Payday loans in Alaska are like cash advances anywhere else with certain rules applied to them. These are short-term loans for quick cash in an hour of need. Consumers must remember that these loans are meant to meet short-term goals and should not be used for long-term goals.
A consumer can choose to go for this cash advance as it is easy to apply and get, it usually takes a few hours to get the process completed and have the money you need. Another advantage is that the credit score is usually not considered as a criterion for lenders for this fast cash loan, your monthly paycheque is the priority criteria checked by lenders.
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Payday lenders are referred to as deferred deposit advance lenders. Payday loans bad credit can be availed from storefronts or online, as both are legal in Alaska. The state government regulates this industry with a set of rules and regulations through the division of banking and securities. They describe all the relevant provisions on payday lending in the state.
Payday loans in Alaska no credit check – Find Bad Credit Payday Lenders Online
Some of these rules are defined further:
- Loan amount – Maximum loan amount can be 500$, however, there is no specific minimum limit.
- Tenure – Minimum tenure of 14 days and no limit on maximum tenure.
- Cost – approximately 15% of the amount and an origination fee of 5$ which is non-refundable. Example: if you borrow 100$, then you will payback 120$ (15% interest – 15$ + 5$ origination fee).
- Annual Percentage Rate – based on above information the APR will amount to around 520%.
- Borrower check – The borrower must be permanently employed or at least have a permanent source of income.
- The Number of loans – A borrower can have any number of loans they need in Alaska, as there is no limit specified for the same.
- The Number of rollovers – Two. If a borrower is unable to repay a loan, they are allowed to roll it over twice for 14 day period each; hence the borrower can get an additional 28 days to repay the loan. There may be a new origination fee or some finance charges associated with rollovers. On the date of rollover, the lender may check again if the consumer meets their lending criteria.
- Repayment plan – A Repayment plan must be established with the terms of lending. Borrowers must pay the amount and finance charges back in one lump sum.
- Non-Sufficient Funds – If a consumer does not have sufficient funds in their account, the lender may charge a 30$ fee.
Consumers should be aware that payday lending is state chartered in Alaska, hence if any lender is not complying with the rules stated above the borrower must contact and inform The Division of Banking and Securities. Consumers should understand the rules and regulations behind these loans, by gaining this knowledge of the process, local laws and regulations, pros and cons, the consumers can protect themselves and get the best out of these short-term loans.
There are various lenders available in Alaska, we have listed some of them for you below:
- Payday LV – Online payday lender.
- Check into cash – Direct Lenders, online and store.
- Cash central – Online and offer discounts to repeat customers.
- CashNet USA – Large online lender.
- Loan by Phone – Online site powered by Check into cash.
There are many more payday lenders available online, you should always compare multiple options and check which of them most satisfies your need.