Search for Payday loans in Alaska
It is easy to find yourself in a sticky financial situation. In which case a cash advance can help smooth things out for you. In fact, payday loans in AK are a fast and convenient way to meet short term financial needs. You can use these loans for a range of purposes including buying a present, paying bills, automobile repair, taking a vacation, overcoming a short term financial setback, and other emergency needs.
Option for Installment loans in Alaska
Installment loans are popular in Alaska for a number of reasons. To begin with, they offer higher amounts than other short term loan options. Also, the repayment can be spread over a longer duration. This eases the financial pressure on you and also makes them cheaper compared with the other short term loans. Furthermore, you can access a loan even with bad credit.
How it works.
A resident can submit an application for a cash advance online from anywhere, or visit the nearest store front lender. The eligibility criteria are minimal. You must be a resident over 18 years old and permanently employed, or have a proven stable income.
Nation 21 is a leading and trusted lender’s matching service in AK. This is because we offer convenient, fast and reliable services. Our process is streamlined to quickly link you with the best lender and help you meet your short term financial needs. We work with top rated lenders who offer all types of short term loans including personal loans. In fact, our quick loans are the ideal solution for borrowers in need of a short term loan.
Legal Regulation in AK
Short term loans from both online and storefront lenders are legal in Alaska. The Alaska Statutes, section 06.50.010 governs all payday lenders operating in the state. Short term lenders are required to have a valid license under this law. The state’s Division of Banking, Securities, and Corporation is in charge of licensing and regulating the business.
The maximum amount of a payday loan is $500.The loan term has a minimum of 14 days, but there is no maximum length for the loan. The financial charges and fees are 17.5% (+) 5% origination fee, which is not refundable. The annual percentage rate –APR- of a 14 day loan at maximum finance fees and charges is 520%.
Average credit score in Alaska
Alaska has an Experian credit score of 684 which is slightly below the national average score of 695. The state is ranked 33 in the union. 89% of the residents have improving or good credit with 11% having declining credit. The mortgage applicants score was 706 in 2011 which was a 16 point drop from 722 in 2010.
Population and Demographics
Alaska is the least densely populated state in US with 1.2 people per square mile. In population, it ranked 47th in the union with 738 432 inhabitants, as of July 2015. Estimates by the US Census Bureau indicate a 3.97% growth in the population of Alaska between 2010 and July 2015.
The inhabitants are 66.7% white American, 14.8% Native American, 5.8% Asian,5.5% Hispanic, 3.3% African American, 1.0% Hawaiian, and 2.9% other groups.
The gross state product of state was $44.9 billion in 2007. The per capita personal income was $40 042. This placed it 45th and 15th in the union respectively. However, unemployment stands at almost 30%. In terms of millionaires per capita, Phoenix Marketing International in its 2013 study estimated that Alaska had the 5th largest number in the US.
The principal driver of the state’s economy is the oil and gas industry which accounts for over 80% of the revenues. The other export product is seafood; salmon, Pollock, cod, and crab. The major employers in the state are government, shipping, transportation, and industries mainly in natural resource extraction.