The Career Assistance Program (CAP) Loan is a low-interest loan to help military members cover expenses related to professional development, career transition, or other financial needs — including using it to invest in your future. You’ll benefit from affordable financing with flexible repayment terms, and it’s easy to get.

The following items are required to receive a CAP Loan:

• Eligible military status:
  • Active duty or guard/reserve earning retirement points and able to supply a LES or call to active duty orders.
  • Rank of E5, E6, E7, E8, E9, WO1, CW2, O1, O2 or O3.
• AAFMAA membership
• Automatic monthly payment:
  • Active Duty and eligible Guard/Reserve - Allotment through the Defense Finance and Accounting Service (DFAS) preferred. Requires deposit of two months insurance premium.
  • Guard/Reserve - Bank account withdrawal (EZ-Pay) if not allotment eligible. Requires deposit of one month insurance premium. Call 1-877-398-2263 for required forms.
• Armed Forces Bank (AFB) checking account - where we will deposit your loan. If you do not have an AFB account, we will open one for you at no cost.
• Valid email address - all communication regarding the CAP loan will be sent via email. Please ensure AAFMAA has the best email address for you on file and update when necessary.

The following items are required to receive a CAP Loan:

• Eligible military status:
  • Active duty or guard/reserve earning retirement points and able to supply a LES or call to active duty orders.
  • Rank of E5, E6, E7, E8, E9, WO1, CW2, O1, O2 or O3.
• AAFMAA membership
• Automatic monthly payment:
  • Active Duty and eligible Guard/Reserve - Allotment through the Defense Finance and Accounting Service (DFAS) preferred. Requires deposit of two months insurance premium.
  • Guard/Reserve - Bank account withdrawal (EZ-Pay) if not allotment eligible. Requires deposit of one month insurance premium. Call 1-877-398-2263 for required forms.
• Armed Forces Bank (AFB) checking account - where we will deposit your loan. If you do not have an AFB account, we will open one for you at no cost.
• Valid email address - all communication regarding the CAP loan will be sent via email. Please ensure AAFMAA has the best email address for you on file and update when necessary.

Once you’ve submitted your completed application and ensured you have met the requirements cited above, Armed Forces Mutual will complete the following:

• Application Review: We will review your application documents to ensure all required information has been provided. If medical documents were required, our underwriters will evaluate them. Subject to underwriting (if applicable) and approval, your life insurance policy will be issued. After that we will evaluate your CAP loan application which is subject to eligibility requirements and credit approval.
• Armed Forces Bank Setup: Once approved for the CAP loan, Armed Forces Mutual will send you a link by email to enroll in your AFB account. AFB will set up your account and send you a welcome package that may include offers for additional services that are unrelated to Armed Forces Mutual and your CAP Loan. You are not required to return any information or documents to AFB unless you are requested to do so due to an issue with your account application. AFB may contact you if there is any problem setting up your account.
  • Do not use any checks from your account until Armed Forces Mutual notifies you that the loan was deposited and you have confirmed your account balance.
• Premium Payment Processing: Before your CAP Loan can be issued, Armed Forces Mutual must complete the processing of your first premium payment and set up your automatic premium and loan payments:
  • Active Duty and Eligible Guard/Reserve: We will send you a confirmation email with instructions on starting your allotment to Armed Forces Mutual. Any overpayment of premiums upon startup will be applied to reduce your CAP Loan balance.
  • Guard/Reserve or Separated: We will contact your bank to start your automatic account withdrawal.
• Loan Deposit: Your CAP Loan will be deposited into your AFB account by the second business day of the month that we receive your first allotment payment, or by the 18th of the month that your bank account was successfully drafted. We will notify you by email when the deposit is wired to AFB. Please ensure the email in your Armed Forces Mutual account is up to date in the Member Center.
• Policy Package: We will deliver your Membership and insurance documents with information about your policy and loan. These documents will be viewable through your Armed Forces Mutual account in the Member Center.

We’re sorry, but no. The CAP Loan is an unsecured loan that relies on a scheduled payment stream to keep the costs of the program low, and our history has demonstrated a greater loan success rate with established allotments and EZPay bank drafts.

