Alaska Payday Loans and Installment Loans
Alaska Payday loans and installment loans are easily available to its residents. Alaska payday loans are governed by the state rules and online payday loans are available for up to $500. This is the right place for finding payday loans in Alaska, as we have a smart search facility for matching your credentials with large network of lenders and brokers who can provide payday loans in all the cities in the Alaska. Please read below for more information regarding APR (annual percentage rate), maximum loan amount, maximum loan period, maximum rollovers, permitted fees and charges etc in Alaska.
The maximum loan amount allowed as per state laws of Alaska is $500. A borrower cannot take more than $500 payday loan depending upon their income level, employment status and other factors. The maximum loan amount in case of installment loans can be more than $500 in most cases depending on the lending policy of individual lenders.
Payday loans in Alaska are available for not less than 14 days for up to 31 days. However,an installment loan is typically available for a longer period of upto 6 months which can be paid via Bi-weekly or monthly payments. Payday loans have to be repaid on the next pay date, however a maximum of 2 rollovers are allowed in case of non-payment o the due date.
APR And Fees
In accordance with state laws of Alaska, a lender can charge a maximum 15% of the loan amount. The interest rate is capped at 15% i.e. maximum $15 per $100. In addition to this, lenders might also charge a $15 per $100 for origination fee and maximum $20 for finance charges. The APR is the annual percentage rate that is the cost of loan expressed as a yearly rate. The APR varies according to period of loan for example, APR for 14 days payday loan will be 391.07%whereas for 30 days payday loan, APR will be 182.50%. THE APR will increase in case of a shorter loan period and APR will decrease when loan period is longer. The Apr is calculated as below:
APR = Finance Charge(%) x 365 / Period of Loan (Number Of Days)
So APR of a payday loan with 15% Finance charge for 14 days would be calculated as:
Please read below illustrations for fees and total payment as per different loan amounts.
PLEASE NOTE THAT FOLLOWING EXAMPLE IS FOR REPRESENTATIVE PURPOSE ONLY. THERE MIGHT BE A DIFFERENCE IN ACTUAL APR AND INTEREST CHARGES DEPENDING UPON TERMS AND CONDITIONS, LOAN AMOUNT AND VARIOUS OTHER FACTORS.