Loans By State

Best Loans in Alaska, Payday, Auto Title Laws 2020

EPF Last Update: June 7, 2020

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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 2020

Amount

$500 – $10,000

Min Credit Score

0

APR

5.99% – 35.99%

Approval

< 1 Day

Terms

3 – 36 Months

Licensed in Alaska

Not a direct lender

Amount

$100 - $2,500

Min Credit Score

0

APR

Vary by State

Approval

< 1 Day

Terms

1 - 36 Months

Licensed in Alaska

Yes

Amount

$1,000 – $5,000

Min Credit Score

0

APR

Vary By State

Approval

< 1 Day

Terms

9 – 36 Months

Licensed in Alaska

Yes

Amount

$100 – $1,000

Min Credit Score

0

APR

Vary By State

Approval

< 1 Day

Terms

7 – 30 Days

Licensed in Alaska

Yes

Amount

$1,000 – $10,000

Min Credit Score

0

APR

5.99% – 35.99%

Approval

< 1 Day

Terms

2 – 5 Years

Licensed in Alaska

Not a direct lender

Amount

$1,000 – $50,000

Min Credit Score

500

APR

3.99% – 35.99%

Approval

< 1 Day

Terms

1 – 5 Years

Licensed in Alaska

Yes

Amount

$1,000 – $35,000

Min Credit Score

0

APR

5.99% – 35.99%

Approval

< 1 Day

Terms

2 – 5 Years

Licensed in Alaska

Yes

Amount

$1,000 – $100,000

Min Credit Score

500

APR

5.34% – 35.99%

Approval

< 1 Day

Terms

90 Days – 72 Months

Licensed in Alaska

Yes

Amount

$1,000 - $100,000

Min Credit Score

0

APR

4.99 - 35.99%

Approval

< 1 Day

Terms

12 - 120 months

Licensed in Alaska

Yes

Amount

$1,000 – $35,000

Min Credit Score

580

APR

5.99% – 35.99%

Approval

< 1 Day

Terms

90 Days – 72 Months

Licensed in Alaska

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 2020

Amount

$1,000 - $100,000

Min Credit Score

0

APR

4.99 - 35.99%

Approval

1 Day

Terms

12 - 120 months

Licensed in Alaska

Yes

Amount

$2,000 - $40,000

Min Credit Score

640

APR

7.95% - 35.99%

Approval

1 - 3 Days

Terms

36 - 60 months

Licensed in Alaska

Yes

Amount

$1,000 – $100,000

Min Credit Score

0

APR

4.99 - 35.99%

Approval

1 Day

Terms

12 - 120 months

Licensed in Alaska

Yes

Amount

$1,000 – $35,000

Min Credit Score

580

APR

5.99% – 35.99%

Approval

< 1 Day

Terms

90 Days – 72 Months

Licensed in Alaska

Yes

Amount

$1,000 – $50,000

Min Credit Score

500

APR

3.99% – 35.99%

Approval

< 1 Day

Terms

1 – 5 Years

Licensed in Alaska

Yes

Amount

$1,000 – $35,000

Min Credit Score

0

APR

5.99% – 35.99%

Approval

< 1 Day

Terms

2 – 5 Years

Licensed in Alaska

Yes

Amount

$1,000 – $50,000

Min Credit Score

600

APR

7.99% - 35.97%

Approval

< 1 Day

Terms

3 - 5 Years

Licensed in Alaska

Yes

Amount

$5,000 – $35,000

Min Credit Score

640

APR

5.99% – 24.99%

Approval

1 – 7 Days

Terms

2 - 5 Years

Licensed in Alaska

Yes

Amount

$2,500-$35,000

Min Credit Score

660

APR

6.99-24.99%

Approval

1 Day

Terms

24 - 84 Months

Licensed in Alaska

Yes

Amount

$7,500 - $40,000

Min Credit Score

680

APR

6 - 15%

Approval

1 - 7 Days

Terms

36 - 84 months

Licensed in Alaska

Yes

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

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Payday Loan Laws in Alaska 2020

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.

Payday Loan Laws in Alaska by Country

ElitePersonalFinance analysis of payday loan laws by countries in the State of Alaska.

We haven’t found a significant difference between the payday loan laws in Alaska. If you are with bad credit, here are the laws in Alaska by country.

