The Road Accident Fund, known in short as the RAF, was established as compulsory cover for South African road users. The fund provides compensation and rehabilitation for parties involved in motor vehicle accidents within South Africa’s borders. Sounds great, right? Well as with most state-run funding, the road to getting paid out what you are owed is long and tedious. In fact, the average time it takes for an RAF claim to be finalised is 4 years, nevermind your RAF payout!
Even once the claim has been settled with a court order or settlement agreement, the RAF can still take between 6 and 12 months to actually process the RAF payout. Now, if you have been seriously injured in a motor vehicle accident, perhaps you are unable to work and have lost your source of income. Not to mention the emotional trauma, physical pain and possible medical bills that only mount more stress on RAF claimants. You need that RAF payout ASAP.
Loan providers across the country recognised the need for people to receive their RAF payouts sooner. As a result, many have created a loan product for RAF claims. An RAF loan gives RAF claimants a chance to receive an advance on their claim to provide the much-needed financial relief and closure required to move on.
In order to qualify for an RAF cash advance, you must:
- Have received a settlement agreement or court order
- Have an attorney
Documents you will need to complete your application:
- Copy of your ID
- Court order
- Proof of residential address
- Proof of banking / banking document
You can receive up to 40% of your RAF claim in advance within 24 hours of completing your application and it being approved. Restore dignity and financial stability today and apply for an RAF loan.