Payday Loan Laws - AK
The rules and regulations issuers of payday loans must abide by in the state of Alaska.
Legal Status:
Legal
Loan Terms:
Maximum Loan Amount: $500
Loan Term: Min: 14 days
Maximum Finance Rate and Fees: $5 + the lesser of $15 per $100 or 15%
Finance Charge for 14-day $100 loan: $20
APR for 14-day $100 loan: 520%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: Two (renewals)
Repayment Plan: Yes
Collection Limits:
Collection Fees: $30 NSF fee; Court costs of up to $700 over the amount of the payment (if disclosed in loan agreement)
Criminal Action: Prohibited (Unless check returned due to closed account)
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