And the Survey Says: AkPIRG survey shows payday lenders
in Anchorage charge 390% to 520%.

In a recent survey of Payday Lenders in the Anchorage area, the Alaska Public Interest
Research Group (AkPIRG) found that these lenders continue to charge consumers
alarmingly high interest rates for these short term loans.

Jean Ann Fox of the Consumer Federation of America will be visited Alaska as part of
the forums sponsored by AkPIRG. Ms. Fox has extensive experience in the Payday Loans across the nation. “Payday lending is operating in Alaska without legal authorization. The legislature has
not granted payday lenders an exemption from the general usury law that caps rates in
Alaska at 10.25% annual interest rates. Companies that lend less than $500 to consumers
are exempt from the Alaska Small Loan Law and are not licensed or regulated as small
loan companies by the state. And, the industry is flourishing in that legal vacuum,” stated
Ms. Fox.

In addition to the forum, AkPIRG is sponsored two public presentations on Payday
Loans.

 
 
 
 

 

 

 

Contact AkPIRG at:
P.O. Box 101093, Anchorage, AK 99510
907.278.3661, fax 907.278.9300
AkPIRG@gci.net

 

 

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