City Amount Allowed APR Allowed Status
Anchorage $500 435% Legal
Juneau $500 435% Legal
Fairbanks $500 435% Legal
Badger $500 435% Legal
Knik-Fairview $500 435% Legal
College $500 435% Legal
Tanaina $500 435% Legal
Lakes $500 435% Legal
Wasilla $500 435% Legal
Sitka $500 435% Legal
Ketchikan $500 435% Legal
Kalifornsky $500 435% Legal
Kenai $500 435% Legal
Meadow Lakes $500 435% Legal
Steele Creek $500 435% Legal
Gateway $500 435% Legal
Palmer $500 435% Legal
Bethel $500 435% Legal
Fishhook $500 435% Legal
Kodiak $500 435% Legal
Chena Ridge $500 435% Legal
Homer $500 435% Legal
Farmers Loop $500 435% Legal
Sterling $500 435% Legal
Unalaska $500 435% Legal
Soldotna $500 435% Legal
Nikiski $500 435% Legal
Utqiagvik $500 435% Legal
Goldstream $500 435% Legal
Butte $500 435% Legal
Valdez $500 435% Legal
Nome $500 435% Legal
Kotzebue $500 435% Legal
Petersburg $500 435% Legal
Cordova $500 435% Legal

Car Title Loans in Alaska 2020

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.

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.

Best Auto Loans for Bad Credit in Alaska 2020

Amount

$1,000 - $100,000

Min Credit Score

0

APR

From 1.99%

Licensed in Alaska

Yes

Amount

$1,000 - $100,000

Min Credit Score

0

APR

From 1.99%

Licensed in Alaska

Yes

Amount

Up to $100,000

Min Credit Score

0

APR

Vary

Licensed in Alaska

Yes

Amount

Up to $100,000

Min Credit Score

0

APR

Vary

Licensed in Alaska

Yes

Amount

Up to $100,000

Min Credit Score

0

APR

Vary

Licensed in Alaska

Yes

Amount

$8,000 - $100,000

Min Credit Score

500

APR

2.74% - 27%

Licensed in Alaska

Yes

Amount

$1,000 - $100,000

Min Credit Score

500

APR

From 3.09%

Licensed in Alaska

Yes

Amount

$250 - $500,000

Min Credit Score

640

APR

2.99% - 21.99%

Licensed in Alaska

Yes

Amount

$1,500 - $20,000

Min Credit Score

0

APR

18.00% - 35.99%

Licensed in Alaska

Yes

Amount

$1,000 - $45,000

Min Credit Score

0

APR

From 0.99%

Licensed in Alaska

Yes

Amount

$1,000 - $35,000

Min Credit Score

0

APR

From 1.99%

Licensed in Alaska

Yes

Amount

$7,500 - $50,000

Min Credit Score

500

APR

From 3.39%

Licensed in Alaska

Yes

Amount

$5,000 – $55,000

Min Credit Score

510

APR

3.99% - 24.99%

Licensed in Alaska

Yes

Amount

$1,000 - $100,000

Min Credit Score

0

APR

3.90% - 27.90%

Licensed in Alaska

Yes

Best Auto Loans for Good Credit in Alaska 2020

Amount

$1,000 - $100,000

Min Credit Score

0

APR

From 1.99%

Licensed in Alaska

Yes

Amount

$1,000 - $100,000

Min Credit Score

0

APR

From 1.99%

Licensed in Alaska

Yes

Amount

$1,000 - $100,000

Min Credit Score

500

APR

From 3.09%

Licensed in Alaska

Yes

Amount

$250 - $500,000

Min Credit Score

640

APR

2.99% - 21.99%

Licensed in Alaska

Yes

Amount

$5,000-$100,000

Min Credit Score

660

APR

4.99% to 9.19%

Licensed in Alaska

Yes

Amount

$7,500 - $50,000

Min Credit Score

500

APR

From 3.39%

Licensed in Alaska

Yes

Amount

$8,000 - $100,000

Min Credit Score

500

APR

2.74% - 27%

Licensed in Alaska

Yes

Amount

$1,000 - $100,000

Min Credit Score

0

APR

3.90% - 27.90%

Licensed in Alaska

Yes

Amount

$3,000 - $100,000

Min Credit Score

650

APR

From 3.12%

Licensed in Alaska

Yes

Amount

$5,000 - $100,000

Min Credit Score

640

APR

From 3.54%

Licensed in Alaska

Yes

Amount

$5,000 – $55,000

Min Credit Score

510

APR

3.99% - 24.99%

Licensed in Alaska

Yes

Amount

$5,000 - $100,000

Min Credit Score

600

APR

3.54% - 10.24%

Licensed in Alaska

Yes

Amount

$1,500 - $20,000

Min Credit Score

0

APR

18.00% - 35.99%

Licensed in Alaska

Yes

Credit Unions in Alaska

Name: APR: Amount:
Alaska USA Federal Credit Union 13.5% – 18% Varies
Credit Union 1 9.99% – 18% $20,000
Spirit of Alaska Federal Credit Union 13.95% – 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 3 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 3 branches across Fairbanks.

