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Rates and rules

Alaska Loan Rates and Rules

Who regulates consumer lending in Alaska, how rates are set, and how to check a lender and its rate before you borrow. For new requests SET Financial is not the lender: it connects Alaska residents with third-party lenders who set all rates and terms.

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This page is general information, not a rate quote. Not everyone who applies will be matched or approved.

Who regulates consumer lending in Alaska

In Alaska, consumer lending is overseen by the Division of Banking and Securities, which licenses and examines non-depository lenders such as small loan and deferred deposit (payday) companies. Alaska sets rate and fee frameworks by statute: the Alaska Small Loans Act (AS 06.20) permits regulated small loan lenders to charge up to 3% per month on the balance up to $850 and 2% per month on the remainder up to $10,000, while the general legal interest rate under AS 45.45.010 is 10.5% absent a specific agreement or exemption. Deferred deposit advances are capped at a $500 principal with a fee of up to $15 per $100. SET Financial does not set rates. Your APR, fees, and terms are determined solely by the third-party lender you are matched with, subject to applicable Alaska and federal law.

Regulator: Alaska Division of Banking and Securities (within the Alaska Department of Commerce, Community, and Economic Development).

How to check a lender before you borrow

Before you accept any offer, confirm the lender is properly licensed for its product with the Alaska Division of Banking and Securities, and read the APR, fees, payment schedule, and total cost printed on your loan agreement before signing.

Many consumer lenders are also listed on NMLS Consumer Access, a national database you can search for free to confirm a company's license status and history.

Search NMLS Consumer Access

The four numbers to compare on any offer

A regulator's rules tell you about the lender. These tell you about the loan. Whoever you borrow from, and whether or not you use this site, compare offers on the same four things:

  • APR. The annualized cost including most fees. It is the only number that lets you compare two different loans honestly.
  • Total repayment amount. Principal plus every finance charge over the full term. A lower monthly payment stretched longer often costs more overall.
  • Term and payment schedule. How many payments, how often, and the exact due dates measured against when you actually get paid.
  • Fees and prepayment terms. Origination, late, and returned-payment fees, and whether paying the loan off early saves you interest.

Your loan agreement is the number that governs

Federal Truth in Lending rules require the lender to disclose the APR, finance charge, amount financed, and total of payments on the loan agreement before you sign. Any rate you see in marketing, including on this site, is general information. The figures on your own signed agreement are what actually apply to your loan.

Common questions about Alaska rates

Does SET Financial decide if I am approved or what rate I pay?

No. Approval, APR, fees, loan amount, and repayment terms are set solely by the third-party lender you are matched with. SET Financial cannot guarantee approval or any specific rate.

Who regulates consumer loans in Alaska?

The Alaska Division of Banking and Securities, part of the Department of Commerce, Community, and Economic Development, licenses and examines non-depository consumer lenders in the state, including small loan and deferred deposit companies.

What are the interest rate rules in Alaska?

Rates are set by state statute and by each lender. The Alaska Small Loans Act allows up to 3% per month on the first $850 and 2% per month on the remainder up to $10,000, and the general legal rate under AS 45.45.010 is 10.5% absent a specific agreement. Your actual APR is set by the lender on your agreement.

This page is general information about Alaska lending rules, not legal or financial advice, and it is not a rate quote. Rules change; confirm anything that matters to your situation with the Alaska Division of Banking and Securities (within the Alaska Department of Commerce, Community, and Economic Development) or a qualified advisor. SET Financial is not the lender on new requests and does not set the rates, fees, terms, or approval decisions of the third-party lenders in its network.

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