Road Accident
Fund Loans
No need to wait for your Road Accident Fund claim to payout….get an advance on your RAF claim within a few days !
New Heights Finance is a finance broker that doesn’t directly provide loans. We partner with various financial institutions to offer you a variety of loan options and help you compare different products. New Heights Finance may earn a commission, which is usually a fixed percentage of the loan amount and can vary depending on the lender.
Loan Costs
Example:
If you need R 400 000.
The funder buys R 500 000 of your claim.
The cost is therefore 20 % of the amount the funder buys.
How To Apply
- APPLY on this site. Fill in online form
- A quote is sent to you
- You sign an Advance Agreement. Your attorney needs to agree
- Cash is deposited to your account
- When your claim pays out, we are paid.
Loan Conditions
- Your RAF claim needs to be settled – RAF has agreed to your claim
- You have a court order approving your claim
- You claimed via an attorney
Why Choose Us?
- Get up to 75% of the claim amount
- Pay our fee only when you get paid
- Get an advance even if you are blacklisted
- Best rates in the market
- No risks to you
- Payment in 24 hours after documents signed
- Facilitated online for added convenience
Access your RAF payout sooner
Suffered an injury in a road accident? Don’t wait years for your RAF payout. Get immediate access to a portion of your compensation with our RAF Bridging Finance, helping you cover urgent expenses and regain financial stability.
Being involved in a road accident can be a traumatic and life-altering experience, often leaving victims with significant physical and financial burdens. While the Road Accident Fund (RAF) in South Africa exists to provide vital compensation for medical expenses, loss of income, and other damages, the claims process itself can be notoriously lengthy, often taking months or even years to finalise. This delay can create immense financial strain, leaving claimants unable to work, facing mounting medical bills, and struggling with daily living expenses.
Our RAF Bridging Finance (often referred to as a “RAF Loan” or “RAF Cash Advance”) is designed to be your financial lifeline during this waiting period. It provides immediate access to a portion of your expected RAF payout, bridging the gap between your accident and your final settlement. This allows you to manage urgent financial needs without having to wait, giving you peace of mind and allowing you to focus on your recovery.
Who should apply?
You have a valid RAF claim
Specifically, those who have received a court order or settlement agreement for their Road Accident Fund compensation but are still waiting for the actual payout.
You're under financial strain
People who are experiencing immediate financial hardship due to medical expenses, loss of income, rehabilitation costs, or daily living expenses as a result of their accident.
You need your RAF payout NOW
Individuals who cannot afford to wait for the lengthy RAF payout process to conclude and need rapid access to a portion of their awarded compensation.
How RAF loans work
RAF Bridging Finance is a specialised financial solution tailored for individuals who have a valid claim with the Road Accident Fund. Unlike a traditional loan, it’s not based on your credit history or personal assets. Instead, your eligibility and the advance amount are directly tied to the progress and strength of your pending RAF claim, particularly once a settlement agreement or court order has been obtained.
Key benefits of RAF Bridging Finance:
- Immediate Financial Relief: Get quick access to funds to cover urgent expenses like medical bills, rehabilitation costs, legal fees, loss of income, and daily living expenses.
- No Monthly Repayments: Unlike conventional loans, there are no ongoing monthly repayments required from you. The advance, along with agreed fees, is settled directly from your final RAF payout when it is received.
- Reduced Financial Stress: Alleviate the anxiety and pressure of waiting for your compensation, allowing you to focus on your recovery and well-being.
- Accessibility: Eligibility is based on your claim’s merit, making it accessible even if your personal credit profile might not qualify you for a traditional loan.
- Transparent Fees: Providers clearly outline all fees and charges upfront, ensuring you understand the costs involved before you commit.
Our Process
Our process is designed to be efficient and work seamlessly with your ongoing RAF claim, typically managed through your attorney:
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Initial Inquiry & Claim Assessment:
- Contact Us: Apply via our convenient online application form
- Claim Status: We assess the progress and potential value of your RAF claim. This type of finance is generally available once your claim has been successfully settled or a court order has been obtained.
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Required Documentation:
- You (or your attorney) will need to provide essential documents, primarily your Road Accident Fund court order or settlement agreement, along with your ID, proof of banking, and proof of address.
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Quote & Agreement:
- Based on your claim’s value, we provide a clear, no-obligation quote outlining the advance amount you qualify for (often a percentage of your net payout after attorney fees) and all associated fees.
- Once you and your attorney understand and accept the terms, you sign the advance agreement.
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Fast Funds Disbursement:
- Upon finalisation of the agreement, the funds are paid directly into your bank account. Many providers aim to disburse funds within 24 to 72 hours of the signed contract being received.
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Direct Settlement from RAF Payout:
- Once the RAF eventually pays out your claim to your attorney, the agreed-upon advance amount plus fees are settled directly from that payment, and you receive the remaining balance. You don’t have to worry about managing repayments yourself.
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FAQs
What are RAF loans in South Africa?
RAF loans, which stands for the Road Accident Fund loans, are financial products specifically designed to provide assistance to individuals who have been involved in road accidents. These loans are intended to offer immediate financial support to cover medical expenses, rehabilitation costs, loss of income, and other related expenses resulting from the accident while you await your official payout from the RAF. This process commonly takes years.
How Can I Apply For An RAF Loan?
To apply for an RAF loan in South Africa, you will need to contact the Road Accident Fund directly or consult with a legal professional experienced in personal injury claims. The application process typically involves gathering all relevant documentation, such as medical reports, accident reports, and proof of expenses, and submitting them to the Road Accident Fund for assessment.
Who is eligible for an RAF loan in South Africa?
Individuals who have been involved in road accidents in South Africa and suffered injuries or losses are generally eligible to apply for RAF compensation. However, it is essential to meet certain criteria, such as being able to prove that the accident was not your fault and that you have incurred significant expenses as a result. Once you have a court order and settlement amount from the court, you can proceed to apply for an RAF loan.
What expenses can be covered by a RAF loan?
RAF loans are designed to cover various expenses resulting from road accidents. These may include medical bills, hospitalization costs, rehabilitation fees, physical therapy, loss of income, and even future medical expenses if necessary.
How long does it take to receive a RAF loan in South Africa?
On average, successful applicants receive their RAF cash advance within 3 days.
Is collateral required for RAF loans?
No, RAF loans in South Africa typically do not require collateral. These loans are based on the assessment of your road accident claim and the financial support needed to cover your expenses. Therefore, you do not need to provide any assets or property as security for the loan.
What Happens If I Lose My RAF Claim?
If your RAF claim is unsuccessful, meaning you are denied compensation for your road accident injuries or losses, you will not be eligible for a RAF bridging loan.
Are RAF Loans the same as persona loans?
No, RAF loans are specifically designed for individuals who have been involved in road accidents, while personal loans are general-purpose loans that can be used for various purposes. RAF loans focus on providing financial assistance to cover specific accident-related expenses, whereas personal loans offer flexibility for various personal or business needs unrelated to road accidents.
Apply for an RAF Bridging Loan
THE BELOW FORM ONLY APPLIES TO RAF CASH ADVANCE. PLEASE ONLY SUBMIT THE FORM ONCE AND CHECK YOUR INBOX FOR A CONFIRMATION EMAIL.