Anchorage Short-term Loan Terms and Rules in 2025

Common Capital is a Help Organization dedicated to providing the public with comprehensive, accurate, and accessible online information about payday loans in Alaska

Table of content
Jump to
Alaska Anchorage

Anchorage Short-term Loans Terms

Legal Status Legal
Maximum Loan Amount 500$
Finance Charges 15% of the amount advanced
Interest Rate (APR) 435%
Minimum Loan Term >14 days
Maximum Loan Term Not specified

Trusted Short-term Loan Lenders in Anchorage, AK

Explore our curated list of trusted payday loan lenders, ensuring reliable and transparent financial solutions to meet your immediate needs with confidence and peace of mind.

Lender
User Ratings
Address
Phone
Category
Alaska Check Cashing
User Raiting:
4.10
Address: 1028 E 5th Ave # F, Anchorage, AK 99501
Phone: +1 (907) 274-0715
Category: Check cash
PARTS DEPARTMENT - Continental Subaru
User Raiting:
3.90
Address: 4900 Old Seward Hwy, Anchorage, AK 99503
Phone: +1 (907) 562-2722
Category: Financial institution
Alaska USA Financial Center (not a branch)
User Raiting:
3.80
Address: 500 W 36th Ave, Anchorage, AK 99503
Phone: +1 (800) 525-9094
Category: Financial institution
Affordable Loan Co
User Raiting:
2.10
Address: 731 E Fireweed Ln #101, Anchorage, AK 99503
Phone: +1 (907) 562-7511
Category: Loan agency

Alaska Short-term Loan Regulations

Alaska's approach to regulating payday loans is designed to protect consumers while providing access to short-term credit. The state's payday loan legislation is primarily governed by the Alaska Statute 06.50, also known as the Alaska Deferred Deposit Advance Act. This act sets forth the rules and regulations that payday lenders must follow. Key aspects include a maximum loan amount of $500 and a minimum loan term of 14 days. Lenders are also restricted in their charging practices: they can charge no more than $15 per $100 borrowed, plus a non-refundable origination fee of $5, making the total maximum fee $20 per $100 loaned.

In addition to state regulations, federal laws such as the Truth in Lending Act (TILA) and the Fair Debt Collection Practices Act (FDCPA) also play a significant role in Alaska. TILA requires lenders to disclose the cost of the loan in terms of the annual percentage rate (APR) and other specifics, ensuring transparency. The FDCPA protects consumers from abusive debt collection practices. Together, these laws ensure that payday lending practices in Alaska are fair and transparent.

What Are the Alternatives for Short-term Loans in Anchorage?

Explore practical, affordable alternatives to payday loans, ensuring financial stability while avoiding high-interest traps. Discover options that promote responsible borrowing and offer long-term benefits for your financial health.

Installment Loans Quick

Installment loans offer borrowers a defined sum repaid in scheduled payments over time, providing reliability through steady obligations.

Emergency Loan Instant

Emergency loans provide immediate access to cash during crises, ensuring crucial expenses are met without delay or hassle.

Title Loans Guaranteed

Title loans use your vehicle as collateral, offering a way to access funds swiftly with the assurance of asset value as security.

Payday Loans Online

Online payday loans facilitate short-term financial needs quickly, providing fast access to funds with minimal paperwork often required.

Cash Loans No Credit Check

No credit check cash loans provide quick financial solutions without scrutinizing your credit score, offering a lifeline when credit history poses challenges.

P2P Loans Fast

Peer-to-peer loans connect borrowers directly with lenders online, providing a fast alternative to traditional lending by cutting out intermediaries.

Debt Consolidation Loans Online

Online debt consolidation loans simplify multiple debts into one manageable payment, potentially reducing interest rates and enhancing financial control.

Bad Credit Loans Instant

Instant bad credit loans offer financial solutions to individuals with low credit scores, ensuring access to needed funds despite credit limitations.

How to Apply for Online Short-term Loans in Anchorage

Research and Compare Lenders

Begin by conducting thorough research to identify trustworthy payday loan providers. Look for lenders with transparent terms, reasonable interest rates, and positive customer reviews. Use comparison websites to easily compare different lenders. Ensure that the lender is licensed to operate in your state or region to avoid potential scams. Taking the time to evaluate multiple options will help you find a lender that suits your financial needs and ensures a safer borrowing experience.

Check Eligibility Requirements

Before proceeding, review the eligibility criteria for payday loans to ensure you qualify. Common requirements include being at least 18 years old, having a stable source of income, and owning a valid bank account. Some lenders may require proof of identity and address. By understanding these prerequisites, you can prepare the necessary documentation, reducing the likelihood of delays or rejection during the application process.

Gather Necessary Documentation

To streamline your application process, gather all required documents ahead of time. Typically, you will need to provide proof of identity, such as a government-issued ID, proof of income like recent pay stubs, and bank account details. Some lenders may require additional information, such as references. Having everything ready in advance will help ensure a smooth and fast application process, minimizing any potential interruptions.

Complete the Online Application

Navigate to your chosen lender's website and locate the online application form. Fill out all fields accurately, providing your personal details, employment information, and banking credentials. Double-check your entries for accuracy before submission to avoid processing delays. Throughout the application, ensure you're comfortable with the terms and conditions, including interest rates and repayment schedules, to make an informed borrowing decision.

Review and Submit Your Application

Upon completing the online application, review all your details carefully to ensure clarity and correctness. Verify that you understand the lending terms, repayment obligations, and any fees involved. Once satisfied, proceed to submit the application. After submission, you will typically receive a decision within a short period. If approved, funds could be deposited into your bank account as soon as the next business day, allowing you quick access to the necessary funds.

