What are road accident fund RAF loans?


If you’re waiting for a settlement from the Road Accident Fund (RAF) to be paid out to you, you’re not alone. The bad news is that even once a claim has been settled against the RAF, it can take months before you’re paid the settlement amount.

Road Accident Fund loans (also known as RAF bridging loans) are available in the market, but these can be expensive and a poor option for clients.

RAF Payment Process

Following you leaving court with a successful litigation or settlement, the RAF claim process payment procedure begins.

The first thing that happens is that your court order or settlement agreement needs to be typed up and stamped by the court. This can take anywhere from 2-6 weeks.

Simultaneously the Road Accident Fund will begin their administrative process of loading your file for payment approval.

Your file is also handed over to your attorney’s finance department where it is prepared and handed over to a cost consultant to draft and prepare the relevant documents and bills of costs required.

This can be a very long and difficult process for RAF claimants who have already been made to wait several years to get to this point. Unfortunately, this is the current reality in South Africa and the capital (settlement amount) can take anything from 6 -12 months from the court date to recover from the Road Accident Fund.

RAF Loans

The funds due to the successful litigants under the court orders are urgently required to cater for the urgent personal and medical needs of the injured litigant and their dependents. One option is to visit a Road Accident Fund loans (RAF loans) provider to provide some financial relief.

But you need to be careful. Many of these providers operate illegally and charge very expensive interest rates and monthly fees which can quickly grow to make the loan repayment extremely large. Many clients of RAF loans have been saddened to find that by the time the RAF finally do make payment, there is very little left over for them.

A Better Alternative

RAFPay is the legitimate, sustainable and fair solution to an industry plagued by rogue players.

The RAFPay product is not a loan. This is a straightforward transaction where we purchase your court order for a fair and equitable price.

This transaction allows you to be paid a significant portion of the amount due immediately and not have to endure the delay in payment from the RAF.

The pricing is transparent and the purchase price is fixed upfront with your attorney, you the client and a RAFPay representative.

Because RAFPay is not an RAF loan there is no interest payable and our payment plans are available to all Road Accident Fund clients, regardless of their credit or blacklist status.

If you are interested in learning more about RAFPay, contact us for a FREE consultation and quotation today on +27 (0)66-070-6380 (WhatsApps and ‘Please call me’s are welcome). You can also email us at info@rafpay.co.za

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