With Road Accident Fund (RAF) advances from Lamna, it’s now possible to get immediate access to your RAF settlement in South Africa.
How to access RAF settlement funds straight away
Once an RAF settlement agreement or court order is in place, you can apply for RAF bridging finance from Lamna online, via WhatsApp or over the phone.
Our consultant liaises directly with the attorney administering your claim and completes the necessary paperwork. At that point, the advance funding is transferred into your account.
The time it takes to approve the application and disburse the funds is dependent upon how quickly your attorney responds, but it’s typically a matter of hours, rather than weeks or months.
Typical delay when waiting for a RAF payout
Once a ruling has been made in your favour or a claim has been settled, the RAF has 180 days – in theory – to pay you.
In practice, the RAF rarely meets this target. It’s common for claimants to experience delays of a year and longer.
In fact, claimants are increasingly finding it necessary to sue the RAF for failure to settle claims fairly and on time.
Undue hardship for successful RAF claimants
Road accident victims in South Africa have typically suffered physical and emotional trauma. An extended wait for compensation from the RAF adds to the hardship.
The claims process itself is stressful. It can take years to complete and many of the cases go to trial, delaying the outcome by a further three to five years.
Even once compensation is awarded by the court and a court order is finally granted, payment is frequently only made after 12 months or more.
Due to injuries or physical disabilities sustained in the accident, victims may be unable to work or are no longer capable of working at their previous earning potential.
Some even lose their jobs and incur ongoing expenses for medical treatment, physical therapy and care, over and above the regular monthly costs.
How RAF bridging finance can help
Getting immediate access to your RAF settlement can help alleviate physical, emotional and mental stress.
The funds can be used for any purpose, allowing you to maintain a sustainable budget – even in trying financial times.
As the advance is repaid in full on receipt of the funds from the RAF, there are no monthly loan installments to add to the debt burden.
Lamna’s RAF bridging finance is a financial lifeline for traumatised victims of RAF claims. It steps in to end the inevitable delays caused by an inefficient and overburdened RAF system.
Call 086 111 2866, WhatsApp or apply online for an advance that provides immediate access to your RAF settlement. Lamna is an established financial services provider registered with the Bridging Finance Association of South Africa (BFASA) and National Credit Regulator (NCR).
ILLUSTRATIVE EXAMPLE
Client borrows R10,000 for 90 days.
Loan Amount | Repayment Period | Monthly Interest | Total Cost of Loan | Initiation Fee | Monthly Fee | APR |
|---|---|---|---|---|---|---|
R10 000 | 3 months | R500.00 | R2 914.50 | R1 207.50 | R569.00 | 60% |
Fixed rates range from 36% to 60% APR and payment terms range from a minimum of 3 months to a maximum of 24 months. Apart from the initiation and monthly fees shown in the table, the only additional fee is credit life insurance if the borrower does not have this already.
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