Best Loans in Alaska, Payday, Auto Title Laws of March 2024

ElitePersonalFinance
Last Update: November 2, 2022 Loans By State
Best Loans in All States

According to Alaska’s Small Loan Act, licensed lenders can offer loans upwards of $25,000. But when the amount is $850 or less, interest rates cannot exceed 3% per month. When the amount ranges from $851 to $10,000, additional interest cannot exceed 2% per month. For amounts greater than $10,000, lenders can charge whatever interest rate they want. The final terms here depend on the interest rate agreed upon by the issuer and the borrower.

In Alaska, interest rates are computed using the actuarial method, and lenders cannot split loans across spouses to charge higher interest.

Repayment terms are also regulated:

For loans ≤ $1,000, the maximum term is 24 ½ months:

  • For loans > $1,000 but ≤ $2,500, the maximum term is 48 ½ months.
  • For loans > $2,500 but ≤ $5,000, the maximum term is 60 ½ months.
  • For loans > $5,000 to $25,000, the issuer and borrower determine the maximum term.

Best Bad Credit Loans in Alaska of March 2024

Amount:

$100 - $15,000

Min. Credit Score:

0

APR:

5.99% - 35.99%

Approval:

5 Minutes

Terms:

1 - 72 Months

Licensed in Alaska:

Yes

Amount:

$1,000 - $50,000

Min. Credit Score:

300

APR:

5.6% - 35.99%

Approval:

5 Minutes

Terms:

3 - 5 Years

Licensed in Alaska:

Yes

Amount:

$100 - $40,000

Min. Credit Score:

0

APR:

5.99% - 35.99%

Approval:

5 Minutes

Terms:

1 - 60 Months

Licensed in Alaska:

Yes

Amount:

$100 - $15,000

Min. Credit Score:

0

APR:

5.99% - 35.99%

Approval:

5 Minutes

Terms:

1 - 60 Months

Licensed in Alaska:

Yes

Amount:

$100 - $40,000

Min. Credit Score:

0

APR:

5.99% - 35.99%

Approval:

5 Minutes

Terms:

1 - 60 Months

Licensed in Alaska:

Yes

Amount:

$200 - $5,000

Min. Credit Score:

0

APR:

5.99% - 35.99%

Approval:

5 Minutes

Terms:

1 - 60 Months

Licensed in Alaska:

Yes

Amount:

$1,000 - $100,000

Min. Credit Score:

0

APR:

5.99% - 35.99%

Approval:

< 1 Day

Terms:

12 - 120 Months

Licensed in Alaska:

Yes

Amount:

$1,000 - $35,000

Min. Credit Score:

580

APR:

5.99% - 35.99%

Approval:

< 1 Day

Terms:

90 Days - 72 Months

Licensed in Alaska:

Yes

If you have a problem getting a loan, please read our complete guide on bad credit loans.

Best Personal Loans for Good Credit in Alaska of March 2024

Amount:

$1,000 - $100,000

Min. Credit Score:

0

APR:

4.99 - 35.99%

Approval:

1 Day

Terms:

12 - 120 months

Licensed in Alaska:

Yes

Amount:

$2,000 - $40,000

Min. Credit Score:

640

APR:

7.95% - 35.99%

Approval:

1 - 3 Days

Terms:

36 - 60 months

Licensed in Alaska:

Yes

Amount:

$1,000 – $100,000

Min. Credit Score:

0

APR:

4.99 - 35.99%

Approval:

1 Day

Terms:

12 - 120 months

Licensed in Alaska:

Yes

Amount:

$1,000 – $35,000

Min. Credit Score:

580

APR:

5.99% – 35.99%

Approval:

< 1 Day

Terms:

90 Days – 72 Months

Licensed in Alaska:

Yes

Amount:

$1,000 – $50,000

Min. Credit Score:

500

APR:

3.99% – 35.99%

Approval:

< 1 Day

Terms:

1 – 5 Years

Licensed in Alaska:

Yes

Amount:

