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Payday Loans in Anchorage, Alaska
Payday lenders, referred to in Alaska as deferred deposit advanced lenders, are licensed and regulated by the State of Alaska, Division of Banking and Securities.
All payday lenders, including out-of-state lenders, that issue loans in Alaska are required to obtain a license from the Division of Banking and Securities. The Division publishes an annual Directory of Financial Institutions online which includes a list of payday lenders that are licensed in Alaska. The Division also publishes online reports summarizing payday lending in Alaska.
For more payday loan requirements in Alaska, including limits on loan amounts and fees, see Alaska Statutes 06.50.400-06.50.560.
Payday loans are short-term cash loans based on the borrower’s personal check held for future deposit or on electronic access to the borrower’s bank account.
Borrowers write a personal check for the amount borrowed plus the finance charge and receive cash. In some cases, borrowers sign over electronic access to their bank accounts to receive and repay payday loans.
Lenders hold the checks until the borrower’s next payday when loans and the finance charge must be paid in one lump sum. Borrowers can pay back a loan with cash or allow the lender to deposit the check at the bank. Alternatively, a borrower can pay the finance charge to roll the loan over for another pay period.
Consumers are urged to use caution when applying for payday loans because the interest rates and fees can be high. Take the time to learn how payday loans work and read all of the lender’s terms and conditions before borrowing.