Alaska Payday Loans
Here are the basics to get the best deal on Alaska payday loans It is fairly easy to make a few mistakes and end up in a financial quagmire. Therefore, the first thing to understand here is that there are problems with payday loans, mainly being that they can be expensive and you need to be careful. It is important to use Alaska payday loans for emergencies such as fixing a car ( so you can get to work), a medical bill or something emergencial that you can payback as soon as your next paycheck arrives. A lot of people look for Alaska payday loans. Read our guide and understand what are the best options available to you. Main Loan Box
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. With Alaska payday loans, 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.
- $500 max loan
- 14 day term
- Can cancel in 24 hours
Here is a list of Alaska payday loans that you can consider
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 with an internet enabled 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 If you are applying at a store you can get your hands on the money right away in most cases. 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. We do not recommend it. We think it is best if you use Alaska payday loans for legitimate emergencies only.
- Your credit does not matter If you 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 with regarding Alaska payday loans
- Interest rates (finance rates) Fees cannot go beyond 15% of the total advance amount, or $15 for every $100. The maximum APR (Annual Percentage Rate) for a 14 day loan is 520%. The max finance charge for a 14 day $100 loan is $20. There is usually a non-refundable origination fee of $5 or less.
- Rollover fees Alaska payday loan companies cannot charge you to renew your loan for fees above what previously stated in this section.
- Collection fees Alaska payday loan companies can charge only one NSF fee of a maximum of $30, in case you do not have money in your account to repay. There could be court charges which you may have to pay as much as $700.
How to apply for an Alaska payday loan
It is pretty easy to apply for a payday loan in Alaska. You can either do it online or visit a store. You will be required to meet a few criteria:
- 18 years old
- American citizen or permanent resident
- Regular source of income
You will also be required to provide additional information about yourself such as:
- Name, DOB, SS#, valid ID
- Address, email, phone
- Employment details, including income
- Bank account information