Air Force Aid Society provides alternative to pay-day loans Published Feb. 13, 2008 By U.S. Air Forces in Europe USAFE Public Affairs RAF MILDENHALL, England -- The Air Force Aid Society has announced its new Falcon Loan program which will be available to Airmen beginning March 3. The Falcon Loan is an interest-free loan of $500 or less that can be used for emergencies 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 earnings 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 and Family Readiness Centers in times of financial need and not be ensnared by potentially career-damaging debt traps," said Chief Master Sergeant Pamela Derrow, the U.S. Air Forces in Europe Command chief master sergeant. The streamlined application process for a Falcon Loan requires no budget information, backup documentation, or approval by a first sergeant or commander. Information to process an allotment or automatic bank withdrawal and the Airman's signature are all that are 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 and Family Readiness Centers is to promote financial readiness," said Ms. Gretchen Shannon from the USAFE Airman and 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 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, applicants must be active duty Airmen or their spouses 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. Recipients will be expected to repay the 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 eligible for a Falcon Loan as well. The Falcon Loan is a complement to the Society's standard emergency assistance loan/grant program. Receiving a Falcon Loan does not make you ineligible to receive a standard Air Force Aid Society loan/grant while you are repaying your Falcon Loan. For more information on the Falcon Loan, please visit your Airman & Family Readiness Center or the AFAS website at www.afas.org.