The $500 Cap and 15% Fee
Alaska permits one $500 deferred deposit advance at a time, with a finance charge capped at 15% per $100 advanced — up to $75 on the maximum loan. Terms run for at least 14 days, and the fee structure works out to roughly 435% APR on a typical loan.
The Cooling-Off Period
Alaska allows one renewal of an existing loan, but after that, borrowers must wait through a mandatory 14-business-day cooling-off period before taking out a new loan — a real gap designed to break the cycle of continuous back-to-back borrowing.
Other Consumer Protections
Non-sufficient-funds fees are prohibited outright, and criminal action against a borrower who can't repay is barred by law. Any lender — including one operating from outside Alaska — has to be licensed with the state's Division of Banking and Securities to lend to Alaska residents.
| Factor | Alaska Rule |
|---|---|
| Maximum loan amount | $500, one loan at a time |
| Fee cap | 15% per $100 advanced |
| Renewals | 1 permitted |
| Cooling-off period | 14 business days after a renewal |
Because Alaska's cooling-off rule is a real structural break in the borrowing cycle, planning around it — rather than assuming you can simply reapply immediately — is worth factoring into any repayment plan.
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