$1,000 – $50,000

Min. Credit Score:

600

APR:

7.99% - 35.97%

Approval:

< 1 Day

Terms:

3 - 5 Years

Licensed in Alaska:

Yes

Amount:

$5,000 – $35,000

Min. Credit Score:

640

APR:

5.99% – 24.99%

Approval:

1 – 7 Days

Terms:

2 - 5 Years

Licensed in Alaska:

Yes

Amount:

$2,500-$35,000

Min. Credit Score:

660

APR:

6.99-24.99%

Approval:

1 Day

Terms:

24 - 84 Months

Licensed in Alaska:

Yes

Amount:

$7,500 - $40,000

Min. Credit Score:

680

APR:

6 - 15%

Approval:

1 - 7 Days

Terms:

36 - 84 months

Licensed in Alaska:

Yes

Payday Loan Laws in Alaska of March 2024

Maximum Loan Amount: $500

Minimum Loan Term: 14 days

Maximum Loan Term: Not specified

Maximum Fee: 15% of the amount borrowed

Maximum APR: 435%

Rollovers: 1 after a 14-day ‘cooling-off period.’

Loan Limit: Borrowers are allowed 1 loan at a time

Payday loans are legal in Alaska, but they’re regulated under the Deferred Deposit Advances Act. The law limits borrowing amounts to $500 and limits terms to at least 14 days. However, non-sufficient funds fees are prohibited, and criminal actions against borrowers are prohibited as well.

To operate in Alaska, lenders must be licensed in the state. The law requires a separate license for each store or website the lender operates. Each license can cost upwards of $3,000.

As well, before processing a loan, payday lenders are required to disclose all material information – including terms, charges, and the APRs for all 14-day and 30-day loans per $100 borrowed.

Payday Loan Laws in Alaska by Country of March 2024

ElitePersonalFinance analysis of payday loan laws by countries in the State of Alaska.

We haven’t found a significant difference between the payday loan laws in Alaska. If you are with bad credit, here are the laws in Alaska by country.

City:Amount Allowed:APR Allowed:Status:
Anchorage$500435%Legal
Juneau$500435%Legal
Fairbanks$500435%Legal
Badger$500435%Legal
Knik-Fairview$500435%Legal
College$500435%Legal
Tanaina$500435%Legal
Lakes$500435%Legal
Wasilla$500435%Legal
Sitka$500435%Legal
Ketchikan$500435%Legal
Kalifornsky$500435%Legal
Kenai$500435%Legal
Meadow Lakes$500435%Legal
Steele Creek$500435%Legal
Gateway$500435%Legal
Palmer$500435%Legal
Bethel$500435%Legal
Fishhook$500435%Legal
Kodiak$500435%Legal
Chena Ridge$500435%Legal
Homer$500435%Legal
Farmers Loop$500435%Legal
Sterling$500435%Legal
Unalaska$500435%Legal
Soldotna$500435%Legal
Nikiski$500435%Legal
Utqiagvik$500435%Legal
Goldstream$500435%Legal
Butte$500435%Legal
Valdez$500435%Legal
Nome$500435%Legal
Kotzebue$500435%Legal
Petersburg$500435%Legal
Cordova$500435%Legal

Car Title Loans in Alaska of March 2024

Car title loans are a grey area in Alaska. The state doesn’t endorse or acknowledge the product legally, but it doesn’t ban it either. The Small Loan Act only requires lenders to abide by the interest rate figures we outlined above. However, it doesn’t say what type of loans are allowed or not allowed.

Here, car title loans are legal in many states, but Alaska is not on the list. However, if you conduct a quick Google search, you’ll find plenty of car title lenders in Alaska willing to offer you a loan. Despite the ambiguity, car title loans are risky, and the Consumer Financial Protection Bureau (CFPB) estimates that 20% of borrowers end up losing their car.

For this reason, and many others, we recommend you avoid them.

What if I Don’t Qualify for a Loan?

