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Quick Assist Loan ProgramIn January 2008, the Navy-Marine Corps Relief Society Quick Assist Loan (QAL) Program, which has been under evaluation during 2007 at eight of the Society’s offices, has been expanded to all NMCRS Full Service Offices. The maximum loan available will be $300, repayable within 10 months. Frequently Asked Questions What is the purpose of a QAL? Quick Assist Loans of up to $300 are designed to help with emergency needs for basic living expenses such as housing, utilities, food and clothing; medical or dental expenses; vehicle or transportation expenses, or to assist during family emergencies. Like the Society’s other loans, QALs are interest-free. Who is eligible? Any active duty Sailor or Marine who has no outstanding loans from the Society and who is in good standing. Our goal is to serve our clients in as little as 15 minutes. To help us reach that goal, please bring your most recent Leave and Earnings Statement and your active duty ID card. You can speed up the short process by filling out the single-page application available on line at www.nmcrs.org. When will the QAL program begin at the NMCRS offices that do not now have it? Society-wide roll-out is planned on the organization’s 104th Birthday – January 23, 2008. Why has the maximum loan been reduced to $300? Wasn’t $500 available during the pilot program? Yes, the ceiling of Quick Assist Loans during the pilot period was $500. It is simply a matter of affordability. Quick Assist Loans have increased the level of loan activity by more than 77% at the eight test sites. Because of the popularity of this new program, the Society wanted to make QALs available to Sailors and Marines serving our Nation around the world. In order to accomplish that objective, we have reduced the loan ceiling to $300. When will the reduction to $300 go into effect at the eight offices which have been part of the pilot program in 2007? January 1, 2008. Will QALs be available at Emergency Services Offices and through Shipboard Offices? No, active duty Sailors and Marines will need to come to one of the Society’s 53 Full Services Offices to apply for a QAL. Why has the repayment period been shortened from 12 to 10 months? This is also an affordability step. If this repayment cycle is unacceptable, then the client can set up an appointment with a caseworker to explore other alternatives. What if my financial need exceeds $300? QALs are for financial needs $300 or less. If the need is for more than $300, you should make an appointment with the NMCRS Office for the Society's standard assistance. Can a Sailor or Marine have a QAL and another loan from the Society running concurrently? If a client has a regular Society loan, they are ineligible for a QAL. Before they can apply for a second QAL, their first QAL must be paid in full. If they have a QAL, but find they need additional financial assistance, they may request regular Society loan assistance and be provided an additional loan that would run concurrently. This would involve the normal loan process of developing a budget with a Society caseworker. What if I don’t qualify for a QAL? Service members who don’t qualify for a QAL are still encouraged to seek financial counseling and assistance through the local Navy-Marine Corps Relief Society Office before they seek loans from any other source. How often can I apply for a Quick Assist Loan? An individual Sailor or Marine can receive no more than two QALs in a given 12-month period. Before a second QAL will be provided, the first one must be paid in full. What is the maximum number of QALs I can receive? QALs are not intended to be a recurring short-term supplement to a service member’s income. The Society will need to address third (or higher) QALs on a case by case basis. QALs are designed to meet emergency financial needs. If your situation involves substantial debt that cannot be remedied by one or two short term $300 loans, you should consider sitting down with a caseworker to review your budget, identify cost savings measures you can take, and design a financial plan to help give you financial stability. Can I get financial counseling at the same time I get my first QAL? As their name implies, QALs are intended to be issued within 15 minutes. You may be able to receive some financial counseling during the same visit, depending on the office’s caseload. However, our experience has been that most service members apply for and receive a QAL, and, while in the local office, they set an appointment to return at a mutually agreeable time for financial counseling. Can my spouse receive a QAL? QALs are available only to active duty Sailors and Marines. Are Quick Assist Loans available to retirees? QALs are available only to active duty Sailors and Marines. I’m a Reservist on extended active duty. Am I eligible for a QAL? Reservists on extended active duty are entitled to all of the Society’s programs and services. The Reservist must have sufficient time remaining on their assignment to accommodate the repayment cycle he or she selects. I’m a Reservist on weekend drill. Am I eligible for a QAL? No, QALs are not available to weekend drilling Reservists.
This page last updated: January 18, 2008 |
