Loans in Alaska: Payday & Installment Options

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Yes, you can get a loan in Alaska. Payday loans, which Alaska calls deferred deposit advances, go up to $500 with fees of $5 plus 15%, and licensed small-loan lenders can lend up to $25,000 at no more than 3% a month on the first $850.

Check Your Options

Payday loan	Up to $500 per lender for 14 days or more; $5 fee plus up to 15%
Small loan	Up to $25,000; 3% a month to $850, then 2% a month to $10,000
Example	$1,000 over 12 months: about $100.24 a month at the maximum
You need	ID, proof of income and a bank account
Regulator	Division of Banking and Securities (DBS), (888) 925-2521

Compare Alaska Loan Costs How Small Loans Are Priced

Alaska Loan Costs: $100 Advance to $10,000 Small Loan

The most an Alaska-licensed lender can charge, by loan:

Loan	You repay	Cost (APR)
$100 advance, 14 days	$120 once	$20 (~521%)
$500 advance, 14 days	$580 once	$80 (~417%)
$1,000, 12 months	12 × $100.24	$203 (~36%)
$2,500, 24 months	24 × $139.87	$857 (~30%)
$5,000, 36 months	36 × $204.38	$2,358 (~27%)
$10,000, 60 months	60 × $296.10	$7,766 (~25%)

Worked out from Alaska law, not offers from lenders in our network; a lender can charge less. Small-loan costs are interest only; the law allows few other fees.

An advance is repaid in one payment; for fees at every amount, see Alaska payday loan rules. A small loan is repaid in equal monthly payments, and its APR falls as the balance grows past $850.

How Alaska's Small Loans Act Tiers the Rate

Lenders need a license to lend $25,000 or less above the rates allowed to unlicensed lenders. A licensee can charge 3% a month on the unpaid balance up to $850 and 2% a month from $850 to $10,000; the part above $10,000 carries whatever rate the contract sets.

Loan amount	Longest term
Up to $1,000	24½ months
$1,000 to $2,500	48½ months
$2,500 to $5,000	60½ months
$5,000 to $25,000	As agreed

Interest runs only on the unpaid principal; it can't be taken in advance or compounded.
Payments are equal and at least monthly, with the first due within 45 days, unless you confirm a seasonal schedule in writing.
Late fee: 10% of the payment or $25, whichever is less. A bounced check: up to $25.
No service fees, brokerage commissions or bonuses beyond the short list the law allows, such as recording fees and some insurance.

Banks and credit unions don't need the license, but Alaska still holds them to the Act's other provisions.

Payday Reform Bills That Stalled in 2024 and 2025

Two bills would have moved payday loans under the Small Loans Act, which DBS said would sharply reduce the rate lenders can charge. SB 264 ended the 2023-2024 Legislature in Senate Finance, and HB 132 has sat in House Finance since March 28, 2025. Until a bill passes, the payday limits on this page stand.

DBS's fiscal notes count 19 payday licenses in 2024 and 13 active ones on January 1, 2025: seven companies, three branches, one mobile app and two websites.

Sending an Alaska Loan Request

Pick the loan: $500 or less for 14 days or more is a payday advance; more money or monthly payments means a small loan.
Submit one request through LendUp. Lenders in our network review it, and any offer shows the APR, payments and total cost before you sign.
Confirm the lender's Alaska license with DBS, as shown below, before you sign.

Check Your Options

Deferred Deposit or Small Loan License? Asking DBS

Official lookup tool Alaska Division of Banking and Securities

Find the company's legal name and website, usually in the footer or the loan agreement.
Contact DBS at (888) 925-2521 or [email protected] to confirm an active deferred deposit advance license for a payday loan, or a small loan license for an installment loan.
For a payday lender, make sure the license covers that store or website: Alaska requires one for each.

In Anchorage, call DBS at (907) 269-8140.

Overcharges come off your balance. If a small-loan lender charges more than allowed, those charges are voided and credited to your principal, with anything above the balance refunded.
Over-cap loans can't be enforced. A loan of $25,000 or less made at more than the Act allows can't be enforced in Alaska, with an exception for loans legally made in states with similar small-loan laws.
No criminal threats. A payday lender can't threaten criminal action if you default.

Common Questions

What is the easiest type of loan to get approved for in Alaska?

Approval is never certain, and each lender sets its own standards. Alaska law sets the price: a payday advance is capped at $500 with fees of $5 plus 15%, and a small loan at 3% a month on the first $850.

What is the interest rate cap on small loans in Alaska?

For licensed lenders, 3% a month on the unpaid balance up to $850 and 2% a month from $850 to $10,000. Above $10,000, up to the $25,000 limit, the rate is whatever the contract sets.

Are payday loans legal in Alaska?

Yes, as deferred deposit advances from licensed lenders: up to $500 outstanding with a lender, for at least 14 days, with fees of no more than $5 plus 15% of the advance.

Can a lender charge a late fee in Alaska?

A small-loan lender can charge 10% of the late payment or $25, whichever is less, and up to $25 for a bounced check.

Can I pay off an Alaska small loan early?

Yes, in any amount at any time. The lender can apply the payment first to interest owed up to that day.

Is Alaska changing its payday loan law?

Not yet. HB 132, which would move payday loans under the Small Loans Act, has been in House Finance since March 28, 2025, so the current $500 limit and fee caps still apply.

Official Sources

General information, not legal advice. Facts on this page were checked against these sources on October 28, 2026.

LendUp isn't a lender. We pass your request to lenders in our network; offers aren't guaranteed, and we may earn compensation if a loan is funded.

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