Payday loans are legal in Alaska.
Alaska Payday Lending Statutes
The only statute regulating payday lending in Alaska is Alaska Statute Code 06.50.010 et seq.
Payday loan companies in Alaska operate under the term of “deferred deposit advance lenders” and regulations apply to both storefront and online loan providers.
Payday Loan Terms and Amounts in Alaska
Maximum payday loan amount allowed in Alaska is $500. Repayment term is capped by minimum 14 days. Maximum loan term is not capped.
Rates and Fees
Maximum finance rate and fees: $5 plus the lesser of $15 per $100 or 15%
Example finance charge for 14-day $100 loan: $20
APR for 14-day $100 loan: 520%
Debt Limits in Alaska
Maximum number of outstanding loans at one time is not specified. maximum two rollovers (renewals) are permitted. Cooling-off period is not specified.
Collection Limits in Alaska
Collection Fees are $30 NSF fee, court costs of up to $700 over the amount of the payment (if disclosed in loan agreement)
Criminal Action is Prohibited (Unless check returned due to closed account)
Alaska Division of Banking and Securities
Address: P.O. Box 110807 Juneau AK 99811
Phone: (888) 925-2521
Fax: (907) 465-2549
File a complaint: https://www.commerce.alaska.gov/web/portals/3/pub/DBSGeneralComplaintFormupdated.pdf
Submit a complaint with CFPB: https://www.consumerfinance.gov/complaint/#payday-loan