(last updated 01/02/2018)
Alaska Payday Loan Laws and Regulations in (AK)
Payday loans and cash advances are legal in Alaska. The Alaska Division of Banking and Securities has been regulating Payday Loans and Cash Advances since January 19th, 2010. As of 09/11/2014 there were 14 licensed lenders and 25 licensed locations in Alaska.
The maximum payday loan allowed in Alaska is $500. The maximum payday loan as a percentage of income is not specified. The number of loans that can be open at one time is not specified. The maximum permissible fees allowed in Alaska is 14 Days. Loan has a maximum APR of 520%. . The cooling off or waiting period for obtaining another loan is not specified days. The number of rollovers that are permitted is 2. The minimum loan term is 14 days. The maximum loan term is not specified.
This information is for informational purposes only. Although care has been taken to accurately describe the laws and regulations in Alaska, no guarantees are implied or expressed about its accuracy. This is not legal advice. If you need legal advice, please consult an attorney or the Alaska Division of Banking and Securities.
The following classes of lending organizations may be exempt from some, all or none of the regulations and laws set by the state of Alaska. Federally chartered banks, state chartered banks, credit unions and some entities organized under the laws of a sovereign nation (for example) a Native American Tribe or the country of Antigua.