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Alaska Payday Loans
We can help you get a quick Alaska payday loan. Our application process is quick and easy. Applying online only requires two minutes of your time and you can have the funds deposited in your bank account the same day. Although Alaska payday loans are illegal in Alaska (please see information below), we have a network of lenders that can offer Alaska payday loans in all 50 states including Alaska.
Alaska Payday Loan Lending Laws
As of 2006, the practice of payday lending was still illegal in Alaska. According to Alaska Public Interest Research Group (AkPIRG), the Small Loan Act places a cap on interest rates at 36% annually. However, this does not affect loans of $500 or less. This means that payday centers operate illegally in Alaska. In turn, it presents a challenge for the Alaska Legal Services Corporation.
AkPIRG is sponsoring a series of discussion forums, which include a visit to Alaska by Jean Ann Fox, of the Consumer Federation of America. Ms. Fox possesses experience in the payday lending business in states nationwide. Payday lenders in Alaska are not exempt from the general Usury Law. This law caps annual interest rates at 10.25%. Agencies that make loans of less than $500 are exempt from the Alaska Small Loan Law. Therefore, because they are considered small loan companies, they are not regulated nor licensed by the state. This loophole has made it possible for the payday industry to flourish illegally in Alaska. According to Ms. Fox, there are lenders in Alaska, but the exact number is not known. Obviously, their operations are illegal in the state.
Alaska residents do not have to feel alone in regards to financial difficulties. Mounting bills and unexpected situations can have an overwhelming effect on a person. This can lead to family problems, problems at work, and poor health. Maintaining a healthy emotional state of mind makes it worthwhile taking out an Alaska payday loan. Alaska residents as well as any US resident can obtain an Alaska payday loan and have accessible cash the same day. Thanks to our advanced technology and our online services, every resident in Alaska and the US can apply for an Alaska payday loan. The funds are deposited in your checking account and you pay back the amount when you receive your next paycheck.
Overdue bills can add a considerable amount of stress to a person's life. Stress in turn can lead to health problems. Do not risk harming your health by prolonged anxiety. There is no need for that. Alaska residents can take care of their financial obligations by applying for an Alaska payday loan. Do not hesitate. Visit us online at LoansPayday.info and request a loan today.
You will be pleasantly surprised to find out that our company is committed to providing excellent service to our customers. You receive the fastest payday services that anyone can expect. Our services are unmatched and the application process is shockingly simple and easy. Visit us online at LoansPayday.info and find out for yourself. We will exceed your expectations in getting you the cash you need. You receive the cash, take care of your financial obligations, and pay back the money when you receive your next paycheck. It is that simple.
We guarantee secure service, so you don't have to worry about your information ending up in someone else's hands. You do not have to worry if you are not computer savvy. Our website is easy to navigate and user-friendly. If you have never applied for a payday loan before, you will be surprised at how simple the process is. A few minutes are all that is required of you. You will be left wondering why you did not apply sooner. Visit us today at LoansPayday.info.
There are currently no payday lenders in Alaska. The prohibitions in place make it difficult for lending agencies to make a profit. These prohibitions include small interest rate caps and usury laws. Alaska is not the only state with such regulations. Currently, 19 states prohibit payday lending. Eight of these states require permits in order for the lending centers to operate. Moreover, 23 states are regulated in regards to lender's business practices.
Banks in Alaska cannot charge consumers 5% over the Twelfth Federal Reserve District discount rate on a loan. This poses a problem since banks are often unwilling to give small loans to their customers. Consumers who need a small loan but find it difficult to obtain it, may be forced to take out bigger loans than they need.
One positive aspect is that if the lender applies a higher interest rate than what is permitted by law, the consumer can collect double the amount of interest paid on the loan. This serves as a deterrent for banks to make sure they do not overcharge on interest rates. It protects Alaskans from greedy banking practices.
Furthermore, Alaska AS 60.20.230 prohibits loan splitting (the practice of splitting a loan into two to collect double fees) in Alaska. However, a bank can legally approve a loan for a customer and then approve a second loan as long as the splitting restrictions are not violated.
Unemployment Statistics for Alaska
The first part of 2006 reported an unemployment rate of 7.7%. This is equal to approximately 26,116 residents who did not have a job during that period. The high unemployment rate is one of the reasons that payday agencies have succeeded in Alaska