Where there’s a financial emergency or problem, there’s a loan product. Even when you’re expecting a large amount of money for a payout of sorts, that doesn’t mean you aren’t going through a difficult financial period whilst awaiting it!
Since this is usually the case because large sums of money are never just paid out on a whim. There is always some paperwork, some investigation and some lengthy process that needs to transpire in order for the funds to be paid out.
It’s for this very reason that loan providers offer such a thing as bridging finance, and in this case specifically, RAF claims payout bridging finance. As many South Africans are accustomed to road accidents being a regular occurrence on our roads, we are mostly all aware of the Road Accident Fund. This fund is a state-provided insurance for individuals who have sustained injuries due to a motor accident that occurred on South African roads.
If you have experienced such an inconvenience and pain in your life, then you are probably in for some financial pain if you don’t get assistance quickly!
Taking a look at the RAF and how bridging finance can help you!
When it comes to claims with the Road Accident Fund, they’re not the easiest to deal when you consider how long you have to wait for the payout. These types of claims can take years to be paid to the injured citizen. No matter how long it is that you have to wait, it doesn’t make it any easier or harder when there’s no income and a heap of medical bills to pay. Bridging finance is there to assist you during this period of waiting so that you don’t have to endure any financial strain on your accounts or within your household.
Thankfully, funders are offering this product to any South African that awaits their RAF claim payout. That means that even if you’re blacklisted you can apply. Don’t get credit checks get you down either, affordability matters the most where these loan applications and approval are concerned.
Help yourself now and bridge the gap between right now and the time your lump sum is paid into your bank account.
The application process for the loan
When you’re ready to apply for this loan, then the first step is to choose an appropriate lender. By that we mean choose one that suits your lifestyle needs as well as your financial needs. There is a multitude of creditors in the market and the vast majority can be found online.
It’s quite a simple set of steps to go about applying. Firstly, navigate to the provider’s website and go to the application page. There you will be met with a list of criteria and other details that are required before you can go ahead with your new RAF claim payout bridging loan. Make sure you have all your paperwork handy. That will include a valid South African ID, a proof of residence, a letter from the RAF stating the details of the claim with the RAF, as well as any other attorney documents that you have for the claim.
At this point, you can apply for up to 80% of your RAF money in the form of an advance. It sounds like there’s a catch, but there isn’t. Based on the fact that you are expecting a large payout and there’s proof of it, this acts as security against the loan that you take out for the gap between the claim and settlement date. Now you can avoid the months or year-long wait to receive the desperately needs money to cover all your bills. You can access most of it within just days of approval on the loan.
When you have fully completed the form and sent it back to the lender in question. You’ll need to sign off on the contract sent to you with a list of the terms and conditions of the loan.
It’s that simple! If you’re approved, the money will be in your bank account and you can use it as you please, however, we know that you’ll have plenty of medical expenses that you need to cover.
Can I trust any lender to provide me with a loan?
Generally speaking, yes, however, there are a number of them that aren’t registered and therefore don’t necessarily exercise their money lending responsibly. Look out for these types of lenders and rather defer from approaching them.
Make sure that their policy, rates, costs, and general service to their clients are on point when it comes to meeting your needs. It will matter in the long run when you need to deal with the month to month until your lump sum arrives in your bank account. If you’re blacklisted, you can also apply, but it is recommended that you have your credit score in the best possible position prior to applying.
How risky is it for me to apply bridging finance?
It’s not risky at all. The best part is that you get to safeguard your financial situation by applying for an RAF claim payout bridging loan and have peace of mind while doing so because your lump sum is coming! Get an attorney for your claim because the complexity of these claims can become quite challenging to deal with and an attorney will know all the ins and outs of getting this right.
With just a few simple steps you can apply for a loan and receive funds for the loan and it won’t have to cost you much either. Certain lenders might charge upfront fees, but it’s not standard amongst most.
What do I need in order to qualify?
You have to have valid South African citizenship which can be proven through a green barcoded ID. You will also have to produce a proof of residence and the police affidavit or case number of the motor accident. All medical records and supporting documents need to furnish to the party consulting on your loan application, as well as the letter from the medical professionals that dealt with you during the incident. It goes without saying that any vehicle damage, witness reports, and statements from the driver and passengers are required along with the above.