Falcon Loan takes flight

  • Published
  • By Staff Sgt. Vesta M. Anderson
  • 325th Fighter Wing Public Affairs
TYNDALL AIR FORCE BASE, Fla. --  Airmen of all ranks in urgent need of money are now able to apply for the Air Force Aid Society's Falcon Loan at the Tyndall Airmen and Family Readiness Center beginning Monday.

"The Falcon Loan is a great new program for Airmen in need," said Gen. William R. Looney III, commander of Air Education and Training Command. "This gives every Airman - enlisted and officer - a means to avoid high-interest payday loan places. The Air Force Aid Society has made it simple for Airmen to get the interest-free money they need for emergencies."

The Falcon Loan, a $500 maximum interest-free loan, can be utilized for emergency needs such as car repairs, emergency travel or other approved needs.

"The Falcon Loan differs from regular bank loans in that the interest rate is zero," said Senior Master Sgt. David Brett, 325th Mission Support Group Airmen and Family Readiness Center NCO in charge.

Since financial concerns often affect readiness, the Falcon Loan helps Airmen with immediate financial issues and opens up dialog with the Airmen and Family Readiness Center for further assistance in improving their readiness level, explained Sergeant Brett.
To be eligible for the loan, applicants must be active-duty Air Force members or an AF spouse with a power of attorney. Air Force Reserve and Air National Guard members who are on Title 10 orders are also eligible.

Airmen must not have a current Air Force Aide Society loan still open to be eligible.
Applications can be downloaded from the AFAS Web site, http://www.afas.org/docs/AFAS-Application-March2008.pdf.

Bring a completed application, ID card and current Leave and Earning Statement to the Tyndall Family Readiness Center. AFR and ANG who meet the requirements are additionally required to provide a copy of their orders and a voided check, explained Sergeant Brett.

Individuals approved for the Falcon Loan are expected to repay by allotment within 10 months or by their separation date, if less than 10 months.

For more information on the Falcon Loan program, please contact the Airman and Family Readiness Center at 283-4204 or visit the AFAS Web site, http:www.afas.org.