Requirements for Instant Cash Advance

  • Valid government-issued identification.
  • Proof of stable income, such as recent pay stubs or bank statements.
  • Active checking account details for direct deposit.
  • Current contact information, including phone number and email address.
  • Minimum age of 18 years old.
  • Residence within the serviceable area as defined by the NGO.
  • Completed application form with accurate personal and financial data.
  • No existing outstanding instant cash advances with the NGO.

How to Use Short-term Loans - Useful Resources

Explore essential resources on effectively utilizing personal loans, ensuring financial stability while accessing emergency funds. Learn best practices and responsible borrowing to manage short-term financial needs efficiently.

Industry
Address
Phone
Car Repair and Service
Address: 730 East 5th Avenue, Anchorage, AK 99501
Phone: +1 (907) 646-7500
Club & Association
Address: 11051 O'Malley Centre Drive, Anchorage, AK 99515
Phone: +1 (907) 562-1504
College/University
Address: 3211 Providence Dr, Anchorage, AK 99508
Phone: +1 (907) 786-1800
Community Center
Address: 4855 Arctic Boulevard, Anchorage, AK 99503
Phone: +1 (907) 868-3270
Dentist
Address: 9138 Arlon Street, Anchorage, AK 99507
Phone: +1 (907) 333-6666
Government Office
Address: 325 East 94th Court, Anchorage, AK 99515
Phone: +1 (907) 550-5914
Hospital
Address: 1201 East 36th Avenue, Anchorage, AK 99508
Phone: +1 (907) 562-9229
Hotel
Address: 200 Calais Drive, Anchorage, AK 99503
Phone: +1 (907) 644-6000
Library
Address: 3211 Providence Drive, Anchorage, AK 99508
Phone: +1 (907) 786-1871
Local Post Office
Address: 5855 Lake Otis Parkway, Anchorage, AK 99507
Phone: +1 (800) 275-8777
Movie Theater
Address: 315 E Street, Anchorage, AK 99501
Phone: +1 (907) 277-4545
Museum
Address: 6370 Debarr Road, Anchorage, AK 99504
Phone: +1 (907) 333-1231
Other Food Shops
Address: 13700 Specking Avenue, Anchorage, AK 99515
Phone: +1 (907) 345-4476
Pharmacy
Address: 923 West 11th Avenue, Anchorage, AK 99501
Phone: +1 (907) 343-7204
Rent-a-Car Facility
Address: 3730 Spenard Road, Anchorage, AK 99517
Phone: +1 (907) 261-0223

How to Get to Anchorage

Complaints about Short-term loan, Title Loan, or Personal Loan in Alaska

Issue Type
Amount of Complaints
Charged fees or interest you didn't expect
167
Struggling to pay your loan
149
Problem when making payments
107
Getting the loan
66
Incorrect information on your report
56
Problem with the payoff process at the end of the loan
55
Charged fees or interest I didn't expect
43
Problem with additional add-on products or services
38
Getting a line of credit
38
Received a loan you didn't apply for
20
The data is taken from consumer complaint database created by Consumer Financial Protection Bureau

Submit a Complaint for a Short-term lender in Anchorage

If you have a complaint against a payday lender, the Division of Banking is the responsible regulatory authority in Alaska state. They oversee and enforce the state's payday lending laws. You can contact them at:

  • Division of Banking and Securities, P.O. Box 110807, Juneau, AK 99811-0807
  • (907) 465-2521
Submit a Complaint

Frequently Asked Questions about Short-term Loans

How Do Payday Loans Work?

Payday loans are short-term cash advances designed to help individuals cover immediate expenses until their next paycheck. Upon approval, the loan amount is deposited into your bank account, typically within 24 hours.

Who Can Apply for a Payday Loan?

Anyone who is 18 years or older with a steady income and an active bank account can apply for a payday loan. Bad credit does not automatically disqualify you, as payday lenders often focus on income rather than credit scores.

What Is the Typical Loan Amount for a Payday Loan?

Payday loans usually range from $100 to $1,500, depending on your income and the regulations in your state. These fast loans are intended for small financial emergencies requiring quick resolution.

How Quickly Can I Get the Money?

Payday loans are often referred to as instant loans because of their fast processing times. Once approved, you can typically receive the funds within one business day.

What Are the Common Uses for Payday Loans?

Payday loans are commonly used for emergency expenses like car repairs, medical bills, or unexpected utility payments. They serve as a quick solution for pressing financial needs.

Do Payday Loans Affect My Credit Score?

Payday loans are unlikely to affect your credit score directly, as most lenders do not report these loans to major credit bureaus unless they go into serious default. Timely repayment, however, prevents collection actions that could impact credit.

Are There Alternatives to Payday Loans?

Alternatives to payday loans include personal loans from a bank or credit union, borrowing from friends or family, or negotiating payment plans with creditors. Each option can provide relief in different ways, depending on your situation.

What Should I Know About Payday Loan Interest Rates?

Payday loans often have higher interest rates than traditional personal loans. It is crucial to understand the total repayment cost, including fees, before agreeing to the terms.

Can I Renew or Extend My Payday Loan?

Some lenders offer rollovers or extensions for additional fees, but these can significantly increase your debt burden. Always try to pay off your short-term loan on time to avoid further financial strain.

What if I Can't Repay My Payday Loan on Time?

If you're unable to repay your payday loan, contact your lender immediately. Options may include setting up a repayment plan. Ignoring the problem can lead to increased fees and debt collection efforts.

How Can I Protect Myself from Predatory Lenders?

To protect yourself, research lenders thoroughly, read all loan documents carefully, and ensure they comply with state regulations. Prioritize transparent, reputable lenders with positive reviews.