CHARLESTON AIR FORCE BASE, S.C. –
The Air Force Aid Society has announced its new Falcon Loan available to Air Force members beginning March 3.
The Falcon Loan is a 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.
"This is just another great example of how the money donated to the Air Force Aid Society through the Air Force Assistance Fund is being put to use," said Tech. Sgt. Neldner, 437th Mission Support Squadron AFAS representative. "This new Falcon Loan program will give Airman an alternative means of paying for those unforeseen circumstances that we all seem to run across at some point in our Air Force careers."
The streamlined application process for a Falcon Loan requires no budget information, backup documentation, or first sergeant or commander approval. Minimal information required to process an allotment or "paymatic" transaction (automatic withdrawal from bank account) and signature is all that is needed to complete the application.
There are two steps involved with applying for a Falcon Loan:
1. Download the application off the AFAS Web site at www.afas.org
2. Go to the Airman and Family Readiness Flight with a Department of Defense identification card and current Leave and Earnings Statement.
To be eligible for a Falcon Loan, the applicant must be an active-duty Air Force member or spouse with power of attorney stationed at an Air Force base with an A&FRF, and cannot have a current AFAS loan. The applicant will be expected to repay the Falcon Loan by allotment within 10 months or by their estimated time of separation if less than 10 months.
Air Force Reserve and Air National Guard members activated on Title 10 orders at the time of application are eligible for a Falcon Loan. Repayment by cash or "paymatic" will normally be more than 10 months while still on active-duty or if deactivated. Enlisted members and officers who meet the above requirements may be eligible for the loan. Retirees are not eligible.
Members may receive up to two Falcon Loans; however, the first one must be paid off to receive the second. After two Falcon Loans, requests will have to be addressed by the society through the standard process for AFAS financial assistance.
The Falcon Loan is a complement to the society's standard emergency assistance loan program. Receiving a Falcon Loan does not make members ineligible to receive a standard Air Force Aid Society loan or grant while repaying a Falcon Loan.
For more information on the Falcon Loan, call the A&FRF at 963-4406, or visit the AFAS Web site at www.afas.org.