U.S. Air Force personnel confronting a sudden financial hardship will soon have access to a modest but quick interest-free loan, according to the Air Force.
The loan program is an Air Force Aid Society initiative that begins March 3 at Air Force installations worldwide.
Under the Falcon Loan program, an airman can apply for a loan of as much as $500.
A similar effort was launched last month by the Navy-Marine Corps Relief Society. It includes a cap of $300.
The Air Force loan program “will be helpful in diverting some airmen faced with financial emergencies away from high-interest payday lenders,” Gretchen Shannon of the U.S. Air Forces in Europe, Airman and Family Readiness Branch, said in a news release.
One of the primary features of this program, according to the Air Force, is the ease and speed with which an airman — or a spouse with power of attorney — can secure a loan. A person needs only to fill out a short application form, visit a family readiness center, and present their ID card and a current leave and earnings statement, according to the Air Force.
Loans must be paid back within 10 months, sooner if an airman is separating from the service during the load period.
“The streamlined application process for a Falcon Loan requires no budget information, backup documentation or first sergeant or commander approval,” the news release stated.
Ultimately, the hope is that a cash-strapped individual will avail themselves to the guidance and financial services available at family readiness centers.
Source:http://www.stripes.com/article.asp?section=104&article=52527
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