Alaska Financial Snapshot
Alaska residents bring in more income than most others in the nation (2018 figures show that Alaskans made, on average, $74,346 for the year, which is $12,409 more than the national average).
The Last Frontier has a poverty rate of 10.9%. The average amount of credit card debt in 2019 was higher among Alaska residents than it was for folks living in other areas of the country ($8,026 vs. $6,194).
Payday Loans in Alaska
A payday loan is a short-term loan typically for smaller amounts of money.
In Alaska, payday lenders are called “deferred deposit advance lenders” and are regulated by the state’s Division of Banking and Securities.
A report from the Center for Responsible Lending indicates that residents in Alaska pay $6 million annually for payday loan fees and interest.
Consumer Protection in Alaska
The Alaska Consumer Protection Act outlines examples of illegal conduct: using deception in the sale of goods and services or misrepresenting benefits or characteristics of a good or service. The Attorney General of Alaska reviews all consumer complaints and can help stop illegal conduct, assist consumers and businesses with recovery of damages between $1,000 and $25,000 or beyond and other relief. If a borrower believes that a lender isn’t following Alaska’s regulations on lending, they can get support from state agencies and nonprofits. There are many state and national resources to help victimized borrowers, some of which are shown below:
Office of the Attorney General Consumer Protection Unit
- Website: www.law.state.ak.us/consumer
- Phone: (907) 269-5200 or (888) 576·2529
State of Alaska Department of Commerce, Community and Economic Development Division of Banking and Securities
- Website: www.commerce.alaska.gov/web/portals/3/pub/Complaint_Form.pdf
- Phone: (907) 269-4584