$500 loans available soon from Aid Society - Air Force News | News from Afghanistan & Iraq - Air Force Times

$500 loans available soon from Aid Society

Airmen can start receiving a $500 interest-free loan from the Air Force Aid Society at Airmen and Family Readiness Centers without having to get their first sergeant or commander’s approval.

The Falcon Loan program, which kicks off March 3, comes after the Army and Navy rolled out similar loan programs to keep their troops from taking on high-interest short term loans typically referred to as payday loans. The Army is offering $1,000 while the Navy offers $300.

Officials streamlined the Falcon Loan application process to ensure interested airmen can get immediate access to the money once they apply at the readiness center. The application process is broken down into three steps:

* Download the application from the Air Force Aid Society website

* Get your ID card and current leave and earnings statement

* Bring all three to the readiness center

Loan recipients have 10 months to repay the loan by allotment or by an airmen’s estimated time of service separation. Active duty airmen, as well as reservists and Air National Guardsmen activated on Title 10 orders at the time of application, are eligible for the loan.

Airmen who accept a Falcon Loan also remain qualified for AFAS’ standard emergency loan/grant program, said Jim Delaney, AFAS chief operating officer.

Delaney said he understood the concern some airmen might have receiving a loan from an Air Force organization because it might get back to the commander, but he stressed the society will not identify any recipients to leadership. Conversely, the Army’s program requires commander approval to grant the loan.

“Hopefully word of mouth will resolve that trepidation,” he said.