Sailors and marines on active duty can apply for a QAL, up to $1,000
ARLINGTON, VIRGINIA, USA, May 23, 2022 /EINPresswire.com/ — Active duty Marines and Sailors can now apply for a Quick Assistance Loan, up to $1,000, from NMCRS. This financial increase to the QAL program is now available at the Company’s 52 offices located at Navy and Marine Corps installations around the world.
Rapid Assistance Loans are interest-free, short-term assistance options for eligible service members facing an emergency or pressing financial situation. To apply for a Rapid Assistance Loan, you must:
• Be a Seaman or Seaman on active duty
• Have enough time on your contract to repay the interest-free loan
• Have no outstanding or outstanding interest-free loans from the Company
• Have no disciplinary action in the past six months (or pending) impacting your salary or rank
Eligible customers can receive their funds in as little as 15 minutes by filling out a simple form and submitting it to their local NMCRS office.
Since the QAL program’s inception in 2007, NMCRS has provided nearly 540,000 QALs, totaling more than $220 million in financial assistance to active duty Sailors and Marines.
QALs were designed to deter maritime service members from being trapped by the harmful financial practices of predatory lenders, who often target military families. Across society, NMCRS caseworkers have seen how “virtual hire purchase” programs can negatively impact the finances of clients who may not realize the true cost of the job. buying from predatory sellers.
“QAL was introduced as a tool to combat predatory lending,” said Rear Admiral Dawn Cutler, USN (Ret.), Executive Vice President, Navy-Marine Corps Relief Society, “One of the reasons why we’re increasing the amount customers can request is to deter service members from seeking a “quick fix” “easy money” from online sources that end up being a financial burden.”
The rising cost of living is another reason NMCRS is evolving the QAL program to help meet the needs of today’s Sailors and Marines.
For more information on the Navy-Marine Corps Relief Society Rapid Assistance Loan Program, visit https://www.nmcrs.org/pages/quick-assist-loan-qal.
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 – in case of financial need. Based in Arlington, Virginia, the Society is a nonprofit, charitable organization with more than 3,800 volunteers and a small group of staff, in offices around the world – ashore and aboard ships.