New program helps Airmen avoid payday loans places Published Feb. 25, 2008 By Master Sgt. Jon Hanson Air Education and Training Command Public Affairs RANDOLPH AIR FORCE BASE, Texas -- Airmen in need will soon have an interest-free alternative to high-interest payday loan establishments. The Air Force Aid Society is starting a new quick loan program called Falcon Loan beginning March 3. 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. The program is available to active duty Air Force members or spouses with a power of attorney, stationed at an Air Force base with an Airman and Family Readiness Center. Individuals cannot have a current AFAS loan. Air Force Reserve and Air National Guard members activated on Title 10 orders at the time of application are also eligible for a Falcon Loan. The member is required to repay the loan within 10 months or by their expiration of term of service if less than 10 months. Applicants only need to bring the AFAS Financial Assistance Application (available at www.afas.org or the A&FRC), an Air Force ID card and current Leave and Earnings Statement. Air Force Reserve and ANG members need to bring a copy of their Title 10 U.S.C. orders and a voided check. "We put a lot of thought into changing the application process to make it more streamlined and efficient," said Jim Delaney, AFAS chief operating officer and retired Air Force colonel. "We feel that we have done that. All they have to do is fill out what they are going to use the loan for and determine how long they are going to take to pay it back (between three and 10 months)." Another big push was to make the process unobtrusive. Individuals aren't required to get their commander's or first sergeant's approval. "We think this is an important part so people don't think this will affect their careers," Mr. Delaney said. "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." For more information on the Falcon Loan or other AFAS assistance contact a local A&FRC or the AFAS Web site at www.afas.org.