Falcon Loan Q & A
The Air Force Aid Society (AFAS)
Falcon Loan Program is available at Airman & Family Readiness Centers (A&FRC).
This program provides a streamlined process for Air Force personnel to receive
an interest-free loan of $500 or less, repayable within 3 to 10 months or before
ETS.
Applying for a Falcon Loan is easy as 1-2-3:
- Download the application here
- Get your Air Force ID card and current Leave & Earnings Statement (LES)
- Provide Title 10 U.S.C. orders and a void check (Air Force Reserve/Air
National Guard personnel only)
- Go to your Airman & Family Readiness Center (A&FRC)
Falcon Loans are interest-free
loans of $500 or less, designed to meet the following types of short-term financial
needs of Airmen on active duty who might otherwise have to resort to a high-interest
lender:
- Basic living expenses - rent/mortgage, food, phone, utilities and gasoline
- Vehicle expenses – payment, repair, and insurance
- Emergency travel
- Medical and dental expenses
All active duty AF personnel to
include Air Force Reserve (AFRES)/Air National Guard (ANG) personnel activated
under Title 10 U.S.C. orders who have no outstanding loan balance with AFAS are
eligible.
- Personnel must not be listed on the AFAS Record on File (ROF), which signals
a client’s history that must first be reviewed by HQ AFAS.
No. Falcon Loans are only available
to active duty Air Force personnel and AFRES/ANG on Title 10 U.S.C. orders.
Yes. AF officers are not restricted
from receiving a Falcon Loan, provided there is a genuine short-term need.
All Falcon Loans will be repaid
by allotment, which must run for a minimum of 3 months or a maximum of 10 months;
or by ETS if less than 10 months.
- Title 10 U.S.C. AFRES/ANG personnel will complete a Paymatic
Authorization Form (a monthly deduction taken from member’s checking
account) as a back up repayment whether still on active duty or deactivated.
You may only receive Falcon Loans
at the A&FRC located at most Air Force installations.
No. These small loans are to meet
short-term needs without implication that the person is facing a bigger problem
that might impact a person’s welfare or ability to perform the mission.
You will need to provide the following
documents:
- Application for Air Force Aid Society Financial Assistance (available at www.afas.org or
the A&FRC)
- Air Force ID card
- Current LES
- Title 10 U.S.C. orders and a void check (AFRES/ANG personnel only)
Yes. In addition to a power of
attorney (POA), your spouse should bring the following to the A&FRC to request
assistance:
- Application for Air Force Aid Society Financial Assistance (available at www.afas.org or
A&FRC)
- Air Force ID Card.
Falcon Loan checks will be made
out to the Air Force member (or spouse with POA) who will sign the application
to certify funds will be used for the stated purpose(s).
- Exception for Emergency Travel: AFAS has an agreement
with Carlson Wagonlit Travel Agency for members requiring emergency travel.
When this option is used (Purpose Code 045), an electronic ticket will be
issued and the original check will be maintained in the AFAS case file.
Yes. Each person can get a loan
of $500 or less.
No, not at this time. Falcon Loans
can only be obtained from an AFAS office located in the A&FRC.
Falcon Loans are for financial
needs of $500 or less. If your need exceeds the $500 limit you should work with
the AFAS caseworker at the A&FRC who will expand the same application form
to address your needs in more depth to see what total assistance is needed.
Yes. It is possible that after
you receive a Falcon Loan you might have a new need that can be addressed using
the standard loan/grant process. The combined loans must be paid in full before
receiving a second Falcon Loan.
If you have a regular AFAS loan with a remaining balance, you are not eligible
for a Falcon Loan. You may still request emergency financial assistance using
the application form, which would involve the standard loan process of developing
a budget with an AFAS caseworker and defining the actual need.
Every situation is unique. You
are encouraged to request financial counseling and assistance from the Air Force
Aid Society caseworker at the A&FRC who can best help you define your need.
You could be eligible to receive
two Falcon Loans, but the first one must be repaid before the second loan is
authorized. Falcon Loans are designed to meet short-term emergency financial
needs, and are not intended to be a revolving line of credit. After two Falcon
Loans, requests will have to be addressed by the Society through the standard
process for AFAS financial assistance.
- Again, you must have the first Falcon Loan paid in full before receiving
a second Falcon Loan.
- If your financial situation involves substantial debt that cannot be remedied
in one or two short term $500 Falcon Loans, you should consider sitting down
with a financial counselor to:
- Review your budget
- Identify cost saving measures
- Develop a financial plan
Yes. AFRES/ANG personnel on active
duty under Title 10 U.S.C. orders at the time of application, regardless of the
expiration of term of service, are eligible to receive a $500 Falcon Loan.
- AFRES/ANG personnel will be required to repay the Falcon Loan by allotment
or Paymatic Authorization Form (a monthly deduction taken from member’s
checking account) within 10 months whether still on active duty or deactivated.
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