Alaska Cash Advance Laws & Regulations
There is a common misconception that payday loans are illegal in the state of Alaska. This myth stems from the rigid laws and regulations that govern the payday loan industry there. Because of strict interest fee and finance charge caps, many lenders have found it too expensive to operate cash advance stores in Alaska. This has resulted in a smaller than average market of in-state payday lenders. CashAdvance.com has provided a list of loan laws and regulations that Alaska residents will want to familiarize themselves with before borrowing. The last legislative reform was instituted in 2010 by Alaska's state legislature requiring licensure of lenders. As of January 2012, there have been no further regulatory updates.
Here are some specific Alaska regulations, to protect consumers from predatory lending in the payday loan industry:
- Maximum Payday Loan Term
None - Maximum Finance Charges and Fees
Interest capped at 15%, $20 finance charge, less than $15 per $100 for origination fees - Maximum Loan Amount
$500 - Number of Rollovers
Two - Outstanding Loans Allowed at Once
N/A - Cool-Off Period
None
- Payment Plan
Yes, agreed upon with lender - Collection Fees
$30 NSF Fee - Presentment Limit
One - Private Right of Action
Civil - Military Protection
N/A - Penalties
Court costs of up to $700 over the cost of the loan
References:
More Information about Alaska
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Consumer Notice: A cash advance, also referred to as a payday loan or payday advance, is a small, short-term loan that is intended to cover a borrower's expenses until the following payday. Cash advances are intended for short-term financial relief and do not constitute long-term financial solutions. Consumers facing debt and credit difficulties should seek out debt and credit advisory help. Consumers are encouraged to consult our State Consumer Resource pages to learn more about the risks involved with cash advances, local laws and regulations that may be applicable to cash advances, possible loan alternatives and recent developments in their state.
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Availability: Residents of some states may not be eligible for a short term cash loan based upon lender requirements. CashAdvance.com does not guarantee that completing an inquiry form will result in you being matched with a service provider or lender, being offered a loan product with satisfactory rates or terms, nor receiving a loan from a service provider or lender.