October 8th, 2012 By Shawn Martin
Alaska is one of our more friendly Payday Loan states. They have a pretty straight forward outlook on these kinds of loans.
The minimum loan duration is 14 days but there is no cap on how many times it may be extended or rolled over, which really puts the squeeze on borrowers.
They follow an interest rate of 15 percent or the lesser of $15.00 per $100.00 loaned, plus a $5.00 fee.
Alaska does require lenders to be clear and precise in the terms of their loans, and make sure the customer does understand what all is involved in taking out a Payday loan.
Alaska also does not allow any collateral other than a check in exchange for the Payday loan and clearly monitors collection activity.