Payday loan fees...

I have 4 payday loans; two are fairly reasonable and I think i may actually be able to pay them off because the 'interest' is affordable and i can pay towards the principal-one for $500, $80 fee, one for $300, $50 fee, then the two iffy loans for $400 each, each with a $106 fee. (fees being the amount deducted from my acct every two weeks without reducing principal). The $300 one is located in my home state, and is only renewed twice. I will have it paid by mid Dec. and have already figured it in to my budget.

I want to know, am i reading the following right? Does my state cap fees at $15/$100 dollars? If so, my $400 loans should only be charging $60 in fees, correct? If that were the case, I could pay these loans off, as I could actually afford to pay towards the principal and not only pay the $106.

I'm so confused. I wish I'd never gotten the first one, it's a slippery slope. But i was desperate.

HELP, someone who speaks legalese!!! I am lost. Oh, and in Alaska. :sad:


AS 06.50.460. Fees.


(a) Notwithstanding any other provision of law, except for the fee allowed under AS [URL="http://touchngo.com/lglcntr/akstats/Statutes/Title06/Chapter50/Section510.htm"]06.50.510[/URL] (b)(3) and where federal law provides otherwise, a licensee may only charge

(1) a nonrefundable origination fee in an amount not to exceed $5; and

(2) a fee that does not exceed $15 for each $100 of an advance, or 15 percent of the total amount of the advance, whichever is less.

(b) A licensee may not charge a fee other than the fees allowed under (a) of this section.

(c) The fees allowed by (a) of this section are considered earned at the time of the transaction and may not be prorated.

(d) A licensee may not charge the advance recipient an additional fee to access the proceeds of an advance.