Falcon Loan Program Q&a

 

Q: What is the purpose of the Falcon Loan Program?

A: A Falcon Loan is an interest-free loan of up to $750 for emergency situations. They are designed to meet the short-term financial needs of Airmen on active duty who might otherwise have to resort to a high-interest lender.  Emergencies typically supported by a Falcon Loan include:

- Basic living expenses - rent/mortgage, food, phone, utilities and gasoline
- Vehicle expenses – payment/registration, repair, insurance, but not vehicle purchase or down payment on vehicle
- Emergency travel - regardless of the family relationship of the person who is ill or who has died
- Child Care
- Medical and dental expenses.

Q: Who is eligible?

A: All active duty Air Force personnel, Air Force Reserve (AFRES)/Air National Guard (ANG) personnel activated for more than 15 days under Title 10 U.S.C. orders and their spouses (with Power of Attorney (POA) when the service member is away from his/her duty station). The Service member must not have an outstanding loan balance with AFAS to remain eligible for a Falcon Loan.
 
Q: Are Falcon Loans available to Air Force retirees or widow(er)s?

A: No.

Q: Are Air Force officers eligible for a Falcon Loan?

A: Yes.
Q: I am a Reserve/Guard member on Title 10 U.S.C. orders and my time on active duty will expire prior to 10 months for repayment, am I eligible for a Falcon Loan?

A: Yes. AFRES/ANG personnel on active duty under Title 10 U.S.C. orders for more than 15 days at the time of application, regardless of the expiration of term of service, are eligible. 

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.
Q: What is the repayment if I receive a Falcon Loan?

A: 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 backup in case an allotment cannot be started.

Q: Where should I go to obtain a Falcon Loan?

A: You may apply for a Falcon Loan on line, but you must go to an Airman & Family Readiness Center (A&FRC) with an Air Force Aid Society (AFAS) section to complete the loan process.

Q: Do I have to go through my commander, first sergeant or supervisor to apply for a Falcon Loan?

A: No. It remains your responsibility to determine if your chain of command needs to be informed/involved.

Q: What should I bring with me to request assistance?

A: You will need to provide the following documents:

- Air Force ID card
- Current LES
- AFRES/ANG personnel only, Title 10 U.S.C. orders and a voided check or bank statement (with bank routing information in order to complete the Paymatic Authorization Form)

Q: Who will the Falcon Loan check be made payable to?

A: Falcon Loan checks normally will be made out to the Air Force member (or spouse with POA).

Exception for Emergency Travel: AFAS has an agreement with Carlson Wagonlit Travel Agency to make reservations for members requiring emergency travel. If you choose this option an electronic ticket will be issued

Q: Can dual Air Force couples (military married to military) individually apply for a Falcon Loan?

A: Yes. Each Airman can individually apply for a loan up to $750.

Q: Can I receive a Falcon Loan through Army Emergency Relief Society, Navy-Marine Corps Relief Society, or American Red Cross?

A: No. Falcon Loans can only be obtained from an AFAS office located in the A&FRC.

Q: What if my financial need exceeds $750?

A: If your need exceeds the $750 limit, you should work with the AFAS caseworker at the A&FRC who will address your needs in more depth to see what total assistance is needed.

Q: Can I have a Falcon Loan and another loan from the Air Force Aid Society running concurrently?

A: If you have an AFAS loan with a remaining balance, you are not eligible for a Falcon Loan. However, you may still request emergency financial assistance by applying for standard assistance. This would require developing a budget with an AFAS caseworker and defining the actual need.

It is possible that after you receive a Falcon Loan you might have a new need.  If this occurs, your total need can be addressed using the standard assistance process. If approved, the Falcon Loan balance will be incorporated with new loan and monthly allotment will be adjusted.
Q: What if I do not qualify for a Falcon Loan?

A: Every situation is unique. You are encouraged to request financial counseling and assistance from the AFAS caseworker at the A&FRC who can best help you define your need(s).

Q: What is the maximum number of Falcon Loans I can receive?
A: Airmen have a great history of repaying their Falcon Loans in full and on time.  Consequently, the previous limit of four loans is lifted and now there is no limit on the number of Falcon Loans.   But, remember, Falcon Loans are designed to meet short-term emergency financial needs, and are not intended to be a revolving line of credit.

Copyright 2012 Air Force Aid Society