If you applied to the lenders above but aren’t lucky, there are other ways to bridge the financial gap. In today’s digital economy, you have access to several resources that can help you earn some extra money. You can work part-time as an Uber driver, fill out paid surveys or earn cash by freelancing online.

Alternative Payday Loans in Alaska of March 2024

If you don’t qualify for a personal loan, alternative payday loans are a solid fallback option. APRs range from 35.99% to roughly 200%, and while high, the out-of-pocket costs are still much less than traditional payday loans.

Take OppLoans, for example.

APRs range from 59% to 160%, but the lender is licensed in Alaska through its partner institution FinWise Bank. Regulated by the Federal Deposit Insurance Corporation (FDIC), FinWise approves, underwrites, and provides funding for all loans granted in Alaska. However, OppLoans still services the loans.

On its website, OppLoans cites examples in Alaska where borrowing amounts range from $500 to $4,000 and come with APRs of 160%. As well, repayment terms range from 9 to 18 months.

For more information on the role of alternative lenders, see our detailed guide.

Best Auto Loans for Bad Credit in Alaska of March 2024

Amount:

$1,000 - $100,000

Min. Credit Score:

0

APR:

From 1.99%

Licensed in Alaska:

Yes

Amount:

$1,000 - $100,000

Min. Credit Score:

0

APR:

From 1.99%

Licensed in Alaska:

Yes

Amount:

Up to $100,000

Min. Credit Score:

0

APR:

Vary

Licensed in Alaska:

Yes

Amount:

Up to $100,000

Min. Credit Score:

0

APR:

Vary

Licensed in Alaska:

Yes

Amount:

Up to $100,000

Min. Credit Score:

0

APR:

Vary

Licensed in Alaska:

Yes

Amount:

$8,000 - $100,000

Min. Credit Score:

500

APR:

2.74% - 27%

Licensed in Alaska:

Yes

Amount:

$1,000 - $100,000

Min. Credit Score:

500

APR:

From 3.09%

Licensed in Alaska:

Yes

Amount:

$250 - $500,000

Min. Credit Score:

640

APR:

2.99% - 21.99%

Licensed in Alaska:

Yes

Amount:

$1,500 - $20,000

Min. Credit Score:

0

APR:

18.00% - 35.99%

Licensed in Alaska:

Yes

Amount:

$1,000 - $45,000

Min. Credit Score:

0

APR:

From 0.99%

Licensed in Alaska:

Yes

Amount:

$1,000 - $35,000

Min. Credit Score:

0

APR:

From 1.99%

Licensed in Alaska:

Yes

Amount:

$7,500 - $50,000

Min. Credit Score:

500

APR:

From 3.39%

Licensed in Alaska:

Yes

Amount:

$5,000 – $55,000

Min. Credit Score:

510

APR:

3.99% - 24.99%

Licensed in Alaska:

Yes

Amount:

$1,000 - $100,000

Min. Credit Score:

0

APR:

3.90% - 27.90%

Licensed in Alaska:

Yes

Best Auto Loans for Good Credit in Alaska of March 2024

Amount:

$1,000 - $100,000

Min. Credit Score:

0

APR:

From 1.99%

Licensed in Alaska:

Yes

Amount:

$1,000 - $100,000

Min. Credit Score:

0

APR:

From 1.99%

Licensed in Alaska:

Yes

Amount:

$1,000 - $100,000

Min. Credit Score:

500

APR:

From 3.09%

Licensed in Alaska:

Yes

Amount:

$250 - $500,000

Min. Credit Score:

640

APR:

2.99% - 21.99%

Licensed in Alaska:

Yes

Amount:

$5,000-$100,000

Min. Credit Score:

660

APR:

4.99% to 9.19%

Licensed in Alaska:

Yes

Amount:

$7,500 - $50,000

Min. Credit Score:

500

APR:

From 3.39%

Licensed in Alaska:

Yes

Amount:

$8,000 - $100,000

Min. Credit Score:

500

APR:

2.74% - 27%

Licensed in Alaska:

Yes

Amount:

