Payday Advance Alaska
Payday loans are known by various terms such as "payday advance" or "fast payday advance", "instant payday advance", "payday cash advance", "cash loan", "temporary cash loan", or "payroll loan". Regardless of what you call them, payday loans provide rapid cash--usually within 24-hours or less and normally without credit checks.
If you are pinched for cash with your paycheck still a way off, payday advance loans give you the finances necessary to meet pressing needs. Some people even use payday advance loans to give them extra money at vacation time. Then, once the following payday or another pre-approved date arrives, your short-term cash advance is easily paid, plus any due interest and fees.
Requirements for Obtaining Alaska Payday Loans
Alaska payday advance loans can be obtained from either a licensed lender within the state or via online lenders. Both in-state and online lenders must adhere to the Alaskan laws and regulations governing payday loans for Alaskan residents. You should verify that any lender you intend to use for a payday loan is licensed by the state of Alaska.
Any Alaskan resident who is 18 years old or older can apply for a short-term loan from a licensed Alaskan lender. Regular employment is a requirement for a payday loan and, therefore, proof of such employment is required. Presenting several previous paycheck stubs usually satisfies this requirement. You are also required to present an acceptable form of personal ID.
A short application is filled out for the desired loan amount and presented along with the above-required information. You will also need to present a post-dated check, which is cashed by the lender upon the designated date of payment. This is also sometimes done electronically via your supplied savings or checking account information. Normally, your bank account info will need to be supplied so that the funds can be applied to your account upon approval.
You will also be asked to sign a repayment plan that outlines the terms of the loan, as well as the agreed upon repayment date. Your application is then processed and is generally approved within a 24-hour period. Once approved, your designated loan amount is deposited into your bank account.
Alaska Payday Advance Loan Guidelines
In the state of Alaska, payday loans are legal as long as the lender has a required license. Alaska payday loans can be obtained in amounts up to $500 with a minimum loan term of 14 days. There is no maximum number of payday advances that can be obtained by one person. However, a maximum fee and finance charge of $5 plus either a $15 per $100 of loan or 15 percent (whichever is less) is charged for each transaction.
The annual percentage rate (APR) on a $100, loan lasting the minimum 14-day period is 520 percent. Two rollovers are allowed per payday loan. Rollovers are allowed extensions of loan payment should they be required. However, extra fees and continued interest are incurred on the amount.
Should there not be sufficient funds available in the account at the time of repayment a $30 one-time NSF fee can be charged plus additional late fee penalties and interest. If court proceedings are required to pursue repayment, court costs up to an amount of $700 above the initial loan amount can be sought. However, this must be disclosed in the initial loan agreement.
Where to Obtain Additional Information on Payday Loans
If you want to obtain additional information on payday advance Alaska lenders and the guidelines and laws governing them, you can use the following contact information. Keep in mind that laws change periodically, so it is prudent to research current information prior to seeking a payday loan.
Alaska Division of Banking and Securities
P.O. Box 110807
Juneau AK 99811