Alaska Payday Loans
It’s easy to misstep and end up in a sticky financial situation. Whether it’s a car repair, an emergency bill or just needing help getting to the next paycheck, a short-term loan, also known as a payday loan, may be an option. We’re here to help you make the right decision regarding Alaska payday loans.
Are payday loans legal in Alaska?
Payday loans which are also commonly known as payday advances or cash advances, are legal in Alaska. There is a legal statute that formalizes the operation of payday loan companies in the state. Any company that wishes to provide the service must be properly licensed and provisioned. Licenses are required individually for every office or website location.
In Alaska, a person cannot owe more than $500 with any payday loan firm. The minimum repayment term is 2 weeks or 14 days. The law also states that a person can cancel the contract one day after you get the loan before the business closes.
Why get a payday loan in Alaska?
There are many reasons why people want to get a payday loan in Alaska. These are:
- Easy application. You can apply for an Alaska payday loan from practically anywhere as long as you have access to a computer. You can easily find many companies that are legalized to operate Alaska payday loans online and with as little as your ID, contact information and your bank account you can get started.
- Quick money accessibility. When applying online, some companies can deposit the money on the same day while some will deposit the next day.
- Use the money for anything you want. You can use the money even to pay for a party or a vacation if you want. Or you can just use it for emergencies only.
- Your credit does not matter. If your credit history is not ideal, you can still apply and get approved in most cases. The reason is that they cover their risk in other ways and are more worried about you being employed or having some form of income.
What are the fees and other charges with Alaska payday loans?
Here is a breakdown of costs that you have to pay attention to regarding Alaska payday loans:
- Maximum Loan Amounts: $500 (based on your income and other factors, loan limits will be determined on an individual basis)
- Term of Loan: Minimum 14 days
- Rollovers: Allowed two rollovers
Maximum Loan Amount:
The maximum amount payday lenders are allowed to offer is $500 with a maximum APR of 520%. Terms have a maximum of 14 days, and you can rollover your loan twice.