$1,000 - $100,000

Min. Credit Score:

0

APR:

3.90% - 27.90%

Licensed in Alaska:

Yes

Amount:

$3,000 - $100,000

Min. Credit Score:

650

APR:

From 3.12%

Licensed in Alaska:

Yes

Amount:

$5,000 - $100,000

Min. Credit Score:

640

APR:

From 3.54%

Licensed in Alaska:

Yes

Amount:

$5,000 – $55,000

Min. Credit Score:

510

APR:

3.99% - 24.99%

Licensed in Alaska:

Yes

Amount:

$5,000 - $100,000

Min. Credit Score:

600

APR:

3.54% - 10.24%

Licensed in Alaska:

Yes

Amount:

$1,500 - $20,000

Min. Credit Score:

0

APR:

18.00% - 35.99%

Licensed in Alaska:

Yes

Credit Unions in Alaska of March 2024

Name:APR:Amount:
Alaska USA Federal Credit Union13.5% – 18%Varies
Credit Union 19.99% – 18%$20,000
Spirit of Alaska Federal Credit Union13.95% – 18%$15,000

Alaska USA Federal Credit Union

While amounts vary by borrower and credit score, Alaska USA Federal Credit Union has extremely affordable APRs. Its unsecured credit line has an APR of 13.5%, while its Signature loan – with repayment terms that range from 6 to 36 months – has an APR of 14.9%. As well, there are no prepayment penalties and no monthly fees.

To repay the balance, you need to make minimum monthly payments of $10 or 3% of the outstanding loan – whichever is greater.

As well, Alaska USA operates 3 branches across the state. It has locations in Bethel, Kodiak, and Ketchikan.

Credit Union 1

Credit Union 1 offers personal loans that range from $200 to $20,000 with APRs as low as 9.99%. If you opt for a secured loan, you can use your Credit Union 1 saving account as collateral and obtain an APR that’s equal to your savings rate plus 2% to 3%. However, if you secure your loan with a certificate of deposit (CD), your rate can be as low as the CD rate plus 2%.

Credit Union 1 also doesn’t limit the use of the funds. Whether it’s dental work, sporting equipment, musical instruments, or a vacation, personal loans can be used for nearly any activity.

The company operates 13 branches across Alaska, with Anchorage, Eagle River, Kodiak, Fairbanks, etc.

Spirit of Alaska Federal Credit Union

With Spirit of Alaska personal loans, you can borrow up to $15,000 and receive your funds in as little as one business day. APRs are as low as 13.95%, and repayment terms can reach upwards of 72 months. You can also opt for its secured loan option and obtain an APR as low as 9.75%. Secured loans also come with repayment terms of 84 months.

Spirit of Alaska operates 3 branches across Fairbanks.

All Licensed Credit Unions in Alaska of March 2024

Name:City:Size (Millions):Members:
ALASKA USA FEDERAL CREDIT UNIONAnchorage$4,686.88438967
CREDIT UNION 1Anchorage$787.8366136
DENALI ALASKAN FEDERAL CREDIT UNIONAnchorage$460.6055083
MATANUSKA VALLEY FEDERAL CREDIT UNIONPalmer$359.7334275
MAC FEDERAL CREDIT UNIONFairbanks$86.0914111
TRUE NORTH FEDERAL CREDIT UNIONJuneau$112.7210856
SPIRIT OF ALASKA FEDERAL CREDIT UNIONFairbanks$125.6410388
TONGASS FEDERAL CREDIT UNIONKetchikan$58.596402
NORTHERN SKIES FEDERAL CREDIT UNIONAnchorage$59.266110
ALPS FEDERAL CREDIT UNIONSitka$41.093016
ALASKA DIST ENGINEERS FEDERAL CREDIT UNIONAnchorage$12.781035
CITY OF FAIRBANKS FEDERAL CREDIT UNIONFairbanks$2.31435

Student Loans in Alaska of March 2024

Federal student loans – obtained through the U.S. Department of education – are the most common ways for students to pay for university. They’re attractive because they offer debt forgiveness, charge zero interest until you graduate, and allow you to repay the proceeds as a percentage of your income. For more information on the difference between public and private student loans, see our detailed guide.

