Key Facts Statement – Short Term Credit
This document provides essential information about your Short-Term Credit. Please read each section carefully before signing. This KFS is issued pursuant to UAE Federal Decree-Law No. 33 of 2021, Ministerial Resolution No. 43 of 2022, Central Bank Consumer Protection Regulations, and Federal Decree-Law No. 45 of 2021 on Personal Data Protection.
1. Product Overview
Product Name: Short-Term Credit
Provider: Alterna Service Provider LLC
Product Description: A Short-Term Credit Facility provided in advance of your regular salary, available only to employees paid through KamelPay App.
Purpose: To meet urgent or unforeseen financial needs before payday; not for illegal purposes.
Disbursement: Credit facility proceeds are credited to your salary account upon approval, typically within 24 hours of application completion.
2. Key Features and Benefits
Credit Facility Amount: You may request a Credit Facility between AED 250 to AED 10,000/-
Term: Based on the number of tenures selected typically from 2 months to 6 months.
Disbursement Speed: Most advances are processed within 24 hours of application via the KamelPay App.
Collateral: No security or guarantee required
Documentation: Digital Onboarding and Documentation via KamelPay App
3. Pricing, Fees, and Charges
KamelPay shall impose a one-time, non-refundable fee based on the credit facility amount, as per the following slabs. This fee is exclusive of any applicable Value Added Tax (VAT). A 5% VAT will be added to the fee. The fee will be either deducted upfront or at the time of repayment.
| Slab / Tenure | 1 Month Fees | 2 Months Fees | 3 Months Fees | 3M Upfront | 3M Monthly | 6M Fees | 6M Upfront | 6M Monthly |
|---|---|---|---|---|---|---|---|---|
| AED 250–499 | 25 | 50 | – | – | – | – | – | – |
| AED 500–999 | 50 | 100 | 150 | 100 | 50 | – | – | – |
| AED 1,000–1,499 | 75 | 150 | 200 | 150 | 50 | 300 | 120 | 180 |
| AED 1,500–1,999 | 75 | 150 | 350 | 200 | 150 | 450 | 180 | 270 |
| AED 2,000–2,499 | 100 | 300 | 400 | 200 | 200 | 600 | 240 | 360 |
| AED 2,500–2,999 | 200 | 400 | 600 | 300 | 300 | 750 | 300 | 450 |
| AED 3,000–3,499 | 200 | 500 | 700 | 300 | 400 | 900 | 360 | 540 |
| AED 3,500–5,000 | 300 | 600 | 800 | 300 | 500 | 1,050 | 420 | 630 |
| AED 5,001–7,499 | 400 | 800 | 1,400 | 560 | 840 | 1,500 | 600 | 900 |
| AED 7,500–10,000 | 500 | 1,000 | 2,000 | 800 | 1,200 | 2,250 | 900 | 1,350 |
Illustrative example:
If you are approved for a Credit Facility of AED 1,000 with a 3-month tenure, the service fee will be calculated based on the slab-based pricing structure.
For a credit facility between AED 1,000 – 1,499, the total service fee for 3 months will be AED 200, comprising:
- an upfront fee of AED 150, deducted from the disbursed amount at the time of approval; and
- a monthly fee of AED 50, added to each monthly installment.
Accordingly, the monthly installment will include both the principal amount (AED 1,000 ÷ 3 = AED 333.33) and the monthly service fee (AED 50), resulting in a total of AED 383.33 per month over the 3-month repayment term.
Additionally, VAT (5%) will apply to the total service fee (AED 200 × 5% = AED 10), adding AED 10 to the overall amount, bringing the total payable amount (including VAT) to AED 1,210 comprising:
- AED 1,000 principal amount
- AED 200 service fee
- AED 10 VAT on service fee
4. Repayment, Salary Deductions, and Duration
Repayment Method: The payable amount is deducted automatically from your salary in your KamelPay account on your next salary date.
Credit Facility Term: Refer to your selected tenure or until your next salary payment date whichever is earlier. If your employment ends or your salary stops, the outstanding credit facility becomes immediately due and payable.
Partial Payments: If full deduction cannot be completed (e.g., insufficient salary credit), the outstanding balance plus any late fee remains repayable from your next wage or through alternate arrangements.
5. Key Risks and Warnings
- Missed or Delayed Payment: Late repayments lead to additional charges, may impact your Al Etihad Credit Bureau record, and could affect future eligibility for credit facilities or employment visa renewals.
- Employment Termination or Salary Disruption: If you leave or lose your job, or your employer fails to pay salary via WPS, your credit facility is due immediately. Collection procedures, including legal action, may be initiated.
6. Early Settlement
Early Repayment: You have the right to repay your credit facility in full or in part early, at any time, with no penalty or early settlement fee.
7. Consumer Rights
Complaint Channels:
If you have any dispute or wish to make a complaint:
- Contact the provider’s dedicated support team at 600 566900 or through in-app chat
- Contact the Ministry of Human Resources and Emiratisation (MOHRE) hotline: 600590000
Right to Information: You may request a copy of this KFS or full contract at any time during the credit facility term.
8. Data Privacy and Disclosure
Data Processing: Your personal data will be collected, stored, and processed in accordance with the UAE Personal Data Protection Law. Data will be encrypted and not transferred outside the UAE unless required by law and with safeguards in place.
Third-Party Sharing: Your information may be shared with credit bureaus, the Central Bank, MOHRE, and KamelPay providers solely for compliance, risk management, or legal obligations, never for marketing purposes without your written consent.
Your Rights: You can access, update, or correct your data; withdraw consent for marketing at any time; and request erasure after all obligations are settled.
9. Declaration and Acknowledgment
Your Declaration: By accepting this you confirm that you have read, understood, and accept all key facts and agree to be bound by the terms of the credit facility. You acknowledge your responsibility for correct and timely repayments.
Credit Bureau Reporting:
Credit facility performance will be shared with the Al Etihad Credit Bureau and relevant UAE authorities. Unpaid debt may be escalated to collection agencies/Law enforcement as per Central Bank rules.
For further information or assistance, contact:
E-mail: info@kamelpay.me
Call: 600 566900
Ministry of Human Resources and Emiratisation (MOHRE):
Call: 600590000
E-mail: ask@mohre.gov.ae
This KFS is part of your credit agreement and must be read alongside the full credit facility contract.