Air Force Aid Society provides alternative to pay-day loans Published Feb. 26, 2008 By Lila Edwards AeroTech News NELLIS AIR FORCE BASE, Nev. -- The Nellis Airman and Family Readiness Center staff is gearing up to work with Airmen and their families as part of the Air Force Aid Society's new Falcon Loan program available to Air Force members, which is scheduled to begin March 3. A Falcon Loan is an interest-free loan of up to $500 that can be used for emergency needs such as basic living expenses: rent, utilities and food, car repairs, emergency travel or other approved needs. "Falcon loans -- with no interest -- can be a great alternative to payday loans," said Susan Robinson, Nellis A&FRC flight chief. "They can also give Airmen an excellent opportunity to make long term plans by working with the staff in the A&FRC if they choose to do so," Ms. Robinson said. 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 to the A&FRC for a follow-up visit to discuss their financial situation. "The A&FRC has counselors trained to help people put together budgets that work for them and computer programs that Airmen can use to help themselves," Ms. Robinson said. "They also offer classes on how to find money you didn't know you had, how to save and invest, and other ways to begin working toward a stronger financial future." 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 a signature is all that is needed to complete the application. Applying for a Falcon Loan is very simple: 1. Download the application from the AFAS web site (www.afas.org). 2. Get your ID card and current leave and earnings statement. 3. Go to your Airman and Family Readiness Center. To be eligible for a Falcon Loan, you must be active duty or a spouse with power of attorney stationed at an Air Force base with an A&FRC, and cannot have a current AFAS loan. Airmen will be expected to repay Falcon Loans by allotment within 10 months or by their 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. For more information on the Falcon Loan program, visit the A&FRC or the AFAS web site.
