NMCRS To Offer Quick Loans
The Navy Marine Corps Relief Society (NMCRS) has announced a Quick Assist Loans Program for the purpose of providing no interest loans to its sailors and marines. This program was initiated on a trial basis for one year at the naval submarine base in New London and at marine corps air station at Yuma in Arizona.
Under this program, loans are offered to all the active service members of Navy and Marine Corps who are on duty. Using the Quick Assist Loans Program, any active duty sailor or marine can avail a loan up to $500 at absolutely zero interest rate under NMCRS. This amount can be used for the purpose of covering living expenses including housing, utilities, food, clothing, transportation and medical or dental expenses. The amount can also be utilized for helping during family emergencies.
According to NMCRS, the main purpose of initiating this program is to prevent its sailors and mariners from becoming victims to predatory loans such as payday loans. Under the quick assist loan program, any active duty sailor or marine who doesn’t have any previous outstanding loan balances is eligible for availing this loan. The process of loan application filing is supposed to be completed within a short span of 15 minutes. For this purpose, applicants can fill up an online application form. The applicants have to bring with them their active duty ID card and the latest Leaves and Earnings statement.
The main objective behind selecting SUBASE as a trial site is the presence of younger sailors and mariners. Apart from this, the geographical location and variety of commands are other attractive reasons. President of NMCRS Admiral Steve Abbot hopes that an efficient and fast loan approval process can discourage many of the sailors and mariners from getting attracted and opting to high-interest loans. After analyzing the results of the trial, NMCRS believes to extend this facility to all its offices around the world.
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