Discover Fast & Efficient Payday Loans in Alaska
Enjoy all the great adventures available in wild Alaska with flexible payday loans. Alaska's untouched wilderness, bustling ports and vibrant arts community all come together to create a vast, unforgettable state. Recent transplants and lifelong Alaskans alike find the community, scenery and wildlife uncomparable throughout the rest of the nation.
Alaska is an incredibly large state full of amazing contrasts. From hard-working oil workers to leisurely tourists, one of the most memorable aspects of Alaska is the diverse population. Residents come to Alaska for a variety of industries, including the oil fields, military bases, bustling ports and distinguished universities. However, because of the isolation and harsh climate, resources can be sparse in areas and for many residents a shopping mall or large convenience store can be a considerable distance away. This raises the prices of common household goods and groceries, as well as rent and other costs of living.
Whether you live in Anchorage, along the picturesque Kenai Peninsula, Fairbanks or in rural villages across the state, a payday loan can be a vital resource for paying your bills on time and receiving your paycheck quickly
Why Take Out a Payday Loan?
Alaska is an expensive place to live. Even with the higher-than-average paychecks, PFDs and no income or sales tax, Alaskans still find themselves struggling to pay their debts and afford essential medical bills, groceries or utilities on time from month to month.
A payday loan helps bridge the gap between your bills and your paycheck. Whether you're paid weekly, bi-weekly or monthly, a payday loan provides you with a short-term solution to avoiding overdue bills. Too often bills are due before you receive your paycheck. This means that, even if you've worked extra or have a stable source of income, you may still have insufficient funds to pay your bills. Unpaid bills can result in fines, fees and, in extreme cases, loss of property or eviction.
Credit card interest rates can be extremely high, and bank loans require large sums over long periods of time. Instead of these financial offerings, many middle-income and low-income Alaskans are choosing to meet their financial needs with fast and convenient payday loans.
Of course, a payday loan is still a loan, so you'll have to repay the loan with interest. These loans have higher interest rates than a traditional bank loan because of the short-term, unsecured nature of the loan. These loans should be used in case of emergency, and you should only take out the amount you absolutely need.
In these emergency situations, Alaskans have found that payday loans offer a distinct advantage over other forms of financing. If you're ready to find out more about this dynamic financial offering, take a look at some of the quick facts and detailed laws that allow lenders to offer payday loans.
Fast Facts and Loan Limits in Alaska
Before signing up for an Alaskan payday loan, be sure to choose a legal provider. The state of Alaska licenses payday loan providers and provides strict limits on the type of loan available. Here are some basic stats about loans you can receive in Alaska for your paycheck:
- Interest rate: 435% APR
- Maximum loan amount: $500
- Minimum loan term: 14 days
- Maximum loan term: not specified
- Finance charges: 15% of advanced amount
- One renewal allowed
- Cooling-off period: 14 days
These are just a few of the fast facts of payday loans in Alaska. There are many other, more detailed regulations that help ensure you get a safely monitored and beneficial loan for your needs.
In general, you should only ask for a minimal loan for the minimal loan period. Fees and interest rates can quickly grow as you borrow higher amounts or increase the loan term. If you have an emergency that requires $500 over a period of 30 days, you'll pay far more in fees than if you only take out $100 for 14 days. Be sure to discuss the total cost of your loan with your loan provider before agreeing to any payday loan.
What Makes Snappy Payday Loans Different?
We're working hard to restore the reputation of payday loans, cash advances and other short term lending services. We believe that all kinds of people should have access to the financial products which can help them to deal with unforeseen expenses even if they have less than exemplary credit records. Unfortunately, the reputation of payday loans in Alaska has been marred by less than reputable lenders who prey on the financially vulnerable.
If you've made the informed decision to take out a payday loan you can do so safe in the knowledge that Snappy Payday Loans can help you do so in the safest way possible. Remember we are not a payday lender. Instead we put you in touch with the right payday loans direct lenders in Alaska to suit your needs, helping you to make a well informed and zero-obligation decision that's right for you and your household.
