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Payday Loan Laws in Alaska


Loan Term:14 days min.
Loan Amount:$500
Fees and Finance Charges:15% or the lesser of $15 per $100 loaned + $5 fee
Laws:A new law in Alaska, S.B. 272, Chapter 116, has created new levels of control over the payday lending community. This law requires payday lenders to go through stricter licensing criteria, and also gives borrowers more rights. For example, a borrower now has the right to return his cash advance within one business day without penalty, should he decide to do so. The law also takes action against illegal conduct by lenders, and explicitly forbids accepting any collateral for a loan other than a verification of income. It is also now necessary for all payday loan services to give full disclosure of all loan particulars. Not doing so is punishable by law.