what can you get an aer loan for

by Cordie Reilly Published 3 years ago Updated 2 years ago

Here are a few of the categories on AER’s website that an emergency loan can go toward:

Appliance Costs
Utilities
Basic Essential Furniture
Temporary Lodging
PCS Travel
Passport Fees
Clothing
Rent

Full Answer

What does AER not cover?

AER does not provide funds: For nonessentials. To finance ordinary leave or vacation.

How much will AER give you?

Is there a dollar limit on AER assistance? Every request is unique and considered on an individual basis. There is no upper limit for AER support, however, the most common assistance we provide is $1,500 for a 15-month loan.

Can you use AER for debt?

The loans issued by AER can cover a variety of emergency-related needs. But certain uses like debt consolidation and legal expenses don't qualify.

Do you have to pay back AER loans?

AER doesn't charge late fees for its zero interest loans, but it does require you to repay them. Your payment amounts will be determined by your AER officer. Active-duty soldiers and families can pay by paycheck allotment, which AER can set up for you. You also can pay online or through check or money order.

How long does it take to get an AER loan approved?

48 hoursGenerally speaking, an emergency financial assistance loan from AER takes at a bare minimum 48 hours between the time your application is processed and you actually obtain the funds..

Does AER pay monthly?

AER is the interest rate that shows how much you'll earn in interest over an entire year. The AER calculation considers how often you'll be paid interest (i.e. monthly or yearly) and includes bonuses, compound interest, and any account charges made for allowing early withdrawal of money.

How do you pay back AER loan?

Check, money order or bill pay AER accepts personal checks, cashier's checks, money orders and electronic bill pay from your personal bank. Please include “Army Emergency Relief,” our address and your Client ID with your payment. 2530 Crystal Dr.

Can you have more than one AER loan at a time?

Repayment must be done by allotment and completed at least 60 days prior to a Soldier's end of time in service, or ETS, date with repayment period no longer than 12 months from the allotment start date. Soldiers may only have one CRP loan at a time with no more than two in a 12-month period.

How much can a commander approval for AER loan?

What is the Quick Assist Program? AER's most powerful program. Company commanders or first sergeants can approve financial assistance up to $2,000. Eighty-five percent of eligible requests can be met by the chain of command through the Quick Assist Program.

Can the army help with debt?

Military OneSource provides free financial counseling and financial management programs covering: Basic budgeting education. Money management help. Debt consolidation and debt management.

How long does it take to pay back 40000 in loans?

The extended repayment plan gives borrowers up to 30 years to repay their loans in full, depending on the amount owed....Extended repayment.Loan balanceRepayment term$7,500 to $9,99912 years$10,000 to $19,99915 years$20,000 to $39,99920 years$40,000 to $59,99925 years2 more rows•Jan 27, 2022

Does the army give you a car?

No. Why ever would anybody think they did? The US Army doesn't give away anything for free. You pay for everything with sweat, tears, and blood.

What does 3% AER mean?

AER meaning: AER stands for Annual Equivalent Rate, and it's a type of interest rate for savings accounts. AER calculation: AER is calculated based on the interest, bonuses and charges on your savings account across a 12 month period.

What does 1% AER mean?

The annual equivalent rate (AER) is the actual interest rate an investment, loan, or savings account will yield after accounting for compounding. AER is also known as the effective annual interest rate or the annual percentage yield (APY).

What does AER mean overdraft?

AER (Annual Equivalent Rate) Illustrates what the interest rate would be if interest was paid and compounded each year.

Is AER a loan?

AER provided $44.8 million in loans and grants to almost 26,000 Soldiers and families in 2021.

How to request financial assistance through AER?

The fastest and most effective way to request financial assistance through AER is to talk to your chain of command. Your chain of command has the power to approve immediate financial assistance up to $2,000. Your chain of command can also refer you to the on-post AER officer. Your chain of command is empowered to help. Just ask!

What was the AER when my son was in an accident?

When my son was in an accident, AER provided assistance so I could be with him in the ICU. The process was streamlined and the officers were very helpful. It was a relief to have so much support in the middle of an emergency.

How to contact the American Red Cross for financial assistance?

Call the American Red Cross at 1-877-272-7337 then select the option for financial assistance.

Can a retired soldier visit an AER?

Any Soldier (active or retired) can visit their nearest AER officer. Officers are conveniently located at many Army installations around the world. No Army base nearby? No problem! Soldiers can visit any military installation and request AER assistance from any military aid society.

How does an AER loan work?

AER doesn’t receive direct funding from the government. Instead, it almost exclusively uses donations to make emergency loans to soldiers and their families. The no-interest, no-fee loans can be used to cover a variety of needs, including rent or mortgage, car payments, household bills, emergency travel, medical bills and even funeral expenses.

How to apply for AER loan?

To apply, visit the AER Section on a U.S. Army installation or at the Military Aid Society Office at the nearest Air Force, Navy, Marine Corps or Coast Guard location. Use the office locator on the organization’s website if you’re not sure which location is closest to you. To complete an application, you’ll need ...

How do you pay back AER loans?

AER offers several methods for loan repayment, but it doesn’t accept cash, debit, credit card or payments over the phone . You can choose from one of the following payment options:

What is a personal loan?

