Interest-free loan program helps shoot down financial ambushes Published March 4, 2008 By 27th Special Operations Wing Public Affairs Office CANNON AIR FORCE BASE -- Airmen now have another bullet to load into their financial six-shooter to take aim at any unplanned financial ambushes - an interest-free loan. This Air Force Aid Society Falcon Loan program is available at the Airman & Family Readiness Center and provides a loan of $500 or less. It can be used for emergency needs such as basic living expenses that include rent, utilities and food, or for car repairs, emergency travel, or other approved needs. Applying for a Falcon Loan is a simple three-step process: 1. Download the application from the AFAS Web site. 2. Get 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 encourages Airmen to turn to their Airman and Family Readiness Centers and not be ensnared by potentially career-damaging debt traps," said Master Sgt. George Childers, 27th Special Operations Equipment Maintenance Squadron first sergeant. "This program is just another example of AFAS' continued effort to help take care of our Airmen," he said. The streamlined application process for a Falcon Loan requires no budget information, backup documentation, or first sergeant or commander approval. Minimal information is required to process an allotment or Paymatic transaction (an automatic withdrawal from a bank account), and a signature is all that is 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 to the A&FRC for a follow-up visit to discuss their financial situation. "One of the important missions of Airman and Family Readiness Centers is to promote financial readiness," said Ms. Mary Ann Corsey, AFAS loan coordinator. "The new AFAS Falcon Loan program can help divert some Airmen faced with financial emergencies away from high interest payday lenders. The Airman and Family Readiness teams are ready and available to assist members." To be eligible for a Falcon Loan, you must be an active duty Air Force member or spouse with power of attorney stationed at a base with an A&FRC and cannot have a current AFAS 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 Falcon Loan is a complement to the AFAS 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 a Falcon Loan. "One of the important missions of Airman and Family Readiness Centers is to promote financial readiness," said Ms. Corsey. "The Falcon Loan program can help divert Airmen faced with financial emergencies away from high-interest payday lenders. The Airman and Family Readiness teams are ready to assist members now." For more information on the Falcon Loan program, call 784-4228 or visit the AFAS Web site at www.afas.org.