Payday Loans or “Quick Cash” loans come in real handy when you are short on cash. Today you can go to brick and mortar business for a payday loan or cash advance loan and you can even get online payday loans. The interest rates are a little healthy, but the speed and convenience of getting the cash quick to cover an unexpected expense overrides the costs.

These are the rules, laws and regulations of payday loans in Alaska.

State of Alaska Payday Loan Information

The Legal Status payday loans: Legal

Citation:
Alaska Statute 06.50.100 et seq.

Payday Loan Terms:

Maximum Payday Loan Amount: $500
Payday Loan Term: 10-31 days
Maximum Finance Rate and Fees: 17.5%
Finance Charge for 14-day $100 loan: $17.50
The APR for 14-day $100 payday loan: 456.25%

Payday Loan Debt Limits:

Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: Two
Cooling-off Period:
Repayment Plan: Yes

Payday Loan Collection Limits:

Collection Fees: $30 NSF fee; Court costs of up to $700 over the amount of the payment (if disclosed in loan agreement)
Criminal Action: Prohibited (Unless check returned due to closed account)

Alaska Payday Loan Information:

Regulator: Alaska Division of Banking and Securities
Address: P.O. Box 110807 Juneau AK 99811
Phone: (888) 925-2521
Fax: (907) 465-2549

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This entry was posted on Monday, May 3rd, 2010 at 9:43 am and is filed under Payday Loans by State. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.