Best Loans in Alaska 2019, Payday, Auto Title Laws 2019 - Elite Personal Finance
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Best Loans in Alaska 2019, Payday, Auto Title Laws 2019

EPF July 23, 2019
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According to Alaska’s Small Loan Act, licensed lenders in the state are allowed to 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 are not allowed to split loans across spouses as a way 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 up to $25,000, the maximum term is determined by the issuer and borrower

Best Bad Credit Loans In Alaska

Lender:Min Credit Score:Loan Amount:APR:Licensed in Alaska:
BadCreditLoans0$500 – $5,0005.99% – 35.99%Not a direct lender
CashUSA0$500 – $5,0005.99% – 35.99%Not a direct lender
Opploans0$1,000 – $4,00099% – 199%Yes
PersonalLoans580$1,000 – $35,0005.99% – 35.99%Not a direct lender

If you have problem with getting a loan, please read our complete guide on bad credit loans.

Best Personal Loans for Good Credit In Alaska

Lender:Min Credit Score:Loan Amount:APR:Licensed in Alaska:
Prosper640$2,000 – $40,0006.95% – 35.99%No but complies with law
Upstart620$1,000 – $50,0007.46% – 35.99%No but complies with law
Upgrade620$1,000 – $50,0007.99% – 35.97%No but complies with law
PersonalLoans580$1,000 – $35,0005.99% – 35.99%Not a direct lender
LendingTree500$1,000 – $35,0003.99% – 35.99%Yes

To find the best loan in Alaska – regardless of your credit score – check out our list of recommended lenders.

We also recommend SuperMoney. They are one of the best loan comparison sites. Once you register, they will instantly show you all options instead of sending your personal information to thousand of lenders.

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Payday Loans in Alaska

Maximum Loan Amount: $500

Minimum Loan Term: 14 days

Maximum Loan Term: Not specified

Maximum Fee: 15% of the amount borrowed

Maximum APR: 435%

Rollovers: 1 after a 14-day ‘cooling off period’

Loan Limit: Borrowers are allowed 1 loan at a time

Payday loans are legal in Alaska, but they’re regulated under the Deferred Deposit Advances Act. The law limits borrowing amounts to $500 and limits terms to at least 14 days. However, non-sufficient funds fees are prohibited and criminal actions against borrowers are prohibited as well.

To operate in Alaska, lenders must be licensed in the state. The law requires a separate license for each store or website the lender operates. Each license can cost upwards of $3,000.

As well, before processing a loan, payday lenders are required to disclose all material information – including terms, charges, and the APRs for all 14-day and 30-day loans per $100 borrowed.

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Car Title Loans in Alaska

Car title loans are a grey area in Alaska. The state doesn’t endorse or acknowledge the product legally, but it doesn’t ban it either. The Small Loan Act only requires lenders to abide by the interest rate figures we outlined above, however, it doesn’t say what type of loans are allowed or not allowed.


You can see here that car title loans are legal in many states, but Alaska is not on the list. However, if you conduct a quick Google search, you’ll find plenty of car title lenders in Alaska willing to offer you a loan. Despite the ambiguity, car title loans are extremely risky and the Consumer Financial Protection Bureau (CFPB) estimates that 20% of borrowers end up losing their car.

For this reason, and many others, we recommend you avoid them.

What If I Don’t Qualify For A Loan?

If you applied to the lenders above but aren’t having any luck, there are other ways to bridge the financial gap. In today’s digital economy, you have access to several resources that can help you earn some extra money. You can work part-time as an Uber driver, fill out paid surveys or earn cash by freelancing online. Whatever your preference, you’ll find helpful tips in our money making guide.

Alternative Payday Loans In Alaska

If you don’t qualify for a personal loan, alternative payday loans are solid fallback option. APRs range from 35.99% to roughly 200%, and while high, the out-of-pocket costs are still much less than traditional payday loans.

Take Opploans for example.

APRs range from 99% to 199%, but the lender is licensed in Alaska through its partner institution FinWise Bank. Regulated by the Federal Deposit Insurance Corporation (FDIC), FinWise approves, underwrites and provides funding for all loans granted in Alaska. However, Opploans still services the loans.

