Payday Loans in Alaska

Payday Loans
Looking for payday loan in Alaska, AK? Our selection of payday loans includes options for all credit types, even bad credit, with no credit checks. Connect with local direct lenders for a hassle-free payday loan experience.
Offers: 5
Updated:
11.06.2024
15:38
Best Quick Loan Today 22.06.2024*
Finanso
Need a Quick Loan Now?
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
100.00 – 20000.00 $
Rate
i

Interest rate

from 0.05 %
Term
i

Loan term for the financial product

5 days – 3 months
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

3.09
(20 Ratings)
Recommended FinScore™
0
300
650
1000
Rate
i

Interest rate

from 4.00 %
Term
i

Loan term for the financial product

to 1 months
Apply
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

4.06
(20 Ratings)
Recommended FinScore™
0
300
650
1000
50.00 – 1500.00 $
Rate
i

Interest rate

208.04 – 782.14 %
Term
i

Loan term for the financial product

14 days – 31 days
Moneytree
Payday loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

3.138
(13 Ratings)
Recommended FinScore™
0
300
650
1000
$100-$500
Rate
i

Interest rate

up to 482.32%
Term
i

Loan term for the financial product

up to 14 days
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

3.23
(41 Ratings)
Recommended FinScore™
0
300
650
1000
100.00 – 445.00 $
Rate
i

Interest rate

to 0.92 %
Term
i

Loan term for the financial product

to 24 days

Payday Loans Online in Alaska

What are Payday Loans in Alaska?

A payday loan is a short-term loan that is usually taken out to cover unexpected expenses or bills that arise before a borrower's next paycheck. In Alaska, payday loans are regulated under the Alaska Statutes 06.50.010 et seq.

According to Alaska law, payday lenders can lend up to $500 to borrowers and charge a fee of up to $15 per $100 borrowed. This means that if a borrower takes out a $500 payday loan, they would owe a fee of $75 on top of the loan amount. Payday loans in Alaska must have a minimum repayment term of 14 days and a maximum term of two months.

Alaska law also limits the amount of fees that can be charged on payday loans. For example, if a borrower fails to repay the loan on time, the lender may only charge a one-time fee of $30 and a maximum interest rate of 5% per month on the unpaid balance.

Payday Loans in Alaska

Pros and Cons

Pros

Quick Access to Cash. Payday loans can be approved and funded within hours, making them a convenient option for people who need money fast.

No Credit Check. Payday lenders typically don't require a credit check, which means that people with poor credit or no credit history can still qualify for a loan.

Easy to Apply. The application process for payday loans is usually simple and can be completed online or in-person at a payday loan store.

Cons

High Fees and Interest Rates. Payday loans come with very high fees and interest rates, which can make them very expensive. In Alaska, payday lenders can charge up to $15 per $100 borrowed, which can add up quickly.

Short Repayment Term. Payday loans must be repaid within a short period of time, typically within 14 days to two months. This can make it difficult for people to repay the loan on time and can lead to a cycle of debt.

Risk of Default. If a borrower is unable to repay the loan on time, they may face additional fees and penalties, which can make it even more difficult to repay the loan.

Predatory Lending Practices. Some payday lenders engage in predatory lending practices, such as charging hidden fees or offering loans to people who can't afford to repay them.

Not a Long-Term Solution. Payday loans are intended to be a short-term solution to a financial problem. They should not be used as a long-term financial strategy, as they can lead to a cycle of debt that is difficult to break.

How to Apply?

Apply For a Loan

  1. Find a Lender. There are several payday lenders in Alaska, both online and in-person. You can do an online search or check local listings to find a lender that meets your needs.

  2. Check the Requirements. Each payday lender may have different requirements for borrowers. Common requirements include being at least 18 years old, having a valid ID, a bank account, and a regular source of income.

  3. Gather Your Information. Before you apply for a payday loan, you will need to gather some basic information, such as your name, address, contact information, and employment details.

  4. Apply for the Loan. You can apply for a payday loan online or in-person at a payday loan store. To apply online, you will typically need to fill out an application form and provide your personal and financial information. To apply in-person, you will need to bring your ID, bank statement, and pay stub to the lender.

  5. Review the Terms. Before you agree to a payday loan, make sure you understand the terms, including the interest rate, fees, and repayment schedule.

  6. Receive the Funds. If you are approved for a payday loan, the funds will be deposited into your bank account or given to you in cash, depending on the lender.

  7. Repay the Loan. Payday loans must be repaid according to the terms of the loan agreement. Make sure you understand the repayment schedule and have the funds available to repay the loan on time.

