Alaska Personal Loan for Bad Credit Laws and Regulations in (AK)
(last updated 09/23/2019)
The Small Loan Rules at Alaska Statutes 06.20.010-920
Licensed small loan lenders, typically pawn shops and payday lenders, are allowed to charge higher rates:
(a) A licensee may lend any sum of money not exceeding $25,000 and may charge, contract for, and receive on the loan interest at a rate not exceeding three percent a month on that part of the unpaid principal balance of a loan not in excess of $850; two percent a month on the unpaid principal balance exceeding $850 but not exceeding $10,000; and at a rate agreed by contract on the remainder of any unpaid principal balance exceeding $10,000 but not exceeding $25,000.
(b) Notwithstanding the provisions of (a) of this section, a licensee who makes open-end loans under this chapter may charge, contract for, and receive interest at a rate not exceeding three percent a month on that part of the unpaid principal balance of a loan not in excess of $850; two percent a month on the unpaid principal balance exceeding $850 but not exceeding $10,000; and at a rate agreed by contract on the remainder of any unpaid principal balance exceeding $10,000 but not exceeding $25,000.
(c) Interest on loans under (b) of this section shall be computed according to the actuarial method on the entire unpaid principal balance as determined under AS 06.20.285 (b).
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.
Alaska Personal Loan for Bad Credit Lending Regulator (AK)
