West · Allowed
Payday loans in Alaska
Storefront payday lending is permitted in Alaska. State law caps what lenders can charge — the limits below are the legal ceiling, and honest lenders stay under it.
The limits below are the legal ceiling — any offer above them is being made outside the law.
The rules behind the numbers
Payday loans are intended for short-term financial needs only and are not a solution for long-term debt.
In practice: borrow $300 for a standard term and the finance charge is $50 — $350 repaid at the end, about 435% APR. Every compliant lender in Alaska has to fit inside that schedule.
Statute: Alaska Stat. § 06.50.010 et seq.
Regulator: Alaska Division of Banking and Securities · www.commerce.alaska.gov
Questions people ask here
How much can a payday loan cost in Alaska?
State law caps fees at 15% of face value + $5 fee. On a typical $300 loan that works out to about $50 in finance charges — repaying $350 in total. A lender charging more than the cap is operating illegally.
What happens if I can't repay on time in Alaska?
This state's rules on rolling the loan over: forbidden. If you can't pay, ask the lender for an extended payment plan before you renew — and call the state regulator if the plan is refused.
Are online payday lenders legal in Alaska?
Only lenders licensed in Alaska may make loans to residents at these terms — the license, not the website, decides what's legal. Out-of-state lenders offering terms above the state cap are operating outside the law.
Who regulates payday lenders in Alaska?
Complaints about a licensed lender go to the Alaska Division of Banking and Securities (www.commerce.alaska.gov) — keep the loan agreement and every fee disclosure you were given.