Payday Loans In Alaska

Payday loans in Alaska

Payday loans are engineered to get anyone through the stickiest of situations. From fender benders to flat tires keeping an employee from clocking in, surprise bills can put any American behind and behind quickly. With Alaska payday loans, borrowers can request up to $500! More than enough for that expensive water bill.

 

In Alaska, there are some options to getting out of debt quickly. None of them are as easy and secure as payday loans, loans giving just about any resident of the state the ability to pay their debts on their time. So long as the potential applicant is at least 18 years of age with proof of income and an active checking account, they can go ahead and apply for a payday loan!

Loan Packages Available in Alaska

Payday loans

Payday loans are the shortest and easiest loans to secure of the three. Because of the ease of the payday loan, they also pay the least amount of funds. Payday loans in Alaska are designed to get consumers out of surprise expense situations, not start a large project. There are different types of payday loans that can suit consumers better, depending on their situation. No credit check payday loans allow applicants the ability to get a payday loan without their credit history being involved. Others with more urgent and pressing bills may pursue what is known as a same day payday loan. As the name implies, same day payday loans can be approved and funded in Alaska on the same day they are submitted!

 

Law status Legal
MIN Loan Amount N/A
MAX Loan Amount $500
MIN Loan Term 14 Days
MAX Loan Term 36 Days
MAX APR 435%
Additional fees N/A
NSF fee Not allowed
Collateral or guarantor Not required
Number of simultaneous loans Only one loan allowed at a time
Cooling off period 14 Business days
Rollover 2 Allowed
Extension, repayment plan Allowed
Default penalties N/A
Credit score requirements  N/A

 

Installment loans

Installment loans in Alaska work differently than payday loans in that the borrower is not meant to pay back the entire sum in a single payment. Installment loans are much larger loans intended to be paid back over a longer period of time, allowing potential loanees to pursue longer projects. If a borrower repays their installment loan back on a regular basis, it may even improve their credit score!

 

Law status Legal
MIN Loan Amount $700
MAX Loan Amount $5,000
MIN Loan Term 1 month
MAX Loan Term 36 months
MIN APR 36%
Collateral or guarantor Not required
Credit score requirements 580

 

Personal loans

Personal loans allow loanees to request the largest sums and thus have the highest requirements. Many bankers will look at credit history as a major factor in their decisions as well. Some also ask for collateral or a guarantor to feel more secure in their investment. Repaying a personal loan in Alaska on time can also improve a credit score.

 

Law status Legal
MIN Loan Amount $2,500
MAX Loan Amount $10,000
MIN Loan Term 3 month
MAX Loan Term 48 months
MIN APR 36%
Collateral or guarantor Not required
Credit score requirements 580

 

5 Key Elements of Understanding Payday Loans in Alaska

  1. Legality

Payday lending is legal in Alaska. So long as borrowers meet the minimum requirements and have all of the correct documentation they can apply for up to $500. Payday loans in Alaska are regulated by Alaska Statute Code 06.50.010 et seq. Lenders may charge no more than 15% of the total amount of the loan and if a borrower is late to make a payment they can charge only one $15 NSF fee. Before agreeing upon loan terms, all lenders must discuss applicable rates and fees with their clients, they are also obligated to give them paperwork related to said expenses. Each and every Alaskan payday lender needs to have a license to conduct business and a separate one if they wish to conduct that business online.

  1. Alternatives

While payday loans are a reliable means of obtaining money to cover last minute expenses, there are some other options. Some people have friends or family that may be able to lend a helping hand in times of need. Charities and some nonprofit organizations are an option as many will cover the most essential bills if they can see proof. Cash advances are an expensive option as they can have very high interest rates over a long period of time. If hospital debt is the issue, many clinics will work with loanees to reconsolidate the balance and work on issuing lower monthly payments. Some credit unions offer low interest loans but they may require a membership in order to apply. If you need less than $500 urgently and have the ability to cover it with your next paycheck, payday loans still are the best option.

  1. How it works

Payday loans work very easily, allowing borrowers to apply on their own in just minutes! First borrowers must gather all of the required documents and identification. Alaskan lenders will want to know who exactly they may be giving money to. Hopeful loanees can then compare possible loans and pick the best one for them. Thanks to the internet, most bankers have their rates online. Any consumer can compare and contrast payment plans from the solace of their sun room! Once a borrower has found a lender they would like to do business with, they can go ahead and fill out the simple and straightforward application. Once the application is approved the money should transfer to the correct checking account in just a few moments!

  1. Requirements

As stated above, there are requirements to obtaining a payday loan in Alaska. First, anyone looking for a loan must be at least 18 years of age and a resident of Alaska. Second, they must also have an active checking account, social security number and driver’s license. Lastly, every payday lender will ask to see proof of income. Proof of income may be the most pivotal piece of information in the process as it is what banks go by when they decide how much they are willing to loan. Some bankers may also ask for contact information such as a phone number or email address as well.

  1. Example of a loan fee

Payday loan fees in Alaska are simple to understand, statutes regulate that lenders can not charge more than 15% per $100. If the average loanee got a loan of $300, they could owe no more than $345. Borrowers are only allowed to hold onto one loan at a time, at a maximum of $500. If the payment is made late, Alaskan payday lenders are not allowed to charge an NSF fee.

FAQ

What can I use instead of a payday loan?

While payday loans are a great tool to cover unexpected expenses, there are other options. Some credit unions offer low interest loans that can be approved quickly, but they usually require a membership to consider an application. Hospitals and clinics will work with potential clients at reconsolidating medical debt into more tolerable monthly payments. Some Americans may be lucky enough to have friends or family with wealth and can reach out to them for assistance. A popular yet expensive choice would be a credit card cash advance. Credit card cash advances get money to their owners quickly, but at a very high cost. When it comes to making ends meet in between pay periods, there are not many better options than securing a payday loan. 

Does Money Network do payday loans?

No, Money Network does not offer any payday loans. Money Network is a program designed to be a financial support system for the everyday consumer. Budgeting can often appear to be a large and looming figure in the distance, scaring away consumers who think it’s no use starting. Money Network takes away the guesswork of tracking spending, allowing its users to plug their information in directly to the app and monitor their purchases in real time.

Is Sunny a payday loan?

Sunny is a payday loan in that they require the same requirements and pay out a relatively similar amount. Sunny advertises that its products fix the same problems as a traditional payday loan would. Plumbing repairs, car trouble or a surprise phone bill are all things both Sunny and payday loans can save a borrower from.

 

Is Drafty considered a payday loan?

Drafty is not considered a payday loan in the traditional sense as they sell lines of credit. While they do have similar loan amounts, somewhere around $500 and upwards, they do not have similar loan terms. Payday loans require borrowers to repay their loans in less than a month’s time whereas lines of credit demand their loanees to repay them over several installment periods. Drafty is a more medium term solution than payday loans, giving purchasers more flexibility in their time frames.

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