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Best Bad-Credit Loan Lenders in Alaska

MoneyGeek’s analysis of the APR ranges, repayment terms, credit score requirements, loan amounts, fund disbursement time and other vital details of the best personal loan lenders in Alaska will help you find the ideal lender based on your situation.

Our analysis shows Upstart is an ideal lender for borrowers with bad credit in Alaska, as it accepts credit scores as low as 300. The runner-up for bad-credit loans, Upgrade, is another excellent option with broad repayment terms.

Although these lenders offer competitive rates, borrowers with bad credit shouldn’t necessarily expect to get low-interest personal loans in Alaska.

Best Overall Bad-Credit Loan 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
    Upstart

Runner-Up for Best Bad-Credit Loan 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

How to Choose the Best Bad-Credit Loan in Alaska for You

A personal loan can help you get funds for various pressing needs. MoneyGeek’s data shows that Alaska’s average personal loan debt is $19,188.

Before applying for your loan, however, you must analyze your financial situation. This analysis will ensure you get exactly what you need from your loan without hurting your credit score further by taking a loan you cannot repay. We recommend following these steps to choose the ideal Alaska bad-credit lender for you.

1

Ask Yourself the Important Questions

Before searching for lenders, taking stock of your current financial situation and funding needs is vital. It’s also important to consider how much debt you already have and if you can afford to take out a new loan. MoneyGeek recommends asking yourself the following questions before proceeding:

  • How much funding do you need?
  • What’s your credit score?
  • Can you afford the monthly payments?
  • Do you have existing debts?
  • Is your debt manageable through other means?
2

Do Your Research

You can start researching lenders who offer loans to borrowers with bad credit after you have analyzed your needs and how much funding you will need to meet them. Besides knowing the lender’s interest rates, you should also find out if they allow borrowers to check their rates in advance or apply with a co-signer. Although MoneyGeek’s resources can help you gather this information, we encourage you to do your own research, as our recommendations may not fit your exact needs.

3

Read the Fine Print

After finalizing the lender, you must review the loan agreement and read the contract's fine print. It will give you an idea of the lender's fees and any other costs you might have to cover (or be deducted from the lump sum of your loan). This step is essential to avoid paying an excess amount in the long run.

4

Wait

Once you think you've found the perfect lender, we recommend waiting a few days before applying for a loan. During this period, you can look into the lender's customer service record or consider other resources you can utilize to meet your financial needs. Taking out a loan is a considerable financial commitment — one you'll be obligated to pay back for years. Take your time in coming to an objective, informed decision.

5

Apply

After you've understood a lender's fees and waited to be confident in your decision, you're likely ready to apply for your loan. At this stage, the lender will ask for your identification details, employment information and financial records. Although applying online can be more convenient than in-person, you can also visit the lender's office to submit your application.

What to Do if You Can’t Get a Bad-Credit Loan in Alaska

Even if you meet the lender's credit requirements and provide sufficient details, it isn't guaranteed that the lender will approve your application. The lender can reject your application due to incomplete information, unstable employment or a high debt-to-income ratio.

The ideal thing to do in this situation would be to contact the lender and ask them what caused the denial of your loan application. Once you know what it was, you may be able to address it and apply for a loan again. For instance, if the lender rejected your application due to insufficient income details, you can reapply after providing them with the necessary documents. Modifying your application and decreasing the loan amount may also work.

Although you might want to apply with a different lender, it's unlikely you'll get approval without taking the steps mentioned above. Additionally, MoneyGeek recommends steering clear of payday loans. Although easy to obtain, these loans have exorbitantly high APRs and short repayment terms, which can result in more debt and further damage your credit score.

Calculate Your Monthly Payment

The lenders generally require you to repay your loan in monthly installments, including interest. Using MoneyGeek’s personal loan calculator can help you gauge your monthly payment before applying for a loan. Enter your loan details to get your estimated monthly cost.

years
months
%

Principal

+ $114.98

Interest

+ $8.33

Origination Fee Percentage

+
%

Origination Fee Fixed amount

+

Total monthly payment

$123.31

FAQs About Bad-Credit Loans in Alaska

Finding the best bad-credit loan lender in Alaska will involve analyzing your current financial situation and needs. MoneyGeek gathered the following frequently asked questions to help you understand which lender offers loans that may suit you.

Methodology

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METHODOLOGY

MoneyGeek's analysis of over 30 personal loan lenders involved assessing them based on various individual data points across the following key categories: loan affordability and accessibility, consumer friendliness, lender customer service, flexibility and transparency.

Within each ranking category, we considered several individual data points that are significant when finalizing a personal loan lender. These factors are APR ranges, loan amounts, credit score requirements, income requirements, application fees and funds disbursement time.

MoneyGeek values the consumer above all, which is why we also analyzed each lender's customer support, business ratings and additional features — like prequalification, automatic payment options and mobile apps — that could make this process more convenient and accessible for you.

After careful consideration and calculation, MoneyGeek's final picks are chosen in your best interests. Our loan recommendations and expert tips help you make smart financial decisions when choosing a lender that fits your needs and situation.

sources
  • Upgrade. "About Us." Accessed September 28, 2022.
  • Upgrade. "Personal Loans." Accessed September 28, 2022.
  • Upstart. "About." Accessed September 28, 2022.
  • Upstart. "Personal Loans." Accessed September 28, 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.