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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.

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Last Updated: 11/22/2022
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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

    on LightStream Website

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

    on Upstart Website

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

    on SoFi Website

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

    on Upgrade Website

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

    on Best Egg Website

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.

1

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.
2

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.

3

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.

4

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.

5

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.

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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.

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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.