Have you recently been in a car accident and feeling not only the pain of the injury but also the financial pain that’s come along with it?
If you have, then the chances are that you have put in a claim with the Road Accident Fund that you’re still not seeing any joy from it. It’s true that these types of claims can take ages to be paid out. This is largely due to the mounds of investigation that needs to occur before it’s decided that the claim isn’t false, and someone is entitled to a lump sum for his or her injuries. As a result, individuals are struggling financially to make ends meet with not being in work, or having to pay obscenely expensive medical bills.
Funders and private lenders out there realized that this was an opportunity to assist. With many interim periods before payouts occur of large amounts of money, it was decided that a product to suit this period in terms of a loan would be the best thing to offer individuals going through this tough time.
It was then that bridging finance came about and in true form to its name, it was designed to bridge the gap between now and the time your lump sum was paid into your bank account. With Road Accident Fund claims, because of the nature of the claim, the period between you settling your claim and the date of the payment is too long to not have financial assistance. That is why RAF claim payout bridging finance is the only way to go when you’re faced with this dilemma.
Who is the RAF exactly?
The Road Accident Fund (RAF) is a state provided insurer in South Africa that provides insurance cover to all drivers in South Africa should there be any injury caused as a result of a traffic accident on South African roads.
How do I apply for an RAF claim payout bridge loan?
If you have sustained an injury in a motor vehicle accident and have since put through a claim with the RAF and are currently awaiting the payout, then it’s time to consider this loan type. The solution is simple! You can receive up to 80% of your RAF money in the form of an advance right now! That means that you don’t have to wait months or even years to see your very own money that is due to you.
All you need to do is complete an online application form on the lender’s site of preference and a consultant will gladly call you to explain all the necessary steps that are to follow. An agreement will be drawn up and sent to you for signed acceptance, and once you have done so, simply submit and wait for your funds!
It’s that easy! You don’t have to wait much longer than 24 hours either, since this process is very straightforward if you provide all the correct and true information up front when applying.
When choosing a lender, do your homework!
Not every lender is the same and it’s best to choose one that suits your predicament as best as possible. It’s also wise to go through their terms and conditions and even browse through their policy and company mission, all these things (as trivial as they may seem) will help you determine who you feel more comfortable to deal with.
Apart from the warm and fuzzy’s that you get from reading their mission statement, it’s also recommended that you check the most important part of their offering – the cost. Some lenders might not charge upfront fees, while others do. Most allow for blacklisted individuals to apply, but there might be a few that don’t. Do you know your credit score? Is it a healthy score? This could count against you when looking at the lender you’re about to use for your application.
Then there are always admin fees and interest which seriously need to be considered as they will directly impact the affordability of the bridging loan.
Are there any risks to consider?
Absolutely not! The only thing that you need to ensure, is that you have an attorney. This is due to the complex nature of the RAF claims. If you don’t have one, don’t panic, any of the lenders out there will have an attorney that they can recommend to assist you through this process.
RAF bridging loans are very popular when waiting on RAF payouts because for no risk at all, you can cover yourself and your family through a challenging time financially with 4 simple steps, applying, receiving a quote, accepting and receiving the much-needed cash!
The RAF payout process is burdensome, and you shouldn’t have to endure any. A quick and easy application online through a registered credit provider can have you facing each of your days with peace of mind, even though you’re struggling through personal injury at the same time.
What’s needed to apply?
What you’ll need is a South African bank account and proof of ID, along with the police affidavit or case number of the accident. The medical records and supporting documents of the claim itself along with the letter from the medical experts that dealt with you during the accident are crucial as well. Lastly, but not least, the details of vehicle damage, any witness reports, and a statement from the driver are required with the RAF forms.
You’ll have three years from the date the accident occurred in which to submit a claim with the RAF. Anything thereafter will not be considered for approval of payout.
Don’t hesitate to contact a consultant from any of the private lenders available to you. Mostly, they will offer you an obligation-free consultation to guide you in the right direction when you’re ready to apply for the finance that’s going to get you through those tough financial months until your RAF claim is finally paid out!