What is the best personal loan lender in Alaska?

MoneyGeek’s analysis found that the best personal loan lender in Alaska is LightStream. You can get an APR as low as 4.49%, depending on your credit score. That’s significantly lower than the average interest rate in Alaska, which is 11.36%. They also have features that provide a more convenient customer experience. For example, you can complete the application process online and use their mobile app to manage your loan.

Which lender in Alaska has the lowest interest rate?

Ally, Affirm and Dave offer the lowest rates overall, based on MoneyGeek’s research. They offer an interest rate as low as 0%. In Alaska, Upstart offers the lowest interest, which can be as low as 3.22%. However, like other lenders, you may get a different rate depending on your unique profile. Factors like loan terms, your credit score and income all affect your rate.

Can I use a personal loan for vacations in Alaska?

You can use personal loans in Alaska for various things, including a vacation.

Can I use a personal loan for home improvement in Alaska?

Home improvement projects are a common reason why people apply for personal loans. MoneyGeek’s study found that Best Egg is an excellent option for this.

What can I not use my personal loan for in Alaska?

Some lenders have restrictions regarding how you can use your loan. These may include investments and paying for college or post-secondary education expenses. Others do not allow you to use your loan for gambling of any kind. It’s best to talk to your lender to know their specific restrictions, if there are any.

How much can I borrow in Alaska?

It depends on your lender. Many allow you to borrow up to $100,000, while others cap the loan amount at $50,000 or even lower.

How long does it take to get a personal loan in Alaska?

How fast you can get your loan also depends on your lender. Some can fund their loan on the same day, while others take up to a week.

Can I pay off my loan early in Alaska?

Yes, paying off your personal loan in Alaska is always an option. However, check with your lender first to make sure they do not charge a prepayment penalty.

Top Lenders & Best Picks for You

Best Personal Loans in Alaska

LightStream provides the best personal loans in Alaska. It earned an A+ BBB rating, doesn’t charge origination fees and offers an autopay discount.

MoneyGeek found that Upstart is the best personal loan lender for Alaska residents with poor credit. SoFi is the best for borrowers with good credit. Upgrade offers the best debt consolidation loan in Alaska. Best Egg is the best option for home improvement loans.

WHAT WE’RE GEEKING OUT ON

The Best Overall Personal Loan Lender in Alaska
The Best Personal Loan Lender for Bad Credit in Alaska
The Best Personal Loan Lender for Good Credit in Alaska
The Best Personal Loan Lender for Debt Consolidation in Alaska
The Best Personal Loan Lender for Home Improvements in Alaska
How to Choose the Right Personal Loan for You
Frequently Asked Questions About Personal Loans in Alaska

MoneyGeek’s Pick for Best Personal Loan Lender in Alaska: LightStream

MoneyGeek analyzed more than 30 data points to determine the lender offering the best personal loan in Alaska. These include information such as loan amounts, terms, borrower requirements and more. Another factor is the interest rate. Does a lender charge higher interest than 11.36%, which is the average in Alaska? If so, there may be better bargains available.

However, we also looked at the level of convenience lenders provide borrowers. This includes the different requirements during the application process, such as credit score or income requirements. We also consider whether you’ll have an easy time managing your loan with a mobile app.

Best Overall Personal Loan Lender in Alaska: LightStream

LightStream
- 4.49% to 20.49%APR Range
- 660Minimum Credit Score
- $5,000 to $100,000Loan Amount Range
- 24 to 84 monthsRepayment Terms
- Same DayTime to Receive Funds
LightStream is the online lending arm of Truist, which is why they share several features. It started operating in 2012, and its headquarters are in San Diego, California.
LightStream can be an excellent option if you have a good credit score, which may allow you to get a low APR. Several of its features lead to an experience filled with convenience. For example, you can apply for a loan without leaving your house — you can do everything online. If you get a personal loan with LightStream, you can leverage their mobile app, which makes managing your loan easier.
One thing you need to watch out for is its credit checks. LightStream conducts hard inquiries, which may affect your credit score. That said, you can get your loan funded on the same day, allowing you to use it sooner rather than later.
Pros
A+ rating from the Better Business Bureau
Borrow up to $100,000
APR can be as low as 4.49%
No origination fees
0.5% autopayment discount

Cons
You cannot use your loan to refinance an existing LightStream loan
Conducts a hard inquiry credit check
Minimum credit score of 660
APR range: 4.49%–20.49%
Minimum/maximum loan amount: $5,000–$100,000
Minimum credit requirements: 660
Repayment terms: 24–84 months
Time to receive funds: Same-day

