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What is an installment loan in Alaska? Is it similar to other types of installment loans no traditional credit check direct lenders and cash advance loans providers?
An Installment loan is a small short term loan that should be paid back on the next pay cheque. These loans are also referred to as cash advances; though, they have some notable differences. Generally, the installment loans are issued using the credit card or the applicant's personal accounts and they are approved by the employer. However, the two have got similar ideas.
There are also long term installment loans providers and lenders in the state of Alaska.
Typically installment loans for bad credit are short -term and in most cases should be repaid back by the next payday. These loans come in handy, especially when faced with a financial emergency. When in need of urgent cash, people end up worried when their friends and family let them down. However, this does not have to be the case since there are installment loans that greatly assist in solving urgent cash problems.
Who Qualifies For Installment Loans in Alaska?
Online installment loans are open to anyone who is currently employed. Usually, different states have got specific installment loans regulations.
However, there are some states that do not have any laws regarding this practice hence the lenders are free to charge any amount of interest they would like. In Alaska, there are state laws that should be adhered to by installment loan lenders. These laws offer the necessary borrowers protection to borrow with confidence that their assets are protected.
Installment loans with no credit check are quite accessible. Those over 18 years of age and who can show proof of a verifiable income as well as a checking or savings account are qualified to apply for an installment loan in Alaska.
The installment loans allowed in Alaska are like cash advances that must be paid by the next payday. These loans are usually unsecured with the principal amounts ranging from $ 500 to $ 1,000. The installment loan clients must be either on full-time employment status or they have some other source of verifiable income.
It is typical for the finance charges to be expressed in the loan documents in the form of dollars rather than percentages. Take note that when the installment loan fees are expressed as annual percentages, they can go above 300%.
The Main Highlights on The Alaska Installment Lending Laws
The Alaska installment loans regulations permit a maximum rate of below $ 15 for every $ 100 that has been advanced, or, 15% and a non-refundable amount of $ 5.00. The total charge for a 14-day loan of $ 100 should be $ 20. This fee of $ 20 is equivalent to an annual percentage rate of 520%.
In Alaska, the maximum loan amount that can be issued out is $ 500. Only two roll-overs or renewals are allowed and there is no limit on the number of payday loans that a person can have at a given time.
For instance, in some of these installment loans examples of common lending practices, we will look at the particulars governing alaska installment loans providers behaviors and practices, laws and statutes such as, a person who may want to borrow $ 100 to be repaid back in two weeks may choose to apply for an installment loan. Once her employment has been verified, the approval is done. She writes a postdated check of $ 120, to be deposited on the date of her next pay check. The $ 20 represents the finance charge of $15 and the fee of $ 5. The lender can then cash the cheque at the borrower's bank on the date indicated. In case the borrower would like to take a longer time to repay the amount borrowed, she can do this by paying the finance charge first and deferring the repayment for a further two weeks.
The Alaska state laws on installment lending are covered under the 06-50-100 Statute. Consumers are allowed to direct complaints and questions that relate to installment loans directly to the Alaska state regulator and the Division of Securities and Banking.
The State law on insufficient funds is a charge of $ 30 for bad checks. The borrowers who default on paying back their loans could be subjected to court expenses of about $ 700 over and above of the specific amount of the loan. These kinds of costs should be disclosed before the two parties can get into a loan agreement.
In addition, there is no criminal action that is involved in the installment loan collections unless the borrowers' check is returned because of account closure.
What Factors can Cause my Alaska Installment Loan Application To be Denied?
It is very rare for applicants to have their installment loan applications turned down. However, those who have a track record of taking out installment loans and not paying them back as agreed can have their application rejected. Also, if you present false information in your application form, then your installment loan will be rejected. Usually, the lenders confirm all the details presented on the application form.
What Should I have When Applying For an Installment Loan In Alaska?
In order to take out an Alaska installment loan, you should have valid identification, proof of employment as well from your 2 most recent pay periods. The lender will determine how much you qualify for by using your income as well as the pay period so as to determine the amount that you are eligible for.
How Fast Will I Receive the Money From My Alaska Installment Loan?
In most situations, you should receive the approval for an installment loan on the same day that you submit your application. For those whose needs are time sensitive, the installment loan is the best option for emergency situations.
How Do I Receive The Money From My Approved Alaska No Credit Check Installment Loans?
The funds from a successfully approved installment loan will be sent directly to your bank account, it is certainly the best option for time sensitive applicants who are faced with financial emergencies.
In a nutshell, installment loans have in the past and continue to greatly assist people when it comes to handling their urgent financial issues with much less stress and much more ease.
The application process can easily be done online in just minutes .... and applicants can receive their funds from an Alaska installment loan in just a few hours!