Alaska, also known as the “last frontier”, or the “land of the midnight sun” is the largest State in US. It is located in the northwest region of the North American continent. It borders Canada to the east, the Pacific Ocean to the West, the Arctic Ocean to the north and Russia to the further west.
Alaska is headed by Governor Sarah Palin, US Senators Lisa Murk and Mark Begich. AK has a median income of US $ 64,333 and a population density that makes it be ranked 47th in the United States. Its capital is at Jurean.
The languages that are spoken in the State include Native North America, English and Spanish. Their highest point is located at Mt. McKinley while its lowest is located at the Pacific Ocean. Approximately half of the total population of residents in Alaska resides in its metropolitan regions.
The State has a high number of coastlines compared to other States in the US. It is non- contiguous and an exclave of United States of America.
Besides being a well endowed state, Alaska has several payday loan facilities. A payday loan, also known as a cash advance or a payday advance is a short term loan facility that is extended to a borrower in order to cover the borrower’s expenses until the next payday.
Alaska is a dream State both borrowers and lenders alike. The State of AK has in place safe harbor laws to regulate the cash advance institutions and borrowers.
In Alaska, it is possible for a borrower to get a loan with interested rates fixed at triple digits range. The only catch is that the checks have to be drawn against the borrower’s bank account.
The laws of the land are so liberal when it comes to borrowing and lending money that borrowers from other State simply have to envy the Alaskans.
One of the laws that have made Alaska a borrowers’ paradise is the fact that AK authorities have not capped the number of loans one can have. On the same breath the law is non specific when it comes to the number of loans a borrower can have pending at any given time.
Borrowers in AK are protected by the laws of the land – lenders hands are tied to some extent – which prohibit cash advance lenders to instigating criminal proceedings against defaulters. This law is only waived in cases where the borrower writes a check against a closed account.
On the flip side the maximum permissible amount a cash check consumer can be granted is $500 for a period of not less than 2 weeks. Although renewals / rollovers are permissible by law and applicable, there are limited to only 2.
Lenders origination fees are capped at a maximum of $5 and are only allowed to charge a maximum of $15 for every $100 advanced with an alternative of charging 15% of the loan amount incase that figure will be lesser.
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