Key Facts Statement: Salary Advance Loan
This document provides essential information about your Salary Advance Loan. 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: Salary Advance
Provider: Alterna Service Provider LLC
Product Description: A short-term loan provided in advance of your regular salary, available only to employees paid through the KamelPay App.
Purpose: To meet urgent or unforeseen financial needs before payday; not for illegal purposes.
Disbursement: Loan proceeds are credited to your salary account upon approval, typically within 24 hours from application completion.
2. Key Features and Benefits
- Term: Standard loan tenure is 30 days or 1 salary cycle.
- 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. Advance Requests & Approval
KamelPay shall impose a one-time, non-refundable fee based on the loan 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.
| Slab / Tenure | 1 Month Fee (AED) | Fee + 5% VAT (AED) |
|---|---|---|
| AED 100 – 249 | 15 | 15.75 |
| AED 250 – 499 | 25 | 26.25 |
| AED 500 – 999 | 50 | 52.50 |
| AED 1,000 – 1,499 | 75 | 78.75 |
| AED 1,500 – 1,999 | 75 | 78.75 |
| AED 2,000 – 2,499 | 100 | 105 |
| AED 2,500 – 2,999 | 200 | 210 |
| AED 3,000 – 3,499 | 200 | 210 |
| AED 3,500 – 5,000 | 300 | 315 |
| AED 5,001 – 7,499 | 400 | 420 |
| AED 7,500 – 10,000 | 500 | 525 |
Illustrative Example:
In the event a borrower is approved for a salary advance amounting to AED 100, a gross amount of AED 115.75 (including the 5% VAT) will be credited to the borrower’s designated account. Concurrently, the amount of AED 15.75 shall be automatically debited by KamelPay as a service fee, resulting in a net disbursal of AED 100.
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.
Loan Term: 30 days or until your next salary payment date, whichever is earlier. If your employment ends or your salary stops, the outstanding loan 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 loans 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 loan is due immediately. Collection procedures, including legal action, may be initiated.
6. Early Settlement
Early Repayment: You have the right to repay your loan in full or in part early, at any time, with no penalty or early settlement fee.
7. Consumer Rights
Complaint Channels:
- 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 loan 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 loan. You acknowledge your responsibility for correct and timely repayments.
10. Credit Bureau Reporting