The Air Force Aid Society makes its new Falcon Loan available to Air Force members March 3.
The Falcon Loan is an interest-free loan of $500 or less that can be used for emergency needs, such as basic living expenses (rent, utilities and food); car repairs; emergency travel; or other approved needs. Applying for a Falcon Loan is as easy as 1-2-3:
1. Download the application off the AFAS Web site at www.afas.org.
2. Get your ID card and current Leave and Earning Statement.
3. Go to your Airman & Family Readiness Center.
“The ease of the Falcon Loan program will hopefully encourage Airmen to turn to their Airman & Family Readiness centers in times of financial need and not be ensnared by potential career-damaging debt traps,” said Chief Master Sgt. Pamela Derrow, U.S. Air Forces in Europe command chief.
“This program is just another example of AFAS’ continued effort to help take care of our Airmen,” she said.
The streamlined application process for a Falcon Loan requires no budget information, backup documentation or first sergeant or commander approval. Minimal information is required to process an allotment or Paymatic transaction (automatic withdrawal from bank account) and the signature is all that is needed to complete the application.
The relaxed approach to the loan process comes with the hope that Airmen will feel less threatened to come forward for help and perhaps − after getting a Falcon Loan − will establish a relationship that draws them back into the A&FRC for a follow-on visit to discuss their financial situation.
“One of the important missions of Airman & Family Readiness centers is to promote financial readiness,” said Gretchen Shannon from the USAFE Airman & Family Readiness Branch.
“The new AFAS Falcon Loan program will be helpful in diverting some Airmen faced with financial emergencies away from high interest pay-day lenders. The Airman & Family Readiness teams will be ready and available to assist members when the new program rolls out,” she said.
To be eligible for a Falcon Loan, applicants must be an active-duty Air Force member or spouse with Power of Attorney, stationed at an air force base with an A&FRC, and cannot have a current Air Force Aid Society loan.
They will be expected to repay their Falcon Loan by allotment within 10 months, or by their ETS if less than 10 months.
Air Force Reserve and Air National Guard personnel activated on Title 10 orders at the time of application are also eligible for a Falcon Loan.
The Falcon Loan is a complement to the society’s standard emergency assistance loan/grant program. Receiving a Falcon Loan does not make applicants ineligible to receive a standard Air Force Aid Society loan/grant while they are repaying their Falcon Loan.
For more information on the Falcon Loan, visit the A&FRC or the AFAS Web site at www.afas.org.
(Courtesy of USAFE News Service)