Fair to Bad Credit Loans in AK
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Last updated October 18th 2020
Commentary is for informational purposes only. See legal disclaimers here.Trouble Getting Approved in Alaska?
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Alaska Usury and Regulations
Summary of Alaska Usury Law(s) / Quote: "Legal: 10.5% Contract: 5.5%; any rate over $25,000 / Judgment: 10.5% / Corporate: No specific rate"
(WeFindLenders.com endeavors to include the most up to date legal data for Alaska, but no guarantee or warranty of any kind is expressed or implied as to the accuracy of said data. This data is not intended to be legal advice. For legal help speak with a lawyer in Alaska, and/or contact the Alaska State government's division of banking and finance - legal statutes researched by FindLaw.com & American Lawyers Quarterly - see credits)
Code § 45.45.010 (Alaska Usury Law Snippets Of Interest)
The snippets of interest are from the Alaska legal codes and rules document. Read full document here on their website.
Snippet 1.) Quote: § (A): "The rate of interest in the state is 10.5 percent a year and no more on money after it is due except as provided in (b) of this section".
Snippet 2.) Quote: § (B) "Interest may not be charged by express agreement of the parties in a contract or loan commitment that is more than the greater of 10 percent or five percentage points above the annual rate charged member banks for advances by the 12th Federal Reserve District on the day on which the contract or loan commitment is made. A contract or loan commitment in which the principal amount exceeds $25,000.00 is exempt from the limitation of this subsection".
Alaska Lenders By City
Anchorage AK / Juneau AK / Fairbanks AK / Kodiak AK / Ketchikan AK / Sitka AK / Wasilla AK / Seward AK / Kenai AK / Homer AK
Complaints to:
Alaska
Department of Commerce / Division of Banking and Securities / Mailing
address: P.O.
Box 110807, Juneau, AK 99811-0807 / Physical Address: 333
Willoughby AVE, 9th Floor, State Office Building, Juneau, AK 99801
/ Phone: (907) 465-2521, Toll-Free:
(888) 925-2521, Fax: (907) 465-1230 / Email: dbsc@alaska.gov
/
Alaska State Department
of Commerce / Online
Complaint Form For Print Off
Alaska Lender Service Areas
Click
or tap map image above for interactive version. - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - Northern Skies Federal CU - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - Spirit of Alaska FCU - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - Denali Federal Credit Union - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - True North FCU - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - First National Bank Alaska - - - - - - - - - - - - - -
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- - - - - - - - - - - - - - - Chris just moved to Anchorage Alaska in the last
three months to take a teaching job in a local school where he is
now living. He loves the weather and the outdoors life so this job
is perfect for him. Only problem Chris has at the moment is that he
does not have a snow mobile of his own. The only debt that he has is student loans which
he has been paying on for the past two years. He is renting a small
apartment here and really does not have any other debts. His landlord has told him that he can store a snow
mobile in a shed on the property for free. There is also a small workshop
he can use if he needs to make repairs. A trailer to cart it around on would also be helpful,
although a buddy has said he could borrow his. Chris has decided that
a used machine for $5k and the clothing for another $1k will have
to meet his needs at this time. Teachers are in high demand in the area and it would
highly unusual for Chris not to finish his contract. For someone on
the job only for a few months without a contract it can be more difficult
to obtain a loan. He has a few years before it will be fully repaid.
Although he did not want to purchase a trailer, one came available
for a decent price, so he increased his loan application to $6500
and it is quite likely that it will be approved. Chris is looking forward to this winter when he can
get out on his machine and enjoy the Alaskan winter. His friends have
also recommended that he purchase some survival gear in case he is
ever stranded by his machine. It is just the thing you do in Alaska.