All Licensed Credit Unions in Alaska

Name City Size (Millions) Members
ALASKA USA FEDERAL CREDIT UNION Anchorage $4,686.88 438967
CREDIT UNION 1 Anchorage $787.83 66136
DENALI ALASKAN FEDERAL CREDIT UNION Anchorage $460.60 55083
MATANUSKA VALLEY FEDERAL CREDIT UNION Palmer $359.73 34275
MAC FEDERAL CREDIT UNION Fairbanks $86.09 14111
TRUE NORTH FEDERAL CREDIT UNION Juneau $112.72 10856
SPIRIT OF ALASKA FEDERAL CREDIT UNION Fairbanks $125.64 10388
TONGASS FEDERAL CREDIT UNION Ketchikan $58.59 6402
NORTHERN SKIES FEDERAL CREDIT UNION Anchorage $59.26 6110
ALPS FEDERAL CREDIT UNION Sitka $41.09 3016
ALASKA DIST ENGINEERS FEDERAL CREDIT UNION Anchorage $12.78 1035
CITY OF FAIRBANKS FEDERAL CREDIT UNION Fairbanks $2.31 435

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:

County Single Unit Limit (lowest) Four-Plex Limit (highest)
Aleutians East Borough $331,760 $638,100
Aleutians West Census Area $385,250 $740,850
Anchorage Municipality $411,700 $791,750
Bethel Census Area $331,760 $638,100
Bristol Bay Borough $331,760 $638,100
Denali Borough $331,760 $638,100
Dillingham Census Area $331,760 $638,100
Fairbanks North Star Borough $331,760 $638,100
Haines Borough $331,760 $638,100
Hoonah-Angoon Census Area $331,760 $638,100
Juneau City And Borough $455,400 $875,750
Kenai Peninsula Borough $331,760 $638,100
Ketchikan Gateway Borough $369,150 $709,900
Kodiak Island Borough $408,250 $785,100
Lake And Peninsula Borough $331,760 $638,100
Matanuska-Susitna Borough $411,700 $791,750
Nome Census Area $391,000 $751,900
North Slope Borough $332,350 $639,150
Northwest Arctic Borough $331,760 $638,100
Petersburg Census Area $332,350 $639,150
Prince Of Wales-Hyder Census Area $331,760 $638,100
Sitka City And Borough $486,450 $935,500
Skagway Municipality $415,150 $798,350
Southeast Fairbanks Census Area $331,760 $638,100
Valdez-Cordova Census Area $331,760 $638,100
Wrangell City And Borough $332,350 $639,150
Yakutat City And Borough $420,900 $809,450
Yukon-Koyukuk Census Area $331,760 $638,100

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:

Amount

Up to $10,000,000

APR

Vary

Min Credit Score

0

Licensed in Alaska

Yes

Amount

$5,000 - $500,000

APR

9.77% - 35.98%

Min Credit Score

600

Licensed in Alaska

Yes

Amount

$5,000 - $500,000

APR

5.99% – 35.99%

Min Credit Score

500

Licensed in Alaska

Yes

Amount

Up to $250,000

APR

24% – 99%

Min Credit Score

560

Licensed in Alaska

Yes

Amount

Up to $350,000

APR

9.28 - 10.52%

Min Credit Score

650

Licensed in Alaska

Yes

Amount

Up to $350,000

APR

10.00 - 25.00%

Min Credit Score

680

Licensed in Alaska

Yes

Amount

$75,000 - $5,000,000

APR

5.50 - 8.25%

Min Credit Score

650

Licensed in Alaska

Yes

Amount

Up to $500,000

APR

12.18 - 36.00%

Min Credit Score

660

Licensed in Alaska

Yes

Amount

Up to $500,000

APR

9.00 - 99.00%

Min Credit Score

600

Licensed in Alaska

Yes

Amount

Up to $5,000,000

APR

15.00 - 78.00%

Min Credit Score

600

Licensed in Alaska

Yes

Amount

Up to $1,000,000

APR

Vary

Min Credit Score

0

Licensed in Alaska

Yes

Amount

$6,000 to $250,000

APR

Vary

Min Credit Score

0

Licensed in Alaska

Yes

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 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 3 locations across the state, located in Bethel, Kodiak and Ketchikan.

Conclusion

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.

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