Payday loans are small, cash advances granted by lending institutions across the state to assist Alaskans who are having a small financial setback. These loans are typically between $100 and $500, and are to be paid in full on the borrowers next payday. The amount that you are eligible to borrow from such cash advance companies doesn’t depend on your credit report and credit score like it does with typical lending institutions, but instead is directly related to the amount that you take home in your paycheck.

Let’s say, for example, that your hot water heater has broken. You don’t have any cash and you won’t be paid until next week. By simply contacting a cash advance company, you can have the necessary funds very quickly.

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In Alaska, a post dated check created by you and made out to the lender is one such means of getting this quick and easy loan. In this check, you include any applicable fees that go along with your loan, plus the full loan amount. When the lender cashes the check, it keep the fees and puts the balance directly on your loan.

Alaska does have laws in place for the payday loan industry in order to protect all parties involved:

14 day maximum.
Applicable fees are to be no more that $5 + 15% of the loan ($15 per each $100).
Only two rollovers are allowed for each loan (If you are unable to pay the loan in full by the due date, you can take out another cash advance to pay the first--each loan is considered one rollover).
A Non-Sufficient Funds charge for any bounced check may not exceed $30.

Having your paycheck directly deposited into your personal account may be a stipulation to getting a cash advance.

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* Cash-Advance-USA.org provides information and research on cash advances/payday loans. We are not a payday lender or broker, nor are we necessarily affiliated with the companies profiled on this site. Not all products and services are available in each state.