Within Alaska, students also have access to grants and subsidy programs to help ease higher education costs.

Alaska Education Grant (AEG)

The AEG program provides financial assistance to students in need. The grant is funded through the Alaska Higher Education Investment Fund and is available to students who attend partner institutions within the state.

Grants range from $500 to $4,000 per academic year, and funding is given to students who need it most.

To qualify, you must:

  • Be a resident of Alaska and a U.S. Citizen or permanent resident.
  • Have graduated high school or obtained a GED.
  • Attend one of the program’s partner institutions.
  • Be taking classes half-time or more.
  • Not have a previous bachelor’s degree.
  • Meet academic progress requirements.

Alaska Performance Scholarship (APS)

For students who excel academically, the APS program offers three levels of funding:

  • Level 1 awards up to $4,755 per year to students with a high school GPA of at least 3.5, plus an ACT of at least 25 or SAT of at least 1210 under a specified high school curriculum.
  • Level 2 awards up to $3,566 per year to students with a high school GPA of at least 3.0, plus an ACT of at least 23 or SAT of at least 1130 under a specified high school curriculum.
  • Level 3 awards up to $2,378 per year to students with a high school GPA of at least 2.5, plus an ACT of at least 21 or SAT of at least 1060 under a specified high school curriculum.

Federal Housing Administration (FHA) Loans in Alaska of March 2024

FHA loans are designed to help low and middle-income borrowers obtain the financing they need to purchase a home. Down payments are as low as 3.5%, which allows you to finance roughly 96.5% of your home’s value with a mortgage. To qualify, you need a FICO score of at least 580. However, if your score is less than 580, you can still qualify with a 10% down payment.

The property also has to be your primary residence. FHA loans are not permitted for rental or investment properties.

Depending on the size of the property and the area of residence, FHA loan limits vary across Alaska.

Here is a break down by community:

County:Single Unit Limit (lowest):Four-Plex Limit (highest):
Aleutians East Borough$331,760$638,100
Aleutians West Census Area$385,250$740,850
Anchorage Municipality$411,700$791,750
Bethel Census Area$331,760$638,100
Bristol Bay Borough$331,760$638,100
Denali Borough$331,760$638,100
Dillingham Census Area$331,760$638,100
Fairbanks North Star Borough$331,760$638,100
Haines Borough$331,760$638,100
Hoonah-Angoon Census Area$331,760$638,100
Juneau City And Borough$455,400$875,750
Kenai Peninsula Borough$331,760$638,100
Ketchikan Gateway Borough$369,150$709,900
Kodiak Island Borough$408,250$785,100
Lake And Peninsula Borough$331,760$638,100
Matanuska-Susitna Borough$411,700$791,750
Nome Census Area$391,000$751,900
North Slope Borough$332,350$639,150
Northwest Arctic Borough$331,760$638,100
Petersburg Census Area$332,350$639,150
Prince Of Wales-Hyder Census Area$331,760$638,100
Sitka City And Borough$486,450$935,500
Skagway Municipality$415,150$798,350
Southeast Fairbanks Census Area$331,760$638,100
Valdez-Cordova Census Area$331,760$638,100
Wrangell City And Borough$332,350$639,150
Yakutat City And Borough$420,900$809,450
Yukon-Koyukuk Census Area$331,760$638,100

Parsing the data, the lowest FHA loan amount is $314,827 within 15 boroughs and areas across Alaska, while the highest is $935,500 in Sitka City.

