Loan Rates and Fees in Alaska

Alaska's deferred deposit advance (payday loan) law caps the fee at $15 per $100 borrowed, on a maximum loan of $500. The minimum loan term is 14 days. No additional fees beyond the per-$100 charge are authorized at origination.

On a $300 loan with a $15-per-$100 fee due in 14 days, the maximum fee is $45 ($300 ÷ $100 × $15), making your total repayment $345. Federal disclosure rules require lenders to show the APR on your agreement - on a 14-day loan, that $45 fee works out to roughly 391% APR.

• Rollovers: Alaska law does not authorize rollovers of deferred deposit advances - if a lender offers one, confirm the terms with the Alaska Division of Banking and Securities.
• Returned payment fee: capped at $15 for a dishonored check or failed electronic transfer under the deferred deposit advance statute.
• No separate database or verification fee is authorized - question any line item labeled as one.

If an offer exceeds these limits, verify with the Alaska Division of Banking and Securities.

Licensed small loan lenders under the Alaska Small Loans Act charge interest on the unpaid balance (declining balance method). The maximum rates are tiered by loan amount:

On a $1,000 loan for 12 months, the first $850 accrues interest at up to 3% per month and the remaining $150 at up to 2% per month on the unpaid balance. Your actual total depends on the exact rate and payment schedule in your offer - ask the lender for the total-of-payments figure before you sign.

• Refinancing restarts interest on the new amount - compare your remaining balance to the new loan's total of payments before you agree.
• Returned payment fee: the same $15 cap that applies to payday loans may not apply to installment loans - ask the lender for the exact amount before you sign.
• Late fee: capped at 10% of the payment that is due.
• You can prepay in full at any time with no penalty - interest stops accruing on the payoff date; see the Alaska installment loans page for repayment details.

If an offer exceeds these limits, verify with the Alaska Division of Banking and Securities.

• Total of payments: the single most important number - add every line item and confirm it matches the "total of payments" figure on your agreement.
• Military households: if you or your spouse are active-duty, the all-in cost can't exceed 36% MAPR under federal law - compare that to the APR on your offer.