Coffman Cove at a glance
- Population: 125 residents, the 119th-largest of 149 places in Alaska (US Census Bureau, Vintage 2023).
- 2020 Census base: 127 people (US Census Bureau, 2020 Census count).
- 2020 to 2023 change: about 1.6% below the 2020 Census base (US Census Bureau).
- Rank among Alaska places: 119th by size among 149 communities (US Census Bureau).
- Size percentile: it is larger than about 20% of the places in Alaska (US Census Bureau).
- Coordinates: 56.0017 latitude, -132.8420 longitude (US Census Bureau Gazetteer).
- Nearest larger cities: Thorne Bay, AK (26 mi); Klawock, AK (32 mi); Wrangell city and, AK (34 mi); Craig, AK (37 mi); Hydaburg, AK (55 mi); US Census Bureau population estimates.
- Smaller towns nearby: Whale Pass, AK (10 mi); Edna Bay, AK (33 mi); Kasaan, AK (35 mi) (US Census Bureau).
What a personal loan costs in Coffman Cove
The defining feature of a personal loan is the fixed installment: the same payment every month until the term ends.
Two loans can share an interest rate and still differ in APR once fees are counted, so compare APR; our personal loan calculator shows the difference over the full term.
A longer repayment period spreads the cost and increases the interest paid, so compare total cost, not just the monthly figure.
Shop with more than one lender and treat pre-qualification as an estimate, since the final terms follow a full application.
Alaska lending rules that apply in Coffman Cove
The sourced rows below are the rules a licensed lender must follow when lending in Alaska, and therefore in Coffman Cove.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Coffman Cove
These steps are the ones that most affect the offer you receive in Coffman Cove:
- 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.