Business Loans in Alaska of March 2024

If you prefer to apply for a business loan online, the lenders below offer great service and extremely competitive APRs:

Amount:

Up to $10,000,000

APR:

Vary

Min. Credit Score:

0

Licensed in Alaska:

Yes

Amount:

$5,000 - $500,000

APR:

9.77% - 35.98%

Min. Credit Score:

600

Licensed in Alaska:

Yes

Amount:

$5,000 - $500,000

APR:

5.99% – 35.99%

Min. Credit Score:

500

Licensed in Alaska:

Yes

Amount:

Up to $250,000

APR:

24% – 99%

Min. Credit Score:

560

Licensed in Alaska:

Yes

Amount:

Up to $350,000

APR:

9.28 - 10.52%

Min. Credit Score:

650

Licensed in Alaska:

Yes

Amount:

Up to $350,000

APR:

10.00 - 25.00%

Min. Credit Score:

680

Licensed in Alaska:

Yes

Amount:

$75,000 - $5,000,000

APR:

5.50 - 8.25%

Min. Credit Score:

650

Licensed in Alaska:

Yes

Amount:

Up to $500,000

APR:

12.18 - 36.00%

Min. Credit Score:

660

Licensed in Alaska:

Yes

Amount:

Up to $500,000

APR:

9.00 - 99.00%

Min. Credit Score:

600

Licensed in Alaska:

Yes

Amount:

Up to $5,000,000

APR:

15.00 - 78.00%

Min. Credit Score:

600

Licensed in Alaska:

Yes

Amount:

Up to $1,000,000

APR:

Vary

Min. Credit Score:

0

Licensed in Alaska:

Yes

Amount:

$6,000 to $250,000

APR:

Vary

Min. Credit Score:

0

Licensed in Alaska:

Yes

However, if you’d rather speak to someone directly in Alaska, these lenders are a great place to start:

Alaska Growth Capital

Alaska Growth Capital is an alternative lender that provides business financing when traditional lenders say no. An eight-time SBA award winner, Alaska Growth aims to promote economic development and job creation within the state.

Loan amounts typically range from $500,000 to $10,000,000 and come with variable interest rates upwards of prime + 2.75%. Terms range from 7 to 25 years, and loans can be used for equipment financing, acquisitions, debt refinancing, and working capital.

Alaska Growth is located at 3900 C Street, Suite 101, Anchorage, Alaska 99503. You can also contact them directly at 1-907-339-6760.

Alaska USA Federal Credit Union

We discussed their consumer loans earlier, but Alaska also offers affordable and reliable business financing. You can choose between unsecured or secured loan options, fixed and variable APRs based on the Wall Street Journal’s prime rate (5.5%) plus 0% to 6%. Adjustable-rate APRs are based on the mid-market swap rate (ISDA) plus 2% to 6%.

Alaska USA business loans offer:

  • Cash, equipment, or securities loans of $2,500 and up.
  • Inventory loans of $5,000 and up.
  • Real estate loans of $50,000 and up.
  • Unsecured loans ranging from $2,500 to $100,000.

Repayment terms also vary by loan type:

  • Cash, inventory, and securities loans are typically 1 year.
  • New equipment is 7 years, while old equipment is 5 years.
  • Real estate is typically up to 15 years but can extend to 25 years.
  • Aircraft is 15 years, while vessels are 10 years.
  • Unsecured loans are top-out at 3 years.

As mentioned above, Alaska USA operates 3 locations across the state, located in Bethel, Kodiak, and Ketchikan.

Conclusion

Across Alaska, you can obtain reliable financing both online and at the local level. The state has plenty of lending options that can help keep your finances afloat when an emergency strikes. State lenders also earn points for being extremely transparent with their terms and APRs. In other parts of the country, lenders limit information, making it difficult to separate quality lenders from devious ones. The state legislature also deserves credit for not approving car title loans. While they don’t exactly outlaw the practice – considering lenders advertise and still operate – Alaska is part of a minority of U.S. states where the product isn’t explicitly legal. Similar to other states, though, Alaska’s payday loan laws are pretty lax. APRs are extremely high and can lead borrowers into a cycle of debt. From our perspective, we recommend you avoid payday loans and stick with personal loans. If you don’t qualify, try some of our money-making tips before settling for a payday loan.

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