Payday Loans Laws In Alaska

alaska lawsIf you are visiting Alaska this winter and you are wondering if you could have access to fast cash in case of an emergency, then you will be glad to know that the legislation of the state allows the no fax payday loans. Because they enter the category of unsecured loans, you will not be able to get a lot of cash, but rather a maximum of five hundred dollars. However, in Alaska they are available not only for those who are full time employees, but also to those that show some proof that they have a monthly income.

The interest rates that you can expect the no fax payday loans direct lenders to charge you are not higher than fifteen percent. On the other hand, when signing an agreement for a payday loan, you will have to pay a non-refundable five dollars fee. Consequentially, if you were to take out an one hundred dollars loan on a period of fourteen days, you will have to pay an extra twenty dollars in interest rates and the origination fee. While the minimum amount of time that you are allowed to take a payday loan is fourteen days, there is not maximum period in which you need to reimburse it.

Initially you might think that five hundred dollars is not enough to account for medical bills or car repairs. However, according to the no faxing payday loans regulations you are entitled to take out as many loans as you need. Moreover, when it is time to reimburse the money you borrowed, you will be pleasantly surprised to learn that you are entitled to two contract renewals. Therefore, in case you are having trouble returning the cash, it is in your best interest to work closely with the lender and figure out a suitable repayment plan.

While taking a payday loan no fax seems and it is a fairly easy thing to do when you are in dire need of cash, at a closer examination they are quite expensive. For instance, if a tourist or resident takes out five hundred dollars to account for a totally unexpected expense, then at the due date he will need to return five hundred and eighty dollars. While the five hundred is the actual loan, the eighty dollars stand for the initial five non-refundable fees and the interest rate. It is true that eighty dollars for a single payday loan may not seem much when you need cash as soon as possible, but make sure that you can return them on time.

It is important to note that in general, borrowers will not face any criminal charges and will not go to jail if they are unable to pay the loan. However, if the checking account was closed while having a payday loan, then chances are you go to prison.

Regarding the repayment of the no fax payday loan, the legislation in Alaska permits a thirty dollars insufficiency for bad checks. However, if you do not do your best and reimburse the rest of the cash within a given period of time, you will be taken to court. This is usually bad news, as judges often rule in favor of the lenders and hence, you can end up paying seven hundred dollars more over the amount you already owe. If you want to learn more about what the seven hundred extra dollars stand for, then it is a good idea to examine your contract more carefully, as lenders are obliged to disclose this aspect in the agreement.

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