Navy-Marine Corps Relief Society Updates Quick Assist Loan Program

FOR IMMEDIATE RELEASE
Navy-Marine Corps Relief Society
875 N. Randolph St., Suite 225
Arlington, VA 22203
www.nmcrs.org

Contact: Shelley Marshall, Captain, United States Navy (Retired)
Vice President, Chief Development and Communications Officer
(703) 696-7449/(800) 654-8364 office
DSN 426-4904
(703) 395-1065 cell
Fax (703) 696-01449
shelley.marshall@nmcrs.org

Navy-Marine Corps Relief Society Updates Quick Assist Loan Program

Arlington, VA, Monday, January 29, 2018 – After 10 years, the Navy-Marine Corps Relief Society (NMCRS) has provided more than $158 million in financial assistance to active duty Sailors and Marines through their Quick Assist Loan (QAL) program.

“NMCRS established the QAL program in 2007 to combat the exorbitant interest rates Sea Service personnel encountered when turning to questionable lenders to resolve personal financial challenges,” stated Admiral Steve Abbot, President and CEO. “Today, with the changes enacted through the Military Lending Act, and the assistance available through our QAL program, we’re seeing significantly fewer USN and USMC service members turning to pay day lenders.”

QALs are short-term, interest-free loans for amounts up to $500, and are generally processed in about 15-20 minutes. The QAL program has always required that clients schedule additional time to meet one-on-one with a volunteer caseworker before receiving their 3rd or 6th QAL. Over the 10-year history of the QAL program, less than 10 percent of QAL clients received more than 5 QALs.

Throughout the QAL program, USN and USMC active duty and retired service members and their families in need remained eligible for NMCRS financial assistance - without the $500 dollar limit of the QAL. In 2017, NMCRS provided more than $45 million in financial assistance to more than 55,000 active duty and retired Marines, Sailors, and their families through a combination of QALs, interest-free loans, and grants.

Today, active duty Sailors and Marines are eligible for financial assistance through the QAL program but, as of 1 January 2018, are limited to a total of 5 QALs throughout a career. After 5 QALs, clients will receive financial assistance, to include a one-on-one budget review to determine the amount of assistance required to meet their need.

NMCRS is committed to making a difference for Sailors, Marines, and their families through need-based financial assistance, education, and other programs and services to help them meet the challenges of military service.

For more information visit www.nmcrs.org or contact the nearest NMCRS office.

About Navy-Marine Corps Relief Society

Since 1904, the Navy-Marine Corps Relief Society has provided financial assistance and education to active duty and retired members of the United States Navy and Marine Corps, their eligible family members, and survivors. Headquartered in Arlington, Virginia, the Society is a non-profit, charitable organization that is staffed by more than 4,000 volunteers, and a small cadre of employees, in offices around the world – ashore and aboard ships.

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