On its website, Opploans cites examples in Alaska where borrowing amounts range from $500 to $4,000 and come with APRs of 160%. As well, repayment terms range from 9 to 18 months.

For more information on the role of alternative lenders, see our detailed guide.

Credit Unions In Alaska

Alaska USA Federal Credit Union13.5% – 18%Varies
Credit Union 19.99% – 18%$20,000
Spirit of Alaska Federal Credit Union13.95% – 18%$15,000

Alaska USA Federal Credit Union

While amounts vary by borrower and credit score, Alaska USA Federal Credit Union has extremely affordable APRs. Its unsecured line of credit has an APR of 13.5%, while its Signature loan – with repayment terms that range from 6 to 36 months – has an APR of 14.9%. As well, there are no prepayment penalties and no monthly fees.

To repay the balance, you need to make minimum monthly payments of $10 or 3% of the outstanding loan – whichever is greater.

As well, Alaska USA operates three branches across the state. It has locations in Bethel, Kodiak and Ketchikan.

Credit Union 1

Credit Union 1 offers personal loans that range from $200 to $20,000 with APRs as low as 9.99%. If you opt for a secured loan, you can use your Credit Union 1 savings account as collateral and obtain an APR that’s equal to your savings rate plus 2% to 3%. If you secure your loan with a certificate of deposit (CD), however, your rate can be as a low as the CD rate plus 2%.

Credit Union 1 also doesn’t limit the use of the funds. Whether it’s dental work, sporting equipment, musical instruments or a vacation, its personal loans can be used for nearly any activity.

The company operates 13 branches across Alaska, with locations in Anchorage, Eagle River, Kodiak, Fairbanks and many others.

Spirit of Alaska Federal Credit Union

With Spirit of Alaska personal loans, you can borrow up to $15,000 and receive your funds in as little as one business day. APRs are as low as 13.95% and repayment terms can reach upwards of 72 months. As well, you can opt for its secured loan option and obtain an APR as low as 9.75%. Secured loans also come with repayment terms of 84 months.

Spirit of Alaska operates three branches across Fairbanks.

Student Loans In Alaska

Federal student loans – obtained through the U.S. Department of education – are the most common ways for student to pay for university. They’re attractive because they offer debt forgiveness, charge zero interest until you graduate and allow you to repay the proceeds as a percentage of your income. For more information on the difference between public and private student loans, see our detailed guide.

Within Alaska, students also have access to grants and subsidy programs that can help ease the cost of higher education.

Alaska Education Grant (AEG)

The AEG program provides financial assistance to students in need. The grant is funded through the Alaska Higher Education Investment Fund and is available to students who attend partner institutions within the state.

Grants range from $500 to $4,000 per academic year and funding is given to students who need it most.

To qualify you must:

  • Be a resident of Alaska and a U.S. Citizen or permanent resident
  • Have graduated high school or obtained a GED
  • Attend one of the programs partner institutions
  • Be taking classes half-time or more
  • Not have a previous bachelor’s degree
  • Meet academic progress requirements

Alaska Performance Scholarship (APS)

For students who excel academically, the APS program offers three levels of funding:

  • Level 1 awards up to $4,755 per year to students with a high school GPA of at least 3.5, plus an ACT of at least 25 or SAT of at least 1210 under specified high school curriculum
  • Level 2 awards up to $3,566 per year to students with a high school GPA of at least 3.0, plus an ACT of at least 23 or SAT of at least 1130 under specified high school curriculum
  • Level 3 awards up to $2,378 per year to students with a high school GPA of at least 2.5, plus an ACT of at least 21 or SAT of at least 1060 under specified high school curriculum

Federal Housing Administration (FHA) Loans In Alaska

FHA loans are designed to help low and middle income borrowers obtain the financing they need to purchase a home. Down payments are as low as 3.5%, which allow you to finance roughly 96.5% of your home’s value with a mortgage. To qualify, you need a FICO score of at least 580. However, if your score is less than 580, you can still qualify with a 10% down payment.

The property also has to be your primary residence. FHA loans are not permitted for rental or investment properties.

Depending on size of the property and the area of residence, FHA loan limits vary across Alaska.

