payday loans in Alaska.
The United States bought Alaska from the Russian Empire in 1867, paying around two cents per acre. The region went through multiple administrative changes before it finally became the 49th US state in January 1959.
Alaska is the largest American state by area, the fourth least populous, and also the country’s least densely populated state. Oil, natural gas, and fishing contribute to the state’s economy significantly. Military bases and tourism are important contributors as well. In 2007, the gross state product of Alaska was $44.9 billion. In the same year its per capita personal income was $40,042. The unemployment rate in November 2014 was 6.6%.
Instances of Alaskan residents looking for payday loans are common. By the time you go through this guide you’ll know if these loans are right for you.
Check into Cash Loans
Check into Cash allows you to directly apply for a payday loan and have your cash when you need it.
- Min. Loan Amount: $50
- Loan Term: Varies upon state
- Turnaround Time: 1-2 business days
- Total Costs: Varies depending on the amount and your state of residency
- Must be 18+
- No security needed
- Confidential and secure!
A selection of loans you can apply for
Are payday loans legal in Alaska?
Payday loans, also often known as payday advances and cash advances, are legal in Alaska. Alaska Statutes 06.50.010 et seq. presides over the functioning of all payday lenders in this state. Lenders that provide deferred deposit advances should have valid licenses under this chapter. These lenders require individual licenses for every physical location or website they use to conduct business.
You cannot have an outstanding balance of more than $500 through any one payday lender. The minimum loan term is 14 days. Alaska payday loan laws give you the right to rescind a payday loan at any time before the close of business on the business day following the day when you get the loan.
Why should you consider taking out an Alaska payday loan?
There are various reasons that residents of this state seek payday loans, which include:
- Easy to apply. You can apply for an Alaska cash advance from practically anywhere, provided you have access to an Internet-enabled computer. You can find payday lenders that let you complete the identity verification process online, in which case you don’t have to fax any documents over. If you live near a payday lender’s store, applying can be easier still.
- Quick access to money. Applying in person at a store-front can give you access to the money you need as soon as a lender approves your application. Some online payday loan providers can transfer the approved money in your bank account on the day you apply or by the next business day.
- Use funds for different purposes. You can use proceeds from a payday loan in Alaska for any legitimate purpose, which can include taking a vacation, buying a present, paying bills, repairing an automobile or getting by following a temporary setback.
- Bad credit is alright. You can consider getting a payday loan even if you have less than perfect credit. This is because payday lenders tend to pay attention to more than your credit score, taking your existing financial situation into account as well.
What fees and charges do Alaska payday loans come with?
Here’s what your Alaska cash advance might end up costing:
- Finance rate and fees. Payday lenders can charge a non-refundable one-time loan origination fee not to exceed $5. They can charge fees not in excess $15 per $100 or 15% of the advance amount, whichever is smaller. The maximum APR for a 14 days $100 loan is 520%. The maximum finance charge for a 14 days $100 loan is limited to $20.
- Rollover fees. Lenders cannot renew payday loans for fees greater than those prescribed above.
- Collection fees. A payday lender in Alaska can charge one NSF fee of $30. You may also have to pay court costs of up to $700, which is in addition to the amount you have to repay towards the loan, provided the lender discloses this in the loan agreement.
How can I apply for an Alaska payday loan?
Applying for a payday advance in Alaska is straightforward. You can do so online or by visiting any payday lender’s store. Applying requires that you meet these eligibility criteria:
- You’re an American citizen or a permanent resident of the US
- You’re at least 18 years old
- You have a steady source of income
Completing the application will have you submitting different kinds of information, which includes:
- Your name, home address, email address, and phone number
- Your social security number, date of birth, a valid form of identification such as your driver’s license, passport, or state ID
- Details about your employment and income
Important information about payday loans
While payday loans can be beneficial for many people, they aren’t always the best option for everyone. Follow the link for more information.
Have any more questions about Alaska payday loans?
Is there a limit to the number of times I can renew a payday advance in Alaska?
Yes. You cannot renew a payday loan more than twice. The minimum term of a renewal is 14 days.
Are installment loans in Alaska the same as payday loans?
No. You get to repay an installment loan over time, in equal installments that are normally in line with your pay schedule.
Who can I get in touch with to file a complaint about a payday lender in Alaska?
You should contact the Alaska Division of Banking and Securities.