Falcon Loan helps Airmen through tough times

  • Published
  • By Airman 1st Class Spencer Gallien
  • 23rd Wing Public Affairs
MOODY AIR FORCE BASE, Ga. --  The Airman and Family Readiness Center recently began participation in an Air Force-wide loan program sponsored by the Air Force Aid Society.

Falcon Loan is the AFAS's new interest-free loan program which can be used twice in an Airmen's career for any amount up to $500.

"The loan is intended to meet specific needs," said Buddy McGill, 23rd Force Support Squadron AFAS officer. "The program will allow Airmen to receive emergency financial assistance in a more stream-lined process."

The loan is based off a similar concept created by the Army and Navy. About 18 months ago, the Army Emergency Relief program began testing a Commander Referral Loan, which is now implemented Army-wide. The Navy/Marine Corps Relief Society began testing a Quick Assist Loan program at eight installations in the last six months and that program became effective throughout the Navy in January.

"The program is open to all Airmen and dependants with a power of attorney," said Ann Lukens, 23rd FSS A&FRC chief. "All they need to do is come in with a Leave and Earnings statement and a current identification card. The loan requires no interaction with the Airman's squadron or supervision."

"This is an alternative to payday lending," she added. "We feel this can keep Airmen out of predatory lending traps so they can continue a successful Air Force career."

The final step to the loan process is for the Airmen to fill out an integrity statement stating that the loan will be spent on one of the five reasons outlined in the Falcon Loan. The specific uses of the loan were derived from a 2007 survey created by the AFAS, which stated 91 percent of all emergency assistance loans were used on basic living expenses, vehicle expenses, emergency travel, and medical and dental expenses.

The Airmen will also sign a promissory note stating they will pay the borrowed money back in a monthly allotment.

Airmen can download the application at www.afas.org, under Emergency Assistance and Application for AFAS Financial Assistance. After the application is completed, they can bring it into the A&FRC to become eligible for the loan.

"This is just another way for Airmen to handle financial situations," said Mr. McGill. "However, I'd like to remind Airmen that this is not a permanent fix to financial situations and if a Falcon Loan won't cover the amount, then I would recommend using the A&FRC Personal Finance Management Program to get back on track."