to submit some basic personal information, including
- Your name and contact details
- Your date of birth and Social Security number
- Details from a valid form of ID, such as your driver’s license or passport
- Employment details, including your monthly income and pay schedule
Whether you apply online or in-store, you’ll need to be at least 18 years old, have a regular source of income and be a US citizen or permanent resident.
Why are there so few places to get a payday loan in Juneau?Payday lenders tend to put stores where they think more customers will come. Because of Juneau’s small population, many lenders have decided to keep their practices limited to the online sphere. You can compare your rates here and find a lender that suits your needs, even if you don’t live near a payday loan store.
Short-term loan stores in Juneau, Alaska
Where you can get a payday loan in Juneau
- Advance Til Payday. 9328 Glacier Hwy # 50, Juneau, AK 99801