Best Loans in Alaska, Payday, Auto Title Laws of September 2024
According to Alaska’s Small Loan Act, licensed lenders can offer loans upwards of $25,000. But when the amount is $850 or less, interest rates cannot exceed 3% per month. When the amount ranges from $851 to $10,000, additional interest cannot exceed 2% per month. For amounts greater than $10,000, lenders can charge whatever interest rate they want. The final terms here depend on the interest rate agreed upon by the issuer and the borrower.
In Alaska, interest rates are computed using the actuarial method, and lenders cannot split loans across spouses to charge higher interest.
Repayment terms are also regulated:
For loans ≤ $1,000, the maximum term is 24 ½ months:
- For loans > $1,000 but ≤ $2,500, the maximum term is 48 ½ months.
- For loans > $2,500 but ≤ $5,000, the maximum term is 60 ½ months.
- For loans > $5,000 to $25,000, the issuer and borrower determine the maximum term.
Best Bad Credit Loans in Alaska of September 2024
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If you have a problem getting a loan, please read our complete guide on bad credit loans.
Best Personal Loans for Good Credit in Alaska of September 2024
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