Best Personal Loan Lender for Bad Credit in Alaska: Upstart

Upstart
- 3.22% to 35.99%APR Range
- 300Minimum Credit Score
- $1,000 to $50,000Loan Amount Range
- 36 to 60 monthsRepayment Terms
- Next DayTime to Receive Funds
Although Upstart launched in 2012, it didn’t offer loans until 2014. You may have challenges finding a lender if you don’t have the best credit scores. However, it is still possible to get a personal loan in Alaska — and Upstart is one of your best options.
You only need a credit score of 300 to qualify for a loan. However, you also need to meet other requirements, like a minimum income of $12,000, an employment requirement and a debt-to-income ratio limit of 45%.
Upstart conducts soft credit inquiries, which means your credit score won’t be affected by their credit check. You can also use your loan funds any way you want to since it doesn’t have restrictions on loan usage.
Depending on your creditworthiness, you could qualify for a loan with no origination fee, although some Upstart customers need to pay up to 8%, which is a very high origination fee.
Pros
A+ ranking from the Better Business Bureau
Only requires a credit score of 300
Conducts a soft inquiry for credit checks
No restrictions for usage of loan
Offers joint loans

Cons
Offers limited options for loan terms
APR can be as high as 35.99%
Origination fees up to 8%
Debt-to-income limit of 45%
APR range: 3.22%–35.99%
Minimum/maximum loan amount: $1,000–$50,000
Minimum credit requirements: 300
Repayment terms: 36–60 months
Time to receive funds: Next day

Best Personal Loan Lender for Good Credit in Alaska: SoFi

SoFi
- 5.74% to 20.28%APR Range
- 680Minimum Credit Score
- $5,000 to $100,000Loan Amount Range
- 12 to 60 monthsRepayment Terms
- Two DaysTime to Receive Funds
SoFi is an online personal finance company that started operations in 2011. It currently holds its headquarters in San Francisco, California.
SoFi offers several financial products, including personal loans. With a credit score requirement of 680, SoFi is best for borrowers who maintain a good credit standing. You will also need to provide proof of income totaling at least $50,000 per year.
You can borrow up to $100,000, which you can use as you like. Unlike many other lenders, SoFi does not have restrictions on how you can use your loan.
You also don’t need to worry about processing fees since it does not charge origination fees, late fees or prepayment penalties. If you want to manage your loan on the go, you can do everything from its mobile app.
Pros
Personal loans up to $100,000
No origination fees
Credit checks are soft inquiries
No restrictions on usage of funds
No late fees or prepayment penalties

Cons
Requires a minimum income of $50,000
Requires a minimum credit score of 680
Debt-to-income limit of 43%
APR range: 5.74%–20.28%
Minimum/maximum loan amount: $5,000–$100,000
Minimum credit requirements: 680
Repayment terms: 12–60 months
Time to receive funds: Two days

Best Personal Loan Lender for Debt Consolidation in Alaska: Upgrade

Upgrade
- 5.94% to 35.47%APR Range
- 560Minimum Credit Score
- $1,000 to $50,000Loan Amount Range
- 36 to 60 monthsRepayment Terms
- Same DayTime to Receive Funds
Upgrade is one of the younger lenders in MoneyGeek’s study, as it was founded in 2016. It's a neobank, which means it operates entirely online. There are offices in Phoenix, Arizona, and Montreal, Canada, while its headquarters remain in San Francisco.
You may think a maximum loan amount of $50,000 is limiting, but if it’s primarily for debt consolidation, it might just be the right amount. At 1%, Upgrade offers the highest discount for automatic repayments across all lenders in MoneyGeek’s study.
While Upgrade requires a credit score of 560, there are no minimum income requirements. However, the company has very high origination fees, with a 2.9% minimum and an 8% maximum. In addition, Upgrade does not allow borrowers to use the funds for education, investments, gambling, illegal activities and more.
Pros
1% discount for auto-repayment
No prepayment penalties
Does not have an income requirement
Conducts soft inquiry for credit checks
Wide range of repayment terms available

Cons
Interest rates as high as 35.47%
Origination fee can be as high as 8%
Limitations on funding usage
APR range: 5.94%–35.47%
Minimum/maximum loan amount: $1,000–$50,000
Minimum credit requirements: 560
Repayment terms: 36–60 months
Time to receive funds: Same day

Best Personal Loan Lender for Home Improvement in Alaska: Best Egg

Best Egg
- 4.99% to 35.99%APR Range
- 700Minimum Credit Score
- $2,000 to $50,000Loan Amount Range
- 36 to 60 monthsRepayment Terms
- Next DayTime to Receive Funds
MoneyGeek’s top pick for borrowers looking to use their personal loan for home improvement is Best Egg. It has established itself as an affordable online lender since 2014. Currently, its headquarters are in San Antonio, Texas.
Best Egg has a home improvement loan that you can use to either maintain or renovate your home. You can enjoy a 0.5% discount on your personal loan if you choose to set up an automatic repayment schedule. Not only does it guarantee that you’ll make your monthly payments on time, but it’ll also help maintain your credit score.
However, Best Egg loans come with high interest rates, with a minimum of 4.99% and a maximum of 35.99%. In addition, the company requires origination fees of 1% to 6%. Finally, you cannot qualify for a Best Egg personal loan if you make less than $50,000 per year or have a credit score lower than 700.
Pros
A+ rating from the Better Business Bureau
Conducts a soft inquiry for credit checks
Offers 0.5% discount for automatic repayment
No debt-to-income limits
Pays creditors directly for debt consolidation

Cons
High APR range from 4.99%–35.99%
Origination fee can be up to 6%
Requires a high credit score of 700
$50,000 minimum income requirement
APR range: 4.99%–35.99%
Minimum/maximum loan amount: $2,000–$50,000
Minimum credit requirements: 700
Repayment terms: 36–60 months
Time to receive funds: Next day

How to Choose the Best Personal Loan Lender in Alaska for You

With an average debt of $19,188 for personal loans in Alaska, the typical Alaskan owes more personal loan debt than residents of most other states. Alaska also has the nation’s second-highest average personal loan interest rate of 11.36% — is this something that you can consistently cover without sacrificing other essential expenses or getting yourself into more debt?

