An Air Force
Falcon Loan is an interest-free loan of $500 or less that can
be used for emergency needs such as basic living expenses
including
rent, utilities, car repairs, emergency travel, food and other approved,
essential needs.
Applying for an Air Force Falcon Military Loan is simple and
easy:
1. Download the application from the
AFAS Web site.
2. Obtain your ID card and current leave and earnings statement
3. Go to your Airman and Family Readiness Center
"The ease of the Falcon Loan program will hopefully
encourage Airmen to turn to their Airman and Family Readiness
Centers in times of financial need and not be ensnared by
potentially career-damaging debt traps," states Chief Master
Sgt. Pamela Derrow, USAF in Europe Command Chief Master SGT.
"This program is just another example of AFAS' continued
effort to help take care of our Airmen," she said.
The streamlined application process for an Air Force Falcon Loan
does not require budget information, backup documentation or
first sergeant or commander approval. Minimal information
required to process an allotment and a signature is all that is needed to
complete the application.
"One of the important missions of Airman and Family Readiness
Centers is to promote financial readiness," said Ms. Gretchen
Shannon from the USAFE Airman and Family Readiness Branch.
"The AFAS Falcon Loan program will be helpful in diverting
some Airmen faced with financial emergencies away from high
interest payday lenders. The Airman and Family Readiness
teams will be ready and available to assist members when the
new program rolls out."
To be eligible for a Falcon Loan, you must be an active duty
Air Force member or spouse with power of attorney stationed at
an Air Force base with an Airman and Family Readiness Center, and cannot have a current Air
Force Aid Society loan. You will be expected to repay your
Falcon Loan by allotment within 10 months or by
your estimated-time-of-separation date if less than 10 months.
Air Force Reserve and Air National Guard personnel activated
on Title 10 orders at the time of application are eligible for
a Falcon Loan as well.
The Air Force Falcon Military Loan is a complement to the AFAS's standard
emergency assistance loan/grant program. Receiving a Falcon
Loan does not make you ineligible to receive a standard AFAS
loan/grant while you are repaying your Falcon Loan.
For more information on the Air Force Falcon Military Loan program, please visit
your Airman and Family Readiness Center or the
AFAS Web site.
(Source: US Department of Defense and Air Force Aid Society) |
