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Quick Assist Loan ProgramSince 2008, the Navy-Marine Corps Relief Society has offered a Quick Assist Loan (QAL), as an alternative to short term high interest loans. QALs are need based, interest free loans available at all Full Service Offices (FSO). The maximum loan available is $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 NMCRS loans and is in good standing with the Society. Our goal is to serve our clients in as little as 15 minutes. To help us reach that goal, you need to 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. 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 52 Full Services Offices to receive a QAL. What if my financial need exceeds $300? QALs are for short term financial needs of $300 or less. If the need is for more than $300, you should make a standard appointment with the NMCRS Office. Can a Sailor or Marine receive a QAL if they have another loan from the Society running concurrently? No, 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 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. They are intended to be a remedy for small, short term financial problems. A part of the mission of the Society is to provide financial education. When a client requests a third QAL it indicates that the client needs to take a closer look at their finances. Therefore prior to receiving a third QAL, the client must complete a Be Money Wise spending plan. This will be reviewed by a financial caseworker and should take less than one hour. 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. Is my spouse eligible to receive a QAL? No, QALs are available only to active duty Sailors and Marines. Are Retirees eligible for Quick Assist Loans? No, QALs are available only to active duty Sailors and Marines. I’m a Reservist on extended active duty. Am I eligible for a QAL? Yes, Reservists on extended active duty more than 30 days 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 selected. I’m a Reservist on weekend drill. Am I eligible for a QAL? No, QALs are not available to weekend drilling Reservists or those on Active Duty for Training (ADT) orders.
This page last updated: June 4, 2010 |