The following steps can help ensure applying for a personal loan in Alaska is the best option for you.

Ask Yourself the Important Questions

It pays to look at your overall financial situation before making any decisions. Think about the following questions:

How much money do you need? If you need additional funds for a home improvement project or to pay for medical bills, a personal loan may be a good option. If you’re planning to use it for investments, you may need to explore other loan options.
What’s your credit score? A good credit standing can give you more options and lower interest rates.
Will you be able to make each monthly payment? A personal loan will increase your monthly expenses. Failing to pay on time can subject you to late fees, adding to your costs. It will also affect your credit score.
Do you have other debts? The more debts you have, the more challenging it becomes to manage everything. If your existing debts are extensive, you may want to rethink getting a personal loan in Alaska.

Do Your Research

The best personal loan lender in Alaska is different for everyone. A lot of it depends on your unique financial situation and profile. It pays to take the time to study the rates offered by various lenders before pursuing a loan application. Remember, personal loans in Alaska require a long-term commitment. You need to make sure you can afford the monthly payments until the end of your term.

MoneyGeek’s guide provides a lot of information you can use to make your decision. However, you may need details that we did not cover, so don’t hesitate to do your own research as well.

Wait

Seeing your options allows you to narrow down your choices. It's tempting to immediately apply for a personal loan in Alaska. However, it’s better to take a step back and give yourself some time before making your final decision.

A day or two will allow you to revisit your choice more carefully. Remember, this loan will be your responsibility for anywhere between two and four years. Unless you’re 100% sure about your decision, hold off on the loan application.

Read the Fine Print

There’s nothing more frustrating than being surprised by additional fees you should have caught before pushing through with your loan application. Don’t forget to go through the details of your preferred lender.

You need to consider interest, origination and late fees as well. If you think about the long term and feel a time will come when you could possibly pay off your loan early, check if your lender charges a prepayment penalty. Knowing the little things can be an enormous help in the long run.

Apply

Examining your intent to apply for a personal loan in Alaska lessens the chances that some unforeseen expense will catch you off-guard. Once you’re comfortable with your decision, the next step is to complete your application and submit it.

Several lenders allow you to apply online, making the process convenient. But if you prefer to visit their office or speak with a representative, don’t hesitate to do so. Regardless of how you apply, it’s best to prepare the necessary information beforehand. This typically includes identification, validation of address and proof of income.

What to Do if You Can’t Get a Personal Loan in Alaska

There are instances wherein your loan application gets denied. Don’t take it too personally — it happens. However, you can use the experience to understand the lender’s requirements better. Hopefully, the lessons learned will allow you to secure a positive outcome in the future.

There are also several things you can do to improve your creditworthiness right now. Talking to your lender about their decision is encouraged. Ask them if you can modify your application to make it more acceptable. For example, can a lower loan amount or a shorter term lead to a different verdict?

Sometimes, the reason for the decline of your application takes more time to resolve, such as your credit score or income. It may be tempting to apply with a different lender, but you may want to improve on those areas before you try again.

If possible, stay away from payday loans. These may be more convenient since they’re easier to process and have fewer requirements, but they generally cause more harm than good. You may find yourself quickly sinking into debt because of their exponentially high interest rates. While the average interest rate in Alaska for personal loans is 11.36%, payday loans can range between 300%–500%.

Frequently Asked Questions About Personal Loans in Alaska

Your profile and financial needs determine where you can get the best personal loan in Alaska. We’ve compiled a list of the most commonly asked questions to provide you with more information.

METHODOLOGY

We reviewed more than 30 personal loan lenders using 35+ individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Within each ranking criteria category, we considered several individual data points that we feel carry the most weight when choosing a personal loan lender. These factors include APR ranges, available loan amount, minimum credit score, minimum income amount, application fees and disbursement time.

Here at MoneyGeek, we value you, the consumer, so we also factor in each lender’s customer support, business ratings and additional features that could make your experience easier and more accessible — like prequalification, payment options and mobile apps.

After careful consideration and calculation, our picks are determined with your best interest in mind. Our personal loan recommendations and expert tips are meant to help you make the best decision when choosing a lender that meets your needs.

sources

Best Egg. "Home Improvement." Accessed March 8, 2022.
Debt.org. "Consumer Credit and Loans." Accessed March 8, 2022.
Debt.org. "Payday Lenders and Loans." Accessed March 8, 2022.

The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.