Alaska Payday Loans Law

Alaska Payday Loans Law

Alaska State Information

Legal Status: Legal

Loan Terms:

    - Maximum Loan Amount: $500
    - Loan Term: Min: 14 days
    - Maximum Finance Rate and Fees: $5 + the lesser of $15 per $100 or 15%
    - Finance Charge for 14-day $100 loan: $20
    - APR for 14-day $100 loan: 520%

Debt Limits:

    - Maximum Number of Outstanding Loans at One Time: Not Specified
    - Rollovers Permitted: Two (renewals)
    - Cooling-off Period:
    - Repayment Plan: Yes (Up to 6 months; no extra fees; must pay 5% of balance due when plan signed.)

Collection Limits:

    - Collection Fees: $30 NSF fee; Court costs of up to $700 over the amount of the payment (if disclosed in loan agreement)
    - Criminal Action: Prohibited (Unless check returned due to closed account)

Where to Complain, Get Information:

    - Regulator: Alaska Division of Banking and Securities
    - Address: P.O. Box 110807 Juneau AK 99811
    - Phone: (888) 925-2521
    - Fax: (907) 465-2549

These Alaska payday loans law are basic information to assist your decision to borrow money. This information may be added or modified or canceled by Alaska government without prior notice.