If you live in the State of Alaska
and you're struggling with money, we hope our website helps get approved
regardless of your credit rating. Sincerely, Chris Somerset Chris
Somerset is the daughter of Lance Somerset who founded the We
Find Lenders Pool. She contributes to WeFindLenders.com whenever
she's not having fun with her three children and her husband Ron. Listed below are the
last 5 debt service loans approved in the State of Alaska. Source:
WFL
Lender Pool. Updated Weekly. Principals rounded to the nearest
$1000. Relative interest rates listed below in order left to right.
$100000 $5500 $5000 $95000 $45000
9.98% 15.07% 15.14% 13.09% 12.51%
Lenders contact
us for listing removal or amendment.
Alaska USA Federal Credit Union
4000 Credit Union Dr Anchorage
AK 99503 - www.alaskausa.org
907.786.2782
1001 E Benson Blvd, Anchorage
AK 99508 - 907.561.1407
www.northernskiesfcu.org
1417 Gillam Way, Fairbanks
AK 99701 - www.spiritofak.com
907.459.5900
3101 Penland Pkwy, Anchorage
AK 99508 - www.denalifcu.org
907.257.7200
341 W Tudor Rd #100, Anchorage
AK 99503 - 907.771.4777
www.truenorthfcu.org
3655 Heath St, Homer
AK 99603 - fnbalaska.com
907.235.5800
1 Healy Spur Rd, Healy
AK 99743 - fnbalaska.com
907.683.7750
775 E Parks Hwy, Wasilla
AK 99654 - fnbalaska.com
907.352.5900
44501 Sterling Hwy, Soldotna
AK 99669 - fnbalaska.com
907.260.6000
8725 Old Seward Hwy Anchorage
AK 99515 - fnbalaska.com
907.777.4362Bad
Credit Loan Form for Alaska
Signature Loan Example In Alaska
He has already made a circle of friends who spend a lot of time hunting
and fishing during the summer. In the winter time they get on their
snow mobiles to go across country to visit friends and local pubs
for a beer.
He knows that he will need a loan to buy one. He has not worked long
enough to build up any savings although he does have a decent credit
rating.
New snow machines can cost well over $10k and then there is the equipment
that he will need. Warm clothing and boots will cost another thousand.
Chris needs a six thousand dollar loan which he wants to repay over
three years. His teaching contract is also for three years which fits
nicely with this loan term.
A $6000 loan with an three year term and 6.7% interest rate for Chris
would cost him the following per month:
• Loan Amount (principal) = $6000
• Interest Rate = 6.7%
• Term Length =3 year
• Monthly Payment = $184.44
• Total Paid Back = $6639.87
• Total Interest = $639.87
Although Chris has only been employed in the area for a few months,
he does have a long term three year contract with the local school
board.
He has a good credit rating and history of paying his student loan
on time. 
Debt Consolidation Loans in Alaska
Consolidation Providers In Alaska
Click
or tap map image above for interactive version. Debt Reduction Services Denali Federal Credit Union Money Management International Denali Federal Credit Union Northern Skies FCU Alaska USA Federal Credit Union Matanuska Valley FCU Matanuska Valley FCU Northrim Bank KeyBank Consolidation providers in the State of
Alaska presented on our site are made up of institutional banks, credit
unions and private lenders. Before approaching a lender, or opening a
dialogue regarding a loan be sure to have all your documentation in order
and ready. This saves time for all concerned. For your future personal finances please
remember to make sure you have a realistic budget in place before you
get your consolidation loan(s). If you don't have your finances in order
you may start over using credit cards again and find yourself in even
more debt going forward. A lifestyle change is usually critical to your
success and being debt free. Rick moved to Seward Alaska a few years
ago and has been enjoying the life style that Alaska has to offer. He travels home every few months to see
his family and spends a great deal on airline flights. He generally flies free to see his family
at least three times a year. But there is a down side for Rick from charging
everything to his credit cards. He is now carrying a balance on his several
cards and needs a consolidation loan. While he did save money by getting all
these points towards airline flights, he did not manage his spending very
well. He seemed to be more interested in free flights than on how much
he was actually spending. He now has to face the reality of repaying
$7000 he spent and perhaps not receive any more free flights as well. Rick’s situation is actually quite