How the Loan Process Works
When you apply for payday loans through our website, the process is completely secure and confidential. Our 128-bit encrypted connection transmits your application to our partners without the risk of interception by third parties.
We pride ourselves on our simple, streamlined application process. Most people are approved if they meet the following requirements:
- Have an active checking account in good standing
- Are a permanent resident or citizen of the United States
- Are age 18 or older
- Have had a job for at least one month
- Can supply a working phone number and email address
The Types of Lenders Available
You can get payday loans and cash advances in Alaska either online or in person. Scores of brick-and-mortar lenders operate in Alaska, and some of these lenders also operate online. You can go in person during the lender's business hours or call the lender and begin the process that way. Alternatively, you can fill out an online request form if the lender has one.
Then there are online-only companies such as Snappy Payday Loans. We offer a variety of helpful features:
- With our quick service, most loans distributed within one business day.
- Loans are deposited right into your bank account.
- Lenders are often willing to work with applicants who have bad credit.
- You only have to fill out a simple online form.
We do not loan you the money, but we use the information you submit to match you with a direct lender (assuming you qualify for a loan). The direct lenders working with us operate by Online Lenders Association best practices. This online option is convenient because you don't have to leave your home and wait in line or wait for a business to open. We process applications on secure servers 24 hours a day, seven days a week.
Rules and Regulations in Alaska
Each of these limits and minimum terms are put in place to protect you from fraudulent loans. Many unscrupulous loan providers attempt to hide fees, charge outrageous interest rates and tempt borrowers with excessive loan amounts.
Alaska allows an origination fee up to $5 that is nonrefundable. There can also be fees that are as high as $15 per $100 in loans, or 15% of the overall loan. These fees allow loan providers to cover the costs and risks inherent in payday loans.
Alaskan payday loans are able to be renewed once. This means that, at the end of your loan period, you're able to renew your loan for the same amount. Once you renew, you have a 14-day period where you're allowed to cancel your loan with no questions asked. This cool-off period is required by law to help prevent unwanted loans.
In Alaska, you don't have to worry about criminal charges or non-sufficient fund fees. Some unlicensed loan providers attempt to prosecute borrowers who are unable to repay payday loans. Thankfully, Alaska protects you from excessive fines or legal action.
All of these laws are enforced by the Division of Banking and Securities in Alaska. Laws may change, but this division can help you with any questions or complaints you may have of a licensed loan provider.
Get Cash Now
If you want a loan as soon as possible, check out our easy online form. Start the process here, and see if you're matched to a lender. If you don't like the rates or terms proposed, you are under no obligation to accept the offer. It's a win-win situation in which you get to see whether you qualify and what the terms are like.
Frequently Asked Questions
Are Online Loans Available in Alaska?
Alaska licenses both physical locations and websites for payday loan providers. Each individual website or physical location is required to have a separate license through the state of Alaska. Online loan providers are legal in Alaska, and they're a convenient way to receive a payday loan in rural areas of Alaska. Don't travel for hours across Alaska in search of a convenient lender location, particularly if you're off the road system. Many Alaskans are in unique situations that make it very difficult to access regional loan providers. Most loan offices are located in larger cities, like Anchorage, so your home may be miles away from the nearest payday loan storefront. However, be sure to check that your online loan provider is licensed in Alaska before receiving a loan.
Where Can I Report a Complaint With my Loan?
Licensed loan providers should conform with all Alaskan laws, whether you're receiving a loan in person or online. However, some loan providers will attempt to break the laws and regulations and charge excessive fees or other illegal action. If you feel your loan provider isn't following Alaskan laws for payday loans, contact the Consumer Financial Protection Bureau or the Alaska Division of Banking and Securities. The Division has formal documentation that can be submitted by mail or email.
How Can a Senior Citizen Receive a Payday Loan?
Even senior citizens need financial assistance. Thankfully, there's no age limit on payday loans. You can use a payday loan to receive your Social Security income, part-time job paycheck or any other source of income quickly. From medical expenses to rent, you can still receive the financing you need even after you retire. The same fees, interest rates and minimum and maximum terms apply to senior citizens. Regardless of your source of income or financial need, you can access the payday funding you need.