Welcome to our ongoing series on dealing with payday loans in the United States of America!
This post will address how to end payday loan debt in Alaska!
With so many people defaulting on these loans and each state having different laws applying to how they operate we want to address each states payday loan laws and the best way to deal with these companies when the bottom falls out!
We also want to cover how to safely use payday loans in Alaska!
Let’s start by taking a look at the existing laws for this state and how they can affect the borrowers!!
Alaska Payday Loan Laws
Payday loans are legal in Alaska and are very much alive and well in this state but only in the city of Anchorage.
To qualify for a payday loan in Alaska you need proof of $800.00 income per month and an active checking account.
This state will allow a maximum loan amount of $500.00 and require a two-week loan duration minimum and will take a post-dated check to secure the loan
This check will be due at the conclusion of the loan, typically 14 days from the original date of the loan
They will allow two rollovers maximum (When you extend a payday loan by paying the interest only) but they have no limit on how many active loans a borrower may have at one time.
Counter charges are $15.00 per $100.00 borrowed and a one-time fee of $5.00 per loan for a total of $20.00 plus the annual interest rate of 520% so a typical 14 day $500.00 loan will cost $170.00 to borrow leaving a total owed on the due date of the loan of $670.00!!
This state does allow for a collection fee of $30.00 and up to $700.00 for NSF checks.
They also allow for a 6-month repayment plan for defaulted loans. ( See our choice for payday loan repayment plans by clicking here.)
If a checking account is closed at the time the loan company presents the check to the borrowers bank the ender may file criminal charges against the borrower.
Using payday Loans Safely In Alaska
Providing you realize you are paying a huge amount of interest for your short-term loan and are OK with that and are still thinking of taking out a payday loan in Alaska or any other state, these three rules will ensure your experience will be short and problem free.
- Never extend a Payday Loan – Always pay off the loan in full on the first due date.
- Never borrow more than you can pay back in one payment.
- Never take out more than one payday loan at a time
By following these three rules your experience with these companies will be short and sweet!
Defaulted Payday Loan Debt
We have covered the payday loan laws in Alaska and covered the safe way to deal with these companies when borrowing money, and last, let us cover the best way to deal with defaulted payday loans.
Alaska does allow for a 6-month repayment plan for defaulted payday loans if you qualify for them but there are quicker and less costly ways of eliminating payday loan debt.
Check out our Payday Loan Repayment Plan to find out how we eliminate payday loan debt quickly and painlessly!!
It is our pleasure to supply this information and we hope it helps you in choosing to use payday loans.
As always we want to hear from you!!
If you have a question or a story to tell or just want to leave a comment please do so below and we will respond ASAP!