MoneyWorks, Inc.
East Northern Lights Boulevard
Anchorage, AK
(907) 337-2274
MoneyWorks is one of many payday loan companies that don’t operate in an online capacity. You won’t need to do any faxing and that eliminates the hassle of running around town trying to find a store that will let you print and/or fax the necessary documents you may need for some other companies. If you have no printer or fax at your home, this can be a very frustrating experience. This company is relatively small and you WILL have to visit them or call.
What They Offer
This company provides short term loans mainly to those with bad credit who simply have no other alternatives and need money immediately. You can borrow up to the maximum of $500 that Alaska state law allows as long as you’ve had a checking account in good standing for at least 3 months, are currently employed with verifiable income, and have some personal references.
Many people consider payday loan companies such as this one as “emergency” sources of temporary income and have the intention of paying it off when it becomes due to avoid interest. The payday loan laws in Alaska are quite rigid so even if you allow your loan to “rollover” twice as allowed by Alaska law, you still won’t be paying too much more than what you borrowed plus the interest accrued.
Where They Are Located
You can find Moneyworks in Anchorage, Alaska making it a locally known payday loan source only. Since you can’t apply online as of November 2011 or get other online information, you can call them up to see if they have some new offices opening in other parts of Alaska or visit their Anchorage office for more information.
Rates/Terms
Some rates, such as the maximum interest a payday loan company can charge, will differ from state to state. The maximum interest rate in Alaska, for example, tops out at $15 for every $100 borrowed or 15% of the total loan amount so that’s what you’ll get. The finance charge (loan fee) for loans of 7, 14 or 18 days is $25 for every $100 borrowed. That means if you borrow the Alaska maximum of $500, you will pay an additional $125 when your loan becomes due for a total repayment of $625.
In Alaska the maximum annual percentage rate is 520% and generally, the longer the loan time you need, the lower the APR will be. 18 day loans are often around 500% but if certain states allow it, some 7 day loans will have close to 1200% APR. This is one of the main reasons you should consider payday loans as “emergency” income and should be repaid as soon as possible.
Additional Info
This company has limited operating hours so you will want to call in advance.
