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Permitted, with a reported maximum of $500, one at a time — and a disclosure rule that makes the lender show you the cost on two different terms before you sign.
Alaska’s Division of Banking and Securities licenses and examines deferred deposit advance lenders, investigates complaints and takes enforcement action. Licensing runs through NMLS.Alaska · RegulatorAlaska Division of Banking and Securities — the division licenses and examines deferred deposit advance lenders, more commonly known as payday lenders; staff investigates consumer complaints and takes enforcement action as needed; all licensing activity is done through the NMLS system
A separate licence is required for each website and each physical location, and lenders operating from outside Alaska must be licensed here too.
Before you sign, an Alaskan lender must disclose the terms, the fees as dollar amounts, the repayment period — and the APR expressed both as a 14-day figure per $100 and a 30-day figure per $100.
That dual-term APR is worth noticing. Most states require one annualised number, which is easy to skim past. Two figures on different terms make the cost of rolling over visible before you borrow rather than after.
You can revoke authorisation and instruct your bank to stop the payment, whatever your agreement says.
What Regulation E says about automatic payments →
A payday loan is a consumer debt. If it goes unpaid, two Alaska rules decide what a lender can do next: how long it has to sue you, and how much of your pay a court can order taken.
Being sued over an old payday loan? A collector can still file, but the time limit is a defence you can raise — and you cannot be jailed for the debt. What can and cannot happen if you don’t pay →