It’s time to bridge the gap between your settlement of the claim and the payment of the claim you have made, but you’re unsure how to go about it.
There’s no need for concern any further because there is a wonderful product available to all in this position, commonly known as an RAF claim payout bridging loan.
But first things first, what exactly is an RAF claim?
I’m pretty sure that most individuals in this country have heard of the Road Accident Fund. This particular fund is in place as a third party for claims that relate to motor vehicle accidents where people have incurred an injury as a result of the accident. The fund gives individuals the opportunity to put claims through in order to be compensated for their injuries’ medical bills and any costs really that have been incurred due to the accident.
Understanding bridging finance for RAF payouts
In the market today, you can find credit providers that have a customized product to suit the needs of individuals that are awaiting a payout from the road accident fund. They will assist you by providing bridging finance to cover whatever expenses you may have and general living costs until your claim has been settled. All that you need in order to apply for finance, is a claim court order or RAF settlement letter. Creditors need the proof that you were in fact in an accident and were injured and are awaiting a payout, in order to qualify, hence the letter requirement.
An advance on your RAF payout can save your cash flow and it can save you! Being awarded compensation from the RAF is great, but it doesn’t help when you’re struggling financially until you receive the payout. You will most likely have an attorney tending to the claim and we will work hand in hand with him or her to assist you with a smooth transaction of finance approval.
In a nutshell, an RAF bridging finance loan is simply cash paid to you by a creditor that has the money to advance you while you await the RAF to pay the claim out.
How long do I wait for my RAF bridge finance to be paid?
Good question and there’s an even better answer – it’s quick! The moment all your relevant documents and legal contracts are signed for and submitted, the creditor in question will release the advance of your funds directly into your dedicated bank account. How quick is quick I’ll bet you’re wondering? For certain providers, depending on the details you provide and that they’re all in order, you can expect to wait as little as 24 hours!
That’s a speedy turnaround for cash in hand when you consider the turnaround time of an RAF payout. In a lot of cases, it has been recorded to take months, even years to receive a payout from the Road Accident Fund. As you can imagine there is a lot of fraud that can take place when it comes to any type of claim against an insurance or fund policy, hence the lengthy investigations into the accidents and injuries that individuals are claiming for.
That is why RAF bridging loans are highly popular in these instances because quite literally no one can afford to fork out that amount of money for bills and expenses while out of work without the help of finance.
Am I at risk with this loan type?
We guarantee you that there is no risk to you at all. Every process for the finance approval, as well as the payout, is conducted through your attorney.
How do I go about putting in a claim for the RAF and applying for finance?
Firstly, you’ll need to apply to the creditors’ website and complete an RAF form. Once submitted, you’ll be provided with a quotation and preparations for your contract are drafted along with all your details. Simply sign the contract and send it back and your attorney will be in communications thereafter with the funder of your bridging finance. As soon as the necessary paperwork is out of the way, your funds are deposited into your bank account. It’s that quick, that easy and with no risk at all!
The application process can essentially be broken up into 4 simple stages:
- APPLYING online for qualification purposes
- RECEIVING a quote for the advance agreement
- SIGNING the agreement and submitting to the finance company
- OBTAINING your much-needed cash into your very own bank account
There is no reason that you should have to bear the burden of lengthy legal processes before seeing a cent of that which is due to you. Apply for an advance on that RAF payout through any trusted lender that offers an RAF claim payout bridging finance and you’ll be glad you did!
It sounds too good to be true!
It does, but it really isn’t! There is no catch at all when it comes to bridging finance. The lender, or funder, is charging a fee for providing you with the cash up front since you will definitely be receiving it, just at a later stage.
When you apply through the lending company, be sure you inquire about the rate of interest as well as the admin fee for your own good. Since lenders take on a risk by paying you a large sum of money, they, too, need to be compensated for that risk.
Mostly, you can apply for an obligation-free consolation to assist you through this process. Generally, people only go through this maybe once in their lives, so it’s not as though you’re expected to understand all the ins and outs of the loan. So, when you find yourself in a position waiting for a claim to pay out, don’t let your finances take the knock, apply for RAF claim payout bridging finance now and safeguard your financial well being.