It's important to note that payday loans can be very expensive, so you should only consider them if you have no other options and can repay the loan on time. Before taking out a payday loan, consider other options, such as personal loans or credit cards, and make sure you understand the risks and costs associated with payday loans.

Requirements

In order to qualify for a payday loan in Alaska, you will typically need to meet the following requirements:

  1. Be at Least 18 Years Old. You must be at least 18 years old to apply for a payday loan in Alaska.

  2. Have a Valid ID. You will need to provide a valid government-issued ID, such as a driver's license or passport.

  3. Have a Regular Source of Income. You must have a regular source of income, such as a job or government benefits, to demonstrate that you can repay the loan.

  4. Have a Bank Account. You will typically need to have a bank account in good standing to receive the loan funds and make repayments.

  5. Be a Resident of Alaska. You must be a resident of Alaska to apply for a payday loan from a lender in the state.

Each payday lender may have slightly different requirements for borrowers, so it's a good idea to check with the lender directly to find out what their specific requirements are.

While payday loans can provide quick access to cash, they come with high fees and interest rates, so it's important to only borrow what you can afford to repay and to explore other options, such as personal loans or credit cards, before taking out a payday loan.

Rates

  1. Loan Amount. In Alaska, payday loans can be up to $500.

  2. Loan Term. There is no specified minimum loan term, but the maximum loan term is 14 days.

  3. Fees and Interest Rates. Lenders are allowed to charge a finance fee of up to $5 and a fee not exceeding 15% of the loan amount. For a two-week payday loan, this results in an annual percentage rate (APR) of around 520%.

  4. Rollovers. Alaska law permits two rollovers or loan renewals. However, borrowers must reduce the principal amount of the loan by at least 5% upon each rollover.

  5. Collection Fees. In case of insufficient funds, lenders can charge an NSF (non-sufficient funds) fee of up to $30.

Example: $300 payday loan for 10 days in Alaska

  1. Loan Amount: $300
  2. Loan Term: 10 days
  3. Finance Charge: In Alaska, lenders can charge a finance fee of up to $5 and an additional fee not exceeding 15% of the loan amount. For a $300 loan, the 15% fee would be $45 (0.15 x $300), and the additional finance fee is $5. The total finance charge is $50 ($45 + $5).
  4. Total Repayment: The total amount due at the end of the 10-day loan term would be $350 (loan amount of $300 + finance charge of $50).
  5. Annual Percentage Rate (APR): To calculate the APR, you need to consider the finance charge, loan amount, and loan term. In this example, the APR would be approximately 608.33%. Here's the calculation: (($50 / $300) x 365) / 10 = 6.0833 or 608.33%.

Keep in mind that this example is for illustrative purposes only and the actual terms of a payday loan may vary depending on the lender. Additionally, payday loans are an expensive form of borrowing, and it is essential to consider other options before resorting to a payday loan.

Lenders in Alaska, (AK)

Apply For a Loan

  1. Advance Til Payday. This is a payday lender with locations in Anchorage and Fairbanks. Borrowers can apply for a loan in-person and receive funds the same day.

  2. Alaska Payday Advance. It is a payday lender with locations in Anchorage and Wasilla. Borrowers can apply for a loan in-person and receive funds the same day.

  3. Money Depot. This is a payday lender with locations in Anchorage and Fairbanks. Borrowers can apply for a loan in-person and receive funds the same day.

Alternatives to Payday Loans

  1. Payday Alternative Loans (PALs). Several credit unions in Alaska offer PALs, which are designed to be a more cost-effective alternative to traditional payday loans. PALs usually feature lower interest rates and extended repayment terms, providing a more manageable way to cover unexpected costs.

  2. Personal Loans. If you have a strong credit score, a personal loan can be an excellent payday loan alternative. Alaska-based banks and credit unions often offer personal loans with competitive interest rates. These loans can typically be paid back over several months or even years, depending on the agreement terms.

  3. 0 Percent APR Credit Card. Some credit card companies offer an initial period with 0% APR. If you're able to repay your balance before this introductory period ends, it can be an efficient and cost-effective way to manage unexpected expenses. Many Alaskan financial institutions offer these types of credit cards.

  4. Home Equity Loan or Home Equity Line of Credit (HELOC). For homeowners in Alaska with some equity in their homes, a home equity loan or a HELOC can be a sensible choice. These options usually provide lower interest rates compared to payday loans, but it's crucial to remember that your home is used as collateral.

