How does an AER loan work?
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.
What does an Aer do?
Army Emergency Relief (AER) is a private, nonprofit organization that was created to help Soldiers and their Family members who experience financial emergencies. AER provides funds to help Soldiers with immediate financial needs with rent, utilities, emergency travel, etc.
How much is an Aer?
To calculate AER: Divide the stated interest rate by the number of times a year that interest is paid (compounded) and add one. Raise the result to the number of times a year that interest is paid (compounded) Subtract one from the subsequent result.
What does AER mean in banking?
Annual Equivalent Rate
AER (Annual Equivalent Rate)
Illustrates what the interest rate would be if interest was paid and compounded each year.
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.
Is AER high good?
It lets you compare interest rates across accounts and reflects not just the amount of interest but also how often it is paid. The higher the AER, the greater the return.
What does 1% AER mean?
, it stands for Annual Equivalent Rate. This figure shows what the interest rate would be if interest was paid and compounded on an annual basis. A higher AER means a greater return for you.
How do I pay off my 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.
Does Aer help veterans?
Allows active duty or retired Soldiers to provide one-time authority for a spouse or other eligible dependent to obtain financial assistance in the name of the Soldier when they are unavailable. Upon request, the AER Form 55 will can be initiated by the local AER officer.
How many AER loans can you have at once?
Applicants fill out a request form and provide documentation showing their needs. There is no loan dollar cap, though soldiers are limited to two AER loans per year without command approval. Troops, regardless of rank, can also go through their commander for an immediate loan approval of up to $1,500.
How do I get an emergency soldier home?
If you are experiencing an immediate life-threatening emergency, call 911. To speak to a Red Cross Emergency Communications Specialist call 1-877-272-7337. You can initiate a request for Red Cross emergency assistance for members of the military currently serving on active duty by using the online self-service tool.
What ar covers AER?
To ensure the privacy rights of individuals are maintained, the provisions of AR 25–22 will be followed. The Secretary of the Army will support the mission of AER, in accordance with Section 2566, Title 10, United States Code (10 USC 2566).