The CAP Loan is a benefit of Armed Forces Mutual Membership. You become a Member by obtaining an Armed Forces Mutual life insurance policy, a process that sometimes requires a detailed review of your medical history. You can review our life insurance policies here: aafmaa.com/life

Your CAP Loan will be deposited into your AFB account by the second business day of the month that we receive your first allotment payment, or by the 18th of the month that your bank account was successfully drafted. We will notify you by email when the deposit is wired to AFB. Please ensure the email in your Armed Forces Mutual account is up to date in the Member Center.

We will notify you by email when the deposit is wired to AFB. Please ensure the email in your Armed Forces Mutual account is up to date in the Member Center.

Depending on your questions, you’ll want to reach out either to Armed Forces Mutual or Armed Forces Bank.

• For insurance-related questions: Call Armed Forces Mutual at 877-398-2263 to discuss your policy or any other account information and coverage options.
• For banking-related questions: Contact Armed Forces Bank to discuss topics such as confirmation of your account balance, status of checks/ATM cards, establishing a savings plan or additional banking needs. AFB can be contacted directly at:
  • AFB United States: 888-929-2265
  • AFB Germany Customer Service: 0800 1813419
    • Telebanc: 0800 1814812 (automated service)
  • AFB Korea Customer Service: 00308 12 0268 (on post) 00798 14 800 4176 (off post)
    • Telebanc: 00308 12 0267 (on post) 00798 14 800 4178 (off post) (automated service)

Missing a deadline is likely the reason your loan is taking longer to process.

• Allotments: The deadline for starting your allotment is mid-month for the following month’s payout. Missing this deadline may add 45 or more days to your CAP funding schedule.
• EZPay: If you’re using EZPay, the deadline to enter bank drafts for the following month is the end of the prior month. Missing this may add 45 or more days to your CAP funding schedule.

Once you have successfully paid off your first CAP Loan, please call us to determine whether you are eligible for a second CAP Loan opportunity. Note that even if you pay off your current CAP Loan early, you must wait 48 months before reapplying.

Yes! Spouses are eligible for the same products as our Members at the same low rates. Your eligible children can also take advantage of our term or whole life products. Some of our policies are designed specifically for children and grandchildren. Please contact us at 877-398-2263 to learn more.

Unfortunately not. The CAP loan is a benefit of membership limited to the eligible active duty ranks listed above.

You will receive your allotment instructions once your application is approved, your Armed Forces Mutual policy is issued, and your first premium payment toward your CAP Loan is collected.

The Defense Finance and Accounting Service (DFAS) does not permit servicemembers to start (or possibly change) life insurance allotments online through MyPay. You must submit DD Form 2558 (Authorization to Start, Stop or Change an Allotment) through your Finance Office (FO)/Defense Accounting Office (DAO) to start your allotment.

• Be sure to inform your FO/DAO that this allotment is NOT for a financial institution; it is for life insurance.
• Armed Forces Mutual does not have a routing number.

Armed Forces Mutual only knows when your allotment starts after we receive your first month’s allotment. If you have specific questions regarding your allotment amount, please contact your Finance Center.

If this happens, we suggest you contact your Finance Office to ensure it will begin the following months. Unfortunately your loan funds cannot be disbursed until your allotment starts and we receive your first month’s payment.

Your allotment may have started, however it has not been transferred to AAFMAA. Only once your money has been transferred to AAFMAA will your loan be deposited into your AFB account.

EZPay is a monthly automatic electronic funds transfer from your checking account for payment of premiums, dues and/or loan payments. Your bank account will be charged after the 1^st business day of each month. The first payment will include all past due premiums and/or dues, if applicable. You may cancel this authorization by notifying AAFMAA with 30 days written notice.

Complete the EZPay Pay Enrollment form provided to you or available on www.aafmaa.com. To setup EZPay, AAFMAA must first issue a policy and setup EZPay processing. Once your policy is issued AAFMAA will setup the EZPay for you.

There are a few of scenarios that may occur:

• If this is your first bank draft failure, we will try to redraft your payment on the following month. We suggest you contact your bank to see why the EZPay was not successful to ensure success on the next month when we draft your account.
• If this is your second bank draft failure, you will need to pay your loan by allotment, or it will be cancelled for 60 days in order to provide you time to ensure your finances are set for future drafts.
• If your CAP Loan is cancelled, new loan documents will be required to consider you for a future Armed Forces Mutual loan. Unfortunately, we cannot make exceptions to this process.

