What is it
Payday Loans are payments in which the lender repays itself directly from the borrower’s bank account on the borrower’s payday. These are typically due in one lump sum.
Payday loans are a deliberate debt trap that lock the borrower into long‐term debt because they cannot afford to repay the high‐cost loan. In Alaska, the annual interest rate is 521% for a $100, 14-day loan.
What we’re doing
Nationally, there is a payday rule that protects consumers and is currently under threat of being revoked. Take action today and protect the rule.