Air Force Aid Society’s Falcon Loan - As Easy As 1-2-3!

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HANSCOM AFB, Mass. --  The Air Force Aid Society has announced that a new loan program will be available to Air Force members beginning in March. 

The Falcon Loan is a loan of $500 or less that can be used for emergency needs such as basic living expenses (rent, utilities, food), car repairs, emergency travel, or other approved needs.

"Applying for a Falcon Loan is as easy as 1-2-3," said Fran Cusick, Airman and Family Readiness Center, Community Readiness consultant and Air Force Aid officer.

"The streamlined application process for a Falcon Loan requires no budget information, backup documentation, or First Sergeant, Commander's approval," she said. "There is minimal information required to process an allotment or Paymatic transaction [automatic withdrawal from bank account] and your signature is all that is needed to complete the application."

Applicants can download the application off the AFAS website at www.afas.org; the next step is to bring the application along with DoD identification card and current leave and earnings statement to the Airman and Family Readiness Center.

To be eligible for a Falcon Loan, you must be an Active Duty Air Force member or spouse with Power of Attorney stationed at an Air Force base with an Airman and Family Readiness Center, and cannot have a current Air Force Aid Society loan. Anyone approved for a Falcon Loan will be expected to repay it by allotment within 10 months or by your Estimated Time of Separation from Military Service 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. Repayment by cash or Paymatic will normally be over 10 months while still on active duty or if deactivated.

The Falcon Loan is a complement to the Society's standard emergency assistance loan/ grant program. Receiving a Falcon Loan does not make you ineligible to receive a standard Air Force Aid Society loan or grant while you are repaying your Falcon Loan.

For more information on the Falcon Loan, contact Fran Cusick at your Airman & Family Readiness Center at (781) 377-4222 or visit the AFAS website at www.afas.org.