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Personal loans in Alaska

Personal loans for bad credit in Alaska

Personal loans are allowed in Alaska from state-licensed lenders (Small loan company license). Here are the limits Alaska law sets, what a typical loan can cost, and where to get free help if you need it.

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Part of the Alaska guide

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What people use personal loans for

A personal loan is a lump sum repaid in fixed monthly payments. People use one for a larger cost they want to spread out, such as a car repair, a move, medical bills or several higher-rate debts rolled into one payment. The examples below show what larger and smaller amounts can cost within Alaska limits.

What personal loans can cost

These examples show how cost adds up. They are illustrative, not a quote. Your lender sets the actual rate and terms.

Representative example

Amount borrowed
$3,000
Annual percentage rate (APR)
27.4%
Repayment
12 monthly payments
Payment
$288.64
Finance charge
$463.68
Total of payments
$3,463.68

Example: a $3,000 installment loan at 27.4% APR repaid in 12 monthly payments of $288.64 costs $3,463.68 in total, including a finance charge of $463.68. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.

Representative example

Amount borrowed
$1,000
Annual percentage rate (APR)
29.99%
Repayment
12 monthly payments
Payment
$97.48
Finance charge
$169.76
Total of payments
$1,169.76

Example: a $1,000 installment loan at 29.99% APR repaid in 12 monthly payments of $97.48 costs $1,169.76 in total, including a finance charge of $169.76. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.

Representative example

Amount borrowed
$500
Annual percentage rate (APR)
29.99%
Repayment
12 monthly payments
Payment
$48.74
Finance charge
$84.88
Total of payments
$584.88

Example: a $500 installment loan at 29.99% APR repaid in 12 monthly payments of $48.74 costs $584.88 in total, including a finance charge of $84.88. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.

What Alaska law allows

Personal loans in Alaska
ProductStatusAPR capAmountTermLicenseLaw
Installment and personal loans[1][2][3][4] Allowed 36% APR (top tier) Up to $25,000 Not set by statute Small loan company license AS 06.20.010 et seq.
Verified against the statute and regulator on September 23, 2026. Laws change; confirm with the regulator before you borrow.

Bars place each APR cap on a 0 to 400% scale; the pin marks the cap. A striped bar means the statute sets no numeric cap.

The rules in full

Installment and personal loans

Rate cap
Alaska Small Loans Act (AS 06.20.230(a)) lets a licensee lend up to $25,000 at no more than 3% per month on the unpaid principal balance up to $850, 2% per month on the balance from $850 to $10,000, and a contract-agreed rate on the balance from $10,000 to $25,000.
License
Small loan company license (Alaska Small Loans Act) issued by the Division of Banking and Securities.

Full detail for every loan type: Alaska lending laws.

Money snapshot for Alaska

Alaska household data
MeasureValueYear
Fair market rent, 2 bedroom (monthly)[5]$1,591FY2026
Population[6]740,1332024
Unemployment rate[7]4.3%2026-08

Other options in Alaska

Worth checking whatever your credit: these can cost less than a high-rate loan.

  • Emergency loans in Alaska: allowed under Alaska law; see its limits and license rules.
  • Installment loans in Alaska: allowed under Alaska law; see its limits and license rules.
  • Payday loans in Alaska: allowed under Alaska law; see its limits and license rules.
  • Credit union payday alternative loans (PALs). Federal credit unions may offer small loans of up to $2,000 with terms of up to 12 months and an APR no higher than 28%, under NCUA rules (12 CFR 701.21). You usually need to be a member.
  • Nonprofit credit counseling. A counselor accredited by the National Foundation for Credit Counseling can help you build a budget or a debt management plan.
  • Ask your creditor for a payment plan. Utilities, hospitals and many lenders offer hardship or extended payment plans if you ask before you miss a payment.
  • Local assistance. Call 211, or visit 211.org, for emergency help with rent, utilities and food in Alaska.

See every loan type Alaska law allows.

Sources

  1. Justia. law.justia.com/codes/alaska/2016/title-06/chapter-06.20. Retrieved September 23, 2026.
  2. commerce.alaska.gov. Alaska Division of Banking and Securities (Dept. of Commerce, Community and Economic Development). Retrieved September 23, 2026.
  3. nclc.org/wp-content/uploads/2025/04/202411_APR-Annual-Report_Appendix-C.pdf. Retrieved September 23, 2026.
  4. akleg.gov. AS 06.20.010 et seq.. Retrieved September 23, 2026.
  5. National Low Income Housing Coalition. Out of Reach 2026: Alaska. Retrieved September 23, 2026.
  6. U.S. Census Bureau, Population Division. Vintage 2024 National and State Population Estimates. Retrieved September 23, 2026.
  7. U.S. Bureau of Labor Statistics. Local Area Unemployment Statistics (LAUS), All States, Seasonally Adjusted. Retrieved September 23, 2026.

Important disclosures

Illustrative range for installment loans in Alaska: APRs from 5.99% to 35.99%, where the state APR cap is 36% at most and lower on larger loans. This range is not a quote; each lender sets its own rates. Your APR depends on your credit, income, state and the lender.

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  • Questions about a lender licensed in Alaska? Contact the Alaska Division of Banking and Securities (Dept. of Commerce, Community and Economic Development) or file a state complaint.
  • You can submit a complaint about any lender to the Consumer Financial Protection Bureau at consumerfinance.gov/complaint.