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Alaska Interest Rate & Usury Laws

SUMMARY: Alaska Maximum Interest Rate

  • A maximum of 10.5% annually for undocumented loans
  • Whichever is greater of 10% or 5% above the annual Federal reserve rate for documented loans
  • Unlimited for documented loans of $25,000 or greater

Alaska Statute

 

From Statute 45.45.010: LEGAL RATE OF INTEREST; PREPAYMENT OF INTEREST

 

 (a) The rate of interest in the state is 10.5 percent a year and no more on money after it is due except as provided in (b) of this section.

 

 (b) Interest may not be charged by express agreement of the parties in a contract or loan commitment that is more than the greater of 10 percent or five percentage points above the annual rate charged member banks for advances by the 12th Federal Reserve District on the day on which the contract or loan commitment is made. A contract or loan commitment in which the principal amount exceeds $25,000 is exempt from the limitation of this subsection.

 

Disclaimer

 

This information may or may not be the full scope of Alaska’s interest and usury laws.  Many States may, from time to time, adjust their statutes pertaining to allowable interest and usury rates as well as exceptions.  Be sure to review the Alaska Interest & Usury statute in its entirety and consult with a relevant attorney if you have any specific questions.

 

Additional Resources

 

Alaska State Usury Statute 45.45.010

Usury Laws by State