common. With so many incentives these days from credit card companies
it is no wonder that consumers like Rick overspend and end up carrying
a balance on their credit cards with the corresponding high credit card
interest rates. His credit utilization is pretty high,
however once the loan is approved and he repays these two credit cards,
his credit utilization will actually improve. He is very concerned that he will repeat
his experience and end up owing a balance on his recently paid off credit
cards. One guideline many experts suggest is
that consumers should not charge anything to their credit card unless
they already have the cash to pay for it when the statements arrive. This will be tough for Rick, he really
wants to avoid another consolidation loan in the future. If you live in the State of Alaska and
you're trying to get approved for a debt consolidation loan, we hope our
website helps you find a good lender and a low interest rate, regardless
of your credit score. Andy Somerset Andy
Somerset is the son of Lance Somerset who founded the We
Find Lenders Pool. He writes for WeFindLenders.com whenever he's not
working hard on his degree in finance. Click
or tap map image above for interactive version. - - - - - - - - - - - - - - - -
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Consumer Credit Counseling - - - - - - - - - - - - - - - -
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Lenders contact
us for listing removal or amendment.
341 W Tudor Rd, Anchorage
AK 99503 - 866.278.0213
www.debtreductionservices.org
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7405 Debarr Road, Anchorage
AK 99504 - www.denalifcu.org
907.257.7200
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417 Barrow St Anchorage
AK 99501 - 713.394.3232
www.moneymanagement.org
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1118 N Muldoon Rd #145
Anchorage, AK 99504
www.denalifcu.org
907.257.7200
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1000 O'Malley Rd #109
Anchorage, AK 99515
www.northernskiesfcu.org
907.561.1407
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901 Evergreen Ave, Palmer
AK 99645 - www.alaskausa.org
907.745.4317
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501 Main St, Wasilla
AK 99654 - www.mvfcu.coop
907.745.4891
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3261 Big Lake Rd, Wasilla
AK 99654 - www.mvfcu.coop
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850 E Usa Cir, Wasilla
AK 99654 - www.northrim.com
907.376.0357
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201 N Lucille St, Wasilla
AK 99654 - www.key.com
844.433.2066
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Debt Consolidation Application Form
About Debt Consolidation
Loans In AK
Alaska Consolidation Loan Example
One thing he does not enjoy is that the cost of living is higher than
in the lower 48 and he tends to spend more money than he plans on for
various items.
He charges everything to his credit card and earns points towards airline
fares. The more he charges to his credit card the more he earns towards
free flights.
Rick would like to consolidate two credit card balances for a total of
$7000 at lower interest rates compared to what he will pay on his credit
card accounts.
A $7000 loan with an three year term and 8.4 interest rate for Rick would
cost him the following per month:
• Loan Amount (principal) = $7000
• Interest Rate = 8.4%
• Term Length =3 year
• Monthly Payment = $220.65
• Total Paid Back = $7943.35
• Total Interest = $943.35
A factor in Ricks favor is that he has always paid his monthly payments
on time, even if it is only the minimum payment. His credit score has
not been compromised.
Rick will need to be careful in the future. He still wants to visit his
family in the lower 48 and use free airline points to pay for the flights.
He is giving his next steps a lot of thought regarding how to manage his
spending. His dilemma is whether to lock his credit cards away in his
office desk or continue using them to generate airline points.
Sincerely,
Debt
Counseling Services In Alaska
Counselors contact
us for listing removal or amendment.
208 E 4th Ave Anchorage
AK 99501 - 907.279.6501
www.creditcounselingservicesusa.com
250 N Cushman Street #4B, Fairbanks
AK 99701
417 Barrow St, Anchorage, AK 99501
www.moneymanagement.org
713.394.3232WFL
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