Chefornak at a glance
- Population: 490 — 61st in Alaska, which has 149 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: the 2020 Census recorded 506 residents here (US Census Bureau).
- 2020 to 2023 change: population fell about 3.2% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Alaska places: 61st by size among 149 communities (US Census Bureau).
- Size percentile: roughly 59% of places in Alaska rank below it by population (US Census Bureau).
- Coordinates: 60.1519, -164.2521 (US Census Bureau Gazetteer).
- Nearest larger cities (120-mile radius): Toksook Bay, AK (39 mi); Nunapitchuk, AK (79 mi); Quinhagak, AK (86 mi); Napaskiak, AK (93 mi); Bethel, AK (95 mi) (US Census Bureau).
- Nearest smaller towns: Nightmute, AK (29 mi); Mekoryuk, AK (71 mi); Eek, AK (76 mi) — US Census Bureau populations.
What a personal loan costs in Chefornak
Personal loans are installment credit — one lump sum, repaid in equal monthly installments across a fixed term you agree to up front.
APR is the figure that lets you compare like with like, since it wraps fees into the rate; run your own numbers with the personal loan calculator.
The offer you receive reflects the lender's read of your credit, income and debts, and the term controls the balance between payment size and total interest.
Before you borrow, decide what the loan is for and whether the monthly payment fits a budget you can already meet without taking on new debt.
Alaska lending rules that apply in Chefornak
Where a figure is not published by the state, the row points to the source instead of guessing.
| Rule | Detail | Source |
|---|---|---|
| Maximum legal interest rate (usury cap) | 10.5% per annum default; by contract, the greater of 10% or 5 percentage points above the 12th Federal Reserve District advance rate (loans over $25,000 exempt) Source says: "The rate of interest in the state is 10.5 percent a year and no more on money after it is due"; "more than the greater of 10 percent or five percentage points above the annual rate charged member banks for advances by the 12th Federal Reserve District". | Alaska Legislature — Alaska Statutes § 45.45.010 as of 2026-09-16 |
| Payday lending status | Permitted — licensed deferred deposit advances; max $500 outstanding per borrower; origination fee ≤$5; fee ≤$15 per $100 or 15%; minimum 14-day term Source says: "may not make advances to an advance recipient that exceed $500 outstanding in advances to the recipient at one time"; "a fee that does not exceed $15 for each $100 of an advance, or 15 percent of the total amount of the advance". | Alaska Legislature — Alaska Statutes §§ 06.50.410, 06.50.460 as of 2026-09-16 |
| Small-loan / installment lender licensing | License required from the department to make loans of $25,000 or less at above-legal rates; $25,000 liquid assets and $25,000 bond required Source says: "without first obtaining a license from the department"; "liquid assets of at least $25,000". | Alaska Legislature — Alaska Statutes §§ 06.20.010, 06.20.040 as of 2026-09-16 |
| State lending regulator | Alaska Department of Commerce, Community, and Economic Development (Division of Banking and Securities) Source says: "department means the Department of Commerce, Community, and Economic Development". The Division of Banking and Securities (commerce.alaska.gov/web/dbs) administers the department's lending license programs. | Alaska Legislature — Alaska Statutes § 06.50.900(5) as of 2026-09-16 |
How to compare offers in Chefornak
Before you commit to a personal loan in Chefornak, work through these steps:
- Pull your free credit reports and dispute any error — it is the cheapest way to improve the rate you are offered.
- Run your figures through the personal loan calculator on this site so you know the payment before a lender quotes one.
- Pre-qualify with at least three lenders and compare the APR, not the interest rate.
- Check that the lender is licensed in Alaska using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.