Personal loans. A personal loan may be an option for you to borrow the money you need upfront and pay it back over a set period of time. If you need financing for debt consolidation or another use unapproved by AER, a personal loan may make sense for you.

What is an interest free loan?

If you’re a service member, one option may be an interest-free, no-fee loan from Army Emergency Relief, or AER, which could help in your time of need.

What is an allotment in AER?

Allotment: Also known as an automatic deduction from your paycheck. Online payments: These can be withdrawn from your checking or savings account. You’ll have to register on the AER website before setting up your online payment. Check or money order: These can be mailed to AER.

Can you get AER loan in emergency?

If you’re in an emergency and need cash fast, you may be tempted to overlook the details of a loan offer, like a three-digit interest rate or untenable monthly payments. But if you’re a service member, an AER loan may help you avoid financial strain.

What is an AER loan?

Available through the nonprofit organization Army Emergency Relief (AER), an AER loan is borrowed funds designed exclusively for active-duty soldiers and their dependents. Made possible through generous donations, which frequently come from service members as well as charitable aid societies throughout the U.S., AER loans are interest-free and can be used for a variety of costs that may be unexpected in nature, such as for late car payments, repairs, funeral expenses, medical bills and emergency travel, among others. There is no floor or ceiling on how much you can borrow, so long as you can come up with the financial statements, documents or bills that corroborate the nature of the financial emergency.

What other alternatives are available to those who don’t qualify for an AER loan?

We’re all about options at Omni Financial, so if you are unable to gain approval from AER or would rather go somewhere aside from us, there are places you can go to besides loved ones or family members. These include the Navy-Marine Corps Relief Society and the Air Force Aid Society. While these loan products also carry zero interest, both organizations have rather restrictive underwriting standards that you must qualify for to gain approval.

How long does it take to get emergency cash?

Generally speaking, an emergency financial assistance loan from AER takes at a bare minimum 48 hours between the time your application is processed and you actually obtain the funds.. Omni Financial handles delivery much quicker. Depending on how you choose to receive the funds, we can get you the money you need in as little as a day with our Click Today…Cash Today option, which requires visiting one of our convenient office locations.

Do I need to submit documentation for AER loan?

Minimal documentation necessary for approval: A classic AER loan tends to be more strict in terms of what documents you need to verify the expense. Not with Omni Financial. We specialize in speed, so we only request very basic billing or repair estimates.

Can I pay back AER loan?

Pay funds back how you want: If you want to pay back your traditional AER loan over the phone – such as with your debit card or credit card number – you’re out of luck. You also can’t pay the amount you borrowed back with cash either. At Omni Financial, however, whatever method works for you works for us, whether it be via check, money order, cash, debit or automatic deduction from your bank account.

Is AER loan available in emergency?

In short, AER assistance may not be an available option in all cases of emergency. No need to fear. Omni Financial offers a convenient, inclusive AER loan alternative that can help support you in crisis situations that require cash fast.

Can you get an army emergency loan?

An Army Emergency Relief loan can provide emergency financial assistance, but only if you qualify and/or the structure of the loan meets your needs.

What is DFAS payroll?

Payroll allotment through DFAS is the most convenient way for Soldiers to repay their zero-interest loans. Contact us to start, stop, or modify your DFAS allotment.

Does AER accept cashier checks?

AER accepts personal checks, cashier’s checks, money orders, and electronic bill pay from your personal bank. Please include “Army Emergency Relief”, our address, and your Client ID with your payment.

DFAS Allotment

Payroll allotment through DFAS is the most convenient way for Soldiers to repay their zero-interest loans. Contact us to start, stop, or modify your DFAS allotment.

Online Payment

Online payments are safe and secure. Click the button below to visit our online loan repayment portal.

Check, Money Order, or Bill Pay

AER accepts personal checks, cashier’s checks, money orders, and electronic bill pay from your personal bank. Please include “Army Emergency Relief”, our address, and your Client ID with your payment.

How Is Aer Funded

AER – Just Ask! – e03 – Does donating to AER increase chances of receiving a loan?

How Does Aers Child Care Assistance Program Work

Families enrolled in the Army Fee Assistance program are eligible for up to $1,500 in child care assistance in addition to the assistance provided through the Army Fee Assistance Program. Families must be enrolled in the Army Fee Assistance Program and demonstrate valid need through the completion of a budget.

Can My Spouse Obtain Aer Assistance If Im Deployed Or Tdy

Yes, a Spouse or other eligible dependent may seek AER assistance without their sponsor being present when the Soldier is unavailable.

How To Repay Your Army Emergency Relief Loan

AER doesn’t charge late fees for its zero interest loans, but it does require you to repay them. Your payment amounts will be determined by your AER officer. Active-duty soldiers and families can pay by paycheck allotment, which AER can set up for you. You also can pay online or through check or money order.

Does The Military Do Loan Forgiveness

One overlooked program is the Public Service Loan Forgiveness Program. Under this program, members of the military who have been employed by the military or a qualifying public service job for the last 10 years may have their federal student loans FULLY discharged. Not all student loans are eligible for consolidation.