Sunday, June 15, 2008

NMCRS to release $300 Quick Assist Loan society-wide

To mark their 104th birthday, the Navy-Marine Corps Relief Society is going to begin a $300 emergency loan program effective January 23. The program, which had been piloted in three geographical areas during 2007, will now be available at full-service offices society-wide. The idea behind the program is to provide rapid assistance for sailors who need a small amount of money for an emergency need without subjecting them to the Society's normal interview and budget process, which can take several hours. 70% of sailors and marines who use the Society only need to visit once during a career, and this product is designed to help them.

In order to be eligible for the Quick Assist Loan, an applicant must fit the following criteria:
  • Must be an Active Duty sailor or marine. Retirees, reservists, widows and spouses are not eligible, even with a signed POA.
  • Not have any outstanding loans with the Society and not have been a recipient of any grant aid from the Society within the past year.
  • If the applicant has prepared a budget with the Society in the past year, it needs to have been a surplus budget indicating repayability.
  • Must not have received more than one other Quick Assist Loan within the past 12 months.
  • Applicant cannot be subject to disciplinary action from the command, either currently or within the past six months.
  • Applicants under Chapter 7 or 13 bankruptcy protection are not eligible.
  • Applicants must bring their most recent LES, military ID, and a QAL application in order to apply.
The loans are designed for emergency needs of specific types (basic living expenses, medical, dental, transportation, and family emergency). Repay on the loan begins the month after it has been disbursed, and the repayment period will range from 3-10 months. Each servicemember is allowed no more than two QALs in a one-year period. The QALs are not eligible for conversion to grant and must be repaid before the EAS date. If a servicemember is not eligible for a QAL, they are certainly eligible for regular Society assistance. The Quick Assist Loan is just designed to expedite the process for minor emergencies. Like other Society loans, the interest rate on the QAL is 0%.

No comments: