AFAS’s ‘Falcon Loan’ - easy as 1-2-3 Published April 1, 2008 ARLINGTON, Va. -- The Air Force Aid Society recently announced its new Falcon Loan program, which has been available to Air Force members since March 2008. The Falcon Loan is a loan of $500 or less that can be used for emergency needs such as basic living expenses, to include rent, utilities and food, car repairs, emergency travel or other approved needs. The streamlined application process for a Falcon Loan requires no budget information, backup documentation or first sergeant or commander approval. Minimal information is required to process an allotment or 'Paymatic' transaction (automatic withdrawal from bank account) and the member's signature is all that is needed to complete the application. To be eligible for a Falcon Loan, an Airman 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. Also, the member can't have a current AF Aid Society loan. The member will be expected to repay their Falcon Loan by allotment within 10 months or by your estimated time of separation 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 more than 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 one ineligible to receive a standard Air Force Aid Society loan/grant while repaying their Falcon Loan. For more information on the Falcon Loan, visit the Peterson Airman and Family Readiness Center or the AFAS website at www.afas.org. A QUICK LOOK AT APPLYING FOR A FALCON LOAN: 1. Download the application off the AFAS website at www.afas.org 2. Get your ID card and current leave and earning statement 3. Go to the Peterson Airman and Family Readiness Center