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.

The issue

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.

 
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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.