Falcon Loan: Program offers Airmen $500 interest-free loans for 10 months

  • Published
  • By Tech. Sgt. Kurt Arkenberg
  • 90th Space Wing Public Affairs
F.E. WARREN AIR FORCE BASE, Wyo. --  Warren Airmen can now receive up to a $500 interest-free loan from the Air Force Aid Society at the airmen and family readiness center here without needing their first sergeants or commanders to approve it.

The Falcon Loan program, which began Monday, allows Airmen 10 months to repay it through payroll deduction and was created to help Airmen in need of a short-term loan.

"The idea is to help those who have an emergency need for cash" said Kal Robinson, Air Force Aid representative. "We want to offer Airmen an alternative to high-interest, pay-day loans off base."

Unlike other avenues of financial help, the Falcon Loan doesn't require prior commander approval. In fact, the streamlined application process requires no budget information or backup documentation either. Minimal banking information required to start an allotment and your signature is all that's needed to complete the application process.

"Hopefully word of mouth will spread the knowledge about the ease of the program," said Mr. Robinson. "When an Airman brings the application, his ID card and current leave and earnings statement to my office, he can walk out with $500 in less than 15 minutes."

Unlike other bases, however, first sergeants here will be notified when an Airman takes out a Falcon Loan, though it's not part of the approval process, and they won't be told why the loan was granted. According to Mr. Robinson, this has to do with the mission at Warren.

"Many people here are on (personnel reliability program) status due to the ICBM mission," Mr. Robinson said. "This notification is only to make sure leadership can keep an eye out for possible PRP issues and help the member before any problems get out of hand."

To help ensure these short-term financial issues don't get away from Airmen, Mr. Robinson said each loan must be paid off prior to applying for another Falcon Loan, and the loan must also be paid off prior to a member separating from the Air Force.

The Falcon Loan program is not only for active-duty Airmen, but Reservists and Air National Guardsmen activated on Title 10 orders at the time of application are eligible for the loan.

In other news, the Air Force Assistance Fund began Monday; one of the programs the AFAF contributes to is the AFAS.

"AFAF is important to our Air Force brothers and sisters in their time of need," said 1st Lt. Sheila Brown, AFAF project manager. "Donate to the AFAF because this is our opportunity to help our fellow Airmen."

For more information about Falcon Loans, call Mr. Robinson at 773-2216. For more information about the AFAF, call Lieutenant Brown at 773-2585.