  5. Borrowing from Your 401(k). If you have a 401(k) retirement account, you might contemplate borrowing from it. Though this should be considered a last resort due to the potential tax implications and potential impact on your retirement savings, it is still an option worth exploring.

How to Pay off a Loan

  1. Make a Repayment Plan. Create a repayment plan that fits your budget and allows you to pay off the loan in full as soon as possible. You may want to consider cutting expenses or taking on additional work to free up more money to put towards your loan.

  2. Prioritize the Loan. Make paying off the payday loan a priority over other debts and expenses. Consider putting off non-essential expenses until the loan is paid off.

  3. Negotiate a Repayment Plan. If you are having trouble making payments, contact the lender and try to negotiate a repayment plan that works for you. Some lenders may be willing to extend the repayment period or reduce the interest rate or fees.

  4. Make Extra Payments. If you have extra money, put it towards the payday loan to pay it off faster. Even small additional payments can help reduce the total amount of interest and fees you'll have to pay.

  5. Avoid Taking out New Loans. Avoid taking out new payday loans to pay off the existing loan. This can create a cycle of debt that is difficult to break.

  6. Consider Debt Consolidation. If you have multiple payday loans or other high-interest debts, consider consolidating them into a single loan with a lower interest rate. This can help you pay off the debt faster and save money on interest charges.

  1. Legal Status. Payday loans in Alaska are regulated under the Alaska Statutes 06.50.010 et seq. These regulations are designed to protect consumers from predatory lending practices and ensure that payday lenders operate in a fair and transparent manner.
  2. Loan Amount. Under Alaska law, payday lenders can lend up to $500 to borrowers and charge a fee of up to $15 per $100 borrowed.
  3. Loan Term. Payday loans in Alaska must have a minimum repayment term of 14 days and a maximum term of two months.
  4. Fees. Alaska law also limits the amount of fees that can be charged on payday loans. For example, if a borrower fails to repay the loan on time, the lender may only charge a one-time fee of $30 and a maximum interest rate of 5% per month on the unpaid balance.
  5. Additional Regulations. In addition, payday lenders in Alaska are required to provide borrowers with a written loan agreement that includes the terms and fees associated with the loan. Lenders must also prominently display a notice in their place of business that states the fees and interest rates associated with payday loans.
  6. Predatory Lending Prohibition. Alaska law also prohibits payday lenders from engaging in certain predatory lending practices, such as threatening or harassing borrowers, charging hidden fees, or making loans to borrowers who can't afford to repay them.

Terms and Conditions

  1. Loan Amount. Payday loans in Alaska are limited to $500 or less. Borrowers can typically borrow an amount that is equal to or less than their next paycheck.

  2. Fees and Interest Rates. Payday lenders in Alaska can charge up to $15 per $100 borrowed. This means that if a borrower takes out a $500 payday loan, they would owe a fee of $75 on top of the loan amount. Payday loans in Alaska must have a minimum repayment term of 14 days and a maximum term of two months. If a borrower fails to repay the loan on time, the lender may only charge a one-time fee of $30 and a maximum interest rate of 5% per month on the unpaid balance.

  3. Repayment. Payday loans in Alaska must be repaid according to the terms of the loan agreement. Typically, borrowers must repay the loan in full, along with fees and interest, within two weeks to two months of taking out the loan.

  4. Rollovers. Alaska law prohibits payday lenders from rolling over loans, which means that borrowers cannot take out a new loan to repay an existing loan. This is designed to prevent borrowers from falling into a cycle of debt.

  5. Disclosures. Payday lenders in Alaska are required to provide borrowers with a written loan agreement that includes the terms and fees associated with the loan. The agreement must also include the borrower's rights and responsibilities, as well as the lender's contact information.

  6. Renewals and Extensions. In some cases, lenders may allow borrowers to renew or extend their payday loan. However, this may come with additional fees and interest charges.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.

  2. Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.

  3. Carefully review all the terms and conditions of your payday loan contract.

  4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

  5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.

  6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

Other Loans

FAQ

What are the easiest loans to get in Alaska?

In Alaska, you can easily get payday loans, title loans, pawnshop loans, or installment loans. They are short-term offers for borrowers with bad credit. Yet, the interest rate you will get can be high

Can immigrants get loans in Alaska?

Yes, immigrants can get loans in Alaska. Yet, you might need a co-signer who meets all the lender’s requirements to qualify for the loan.

How can I get an Alaska loan online instantly?

There are many lenders issuing loans instantly in Alaska. You may try to apply with Check Into Cash, Speedy Cash, or MaybeLoan.