Here is a break down by community:

Area/Borough:Lowest FHA Loan Amount:Highest FHA Loan Amount:
Aleutians East Borough$314,827$605,525
Bethel Census Area$314,827$605,525
Bristol Bay Borough$314,827$605,525
Denali Borough$314,827$605,525
Dillingham Census Area$314,827$605,525
Fairbanks North Star Borough$314,827$605,525
Haines Borough$314,827$605,525
Hoonah-Agoon Census Area$314,827$605,525
Kenai Peninsula Borough$314,827$605,525
Lake And Peninsula Borough$314,827$605,525
Northwest Artic Borough$314,827$605,525
Prince of Wales-Hyder Census$314,827$605,525
Southeast Fairbanks Census$314,827$605,525
Valdez-Cordova Census Area$314,827$605,525
Yukon-Koyukuk Census Area$314,827$605,525
North Slope Borough$332,350$639,150
Petersburg Census Area$332,350$639,150
Wrangell City And Borough$332,350$639,150
Ketchikan Gateway Borough$369,150$709,900
Aleutians West Census Area$385,250$740,850
Nome Census Area$391,000$751,900
Anchorage Municipality$401,350$771,850
Matanuska-Sustina Borough$401,350$771,850
Kodiak Island Borough$407,100$782,900
Skagway Municipality$415,150$798,350
Yakutat City And Borough$420,900$809,450
Juneau City And Borough$455,400$875,750
Sitka City And Borough$486,450$935,500

Parsing the data, the lowest FHA loan amount is $314,827 within 15 boroughs and areas across Alaska, while the highest is $935,500 in Sitka City.

Business Loans in Alaska

If you prefer to apply for a business loan online, the lenders below offer great service and extremely competitive APRs:

Lender:Min Credit Score:Loan Amount:APR:Licensed in Alaska:
LendingTree500Varies5.99% – 35.99%Yes
Kabbage0Up to $250,00024% – 99%Not a direct lender

However, if you’d rather speak to someone directly in Alaska, these lenders are a great place to start:

Alaska Growth Capital

Alaska Growth Capital is an alternative lender that provides business financing when traditional lenders say no. An eight-time SBA award winner, Alaska Growth aims to promote economic development and job creation within the state.

Loan amounts typically range from $500,000 to $10,000,000 and come with variable interest rates upwards of prime + 2.75%. Terms range from 7 to 25 years and loans can be used for equipment financing, acquisitions, debt refinancing and working capital.

Alaska Growth is located at, 3900 C Street, Suite 101, Anchorage, Alaska 99503. You can also contact them directly at 1-907-339-6760.

Alaska USA Federal Credit Union

We discussed their consumer loans earlier, but Alaska USA also offers affordable and reliable business financing. You can choose between unsecured or secured loan options and fixed and variable APRs are based on the Wall Street Journal’s prime rate (5.5%) plus 0% to 6%. Adjustable rate APRs are based on the mid-market swap rate (ISDA) plus 2% to 6%.

Alaska USA business loans offer:

  • Cash, equipment or securities loans of $2,500 and up
  • Inventory loans of $5,000 and up
  • Real estate loans of $50,000 and up
  • Unsecured loans ranging from $2,500 to $100,000

Repayment terms also vary by loan type:

  • Cash, inventory and securities loans are typically 1 year
  • New equipment is 7 years, while old equipment is 5 years
  • Real estate is typically up to 15 years, but can extend to 25 years
  • Aircrafts are 15 years, while vessels are 10 years
  • Unsecured loans top-out at 3 years

As we mentioned above, Alaska USA operates three locations across the state, located in Bethel, Kodiak and Ketchikan.


Across Alaska, you can obtain reliable financing both online and at the local level. The state has plenty of lending options that can help keep your finances afloat when an emergency strikes. State lenders also earn points for being extremely transparent with their terms and APRs. In other parts of the country, lenders limit information, which makes it difficult to separate quality lenders from devious ones. The state legislature also deserves credit for not approving car title loans. While they don’t exactly outlaw the practice – considering lenders advertise and still operate – Alaska is part of a minority of U.S. states where the product isn’t explicitly legal. Similar to other states though, Alaska’s payday loan laws are pretty lax. APRs are extremely high and can lead borrowers into a cycle of debt. From our perspective, we recommend you avoid payday loans and stick with personal loans. If you don’t qualify, try some of our money making tips before settling for a payday loan.

Elite Personal Finance

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