Your loan will be deposited in your AFB account by the 18th of the month your bank account was drafted. We will notify you by email when the deposit is wired to AFB. Please ensure the email in your Armed Forces Mutual account is up to date in the Member Center.

AAFMAA partners with AFB to help us contain the overhead expenses associated with administrating this low-interest rate loan program. You do not need to contact AFB before you get loan approval from AAFMAA unless you have specific questions about the bank’s services or the bank contacts you with regarding account setup. AFB recently enhanced its checking account with a more robust offering that includes access to 24,000+ ATMs with no surcharge and provides Military Early Pay.

Unfortunately not. AAFMAA partners with AFB to help us contain the overhead expenses associated with administrating this low-interest rate loan program. We only wire funds to AFB.

AFB has a dedicated department for the CAP Loan program. They will notify you once the account has been opened to assist you with any questions or concerns you may have regarding the checking account as well as to notify you when you should receive your new account information.

No, AFB's welcome package is sent out prior to funds being deposited into your account. We recommend you verify your account balance before you use your account.

Typically your AFB welcome package should be received within 10-14 days after your AAFMAA policy issue.

When your loan is funded AAFMAA will provide you AFB’s contact information in our email message to you. You may contact AFB by phone to work with them on different ways to access your funds. If you are near an AFB branch you may also go into the bank branch to work with a representative to access your funds.

There may be a question regarding account application that is included in your CAP Loan application. Please contact AFB's CAP Loan Department at 844-72SERVE (73783).

AFB may have an account-related question regarding information in your CAP Loan application. For details, contact AFB's CAP Loan Department at 844-72SERVE (73783).

For details about your bank account, please review the welcome package AFB sends you before making any decisions about keeping or changing your account with them. AFB has provided a special account just for Armed Forces Mutual Members with CAP Loans.

If you do decide to withdraw your funds from AFB, you may transfer them by writing yourself a check, withdrawing cash from an AFB branch, or contacting AFB by phone (see above: Who should I contact for answers to my life insurance policy or CAP Loan questions once they have been issued?) to complete a wire transfer to your bank of choice. Fees may apply. Once you have transferred your funds out of AFB, please review the account terms and conditions provided in your new account packet or contact AFB to avoid account fees.

There is no requirement for you to close your account with AFB even if you withdraw funds; you are welcome to keep the account open for your continued personal use. The benefits of keeping your AFB account include:

• AFB offers Military Early Pay.
• Access to 24,000+ ATMs with no surcharge.
• Mobile banking with free remote deposit capture to bank on your time.
• AFB also has a dedicated department for Armed Forces Mutual Members with CAP Loans to provide you with a more personal experience.

Your credit report generally includes:

• Personal Information: Name, address, Social Security number, etc.
• Credit Accounts: Credit cards, loans, mortgages, and their status.
• Payment History: On-time or late payments.
• Public Records: Bankruptcies, judgments, or tax liens.
• Inquiries: A record of companies that have accessed your credit report.

Armed Forces Mutual will primarily use your Experian Credit Score to determine your qualification for the CAP Loan.

Yes, you’re entitled to a free credit report annually from each of the three major credit bureaus through AnnualCreditReport.com. Additional copies may be purchased directly from the credit bureaus.

If you identify an error, you should:

1. Notify the credit bureau: File a dispute directly with the bureau reporting the error.
2. Provide documentation: Submit supporting evidence to the credit bureau to correct the mistake.
3. Inform the organization: Notify the organization that has reported incorrect information.

• Late Payments: 7 years.
• Bankruptcies: 7–10 years, depending on the type.
• Inquiries: 2 years.
• Unpaid Debts/Defaults: Typically 7 years.

Yes, you can improve the credit score indicated in your credit report by:

• Paying bills on time.
• Reducing outstanding debts.
• Avoiding opening too many new accounts at once.
• Regularly reviewing your credit report for accuracy.

Read more on Armed Forces Mutual's learning hub on action steps you can take to improve your credit report, increase your credit score and develop new habits around budgeting, saving and the use of debt.

If your application is denied due to your credit report, you have the right to:

• Receive an adverse action notice, which includes the reason for denial.
• Obtain a free copy of the credit report used in the decision, if requested within 60 days.
• Dispute any inaccuracies with the credit bureau.