Car accidents can destroy lives. Whether minor or major, the effects of an accident can cause a lot of grief.
Getting into a car accident is a traumatic experience no matter which way you look at it. One way that people can be financially compensated for the trauma and loss caused by a road accident is through the Road Accident Fund.
The Road Accident Fund is there to help alleviate some of the pain caused by an accident. Although it can’t erase any of the pain and trauma caused by a car accident, the Road Accident Fund (RAF) can be helpful when you need it most.
What is the Road Accident Fund Act?
The Road Accident Fund Act has an objective to pay compensation in accordance with applicable legislations for personal loss or damage caused by the driving of a motor vehicle.
The MVA system indemnifies the driver/owner against liability incurred as the result of the loss/damaged wrongfully caused to another person in road accidents.
How do you get loans against your Road Accident Fund and MVA Payouts?
One thing that remains constant no matter how you look at it, is that life goes on. Despite the trauma you may be dealing with after an accident, bills continue to pile up and you still need to keep up with payments.
If you’ve made a successful claim with the Road Accident Fund and you’re still waiting for your money, you can legally take an advance against an RAF claim.
This essentially means that you get access to your cash when you need it. You don’t have to wait for your claim to be paid.
Usually available to eligible individuals, these loans have a few common requirements:
Clear ID copy
3 months’ bank statement (with clear bank stamp)
Proof of amount expected from the RAF
Letter accepting offer from RAF
You can then use the loan to meet any pressing financial needs you may have. There are no limits placed on how you can use the loan. Use it to pay for medical bills, to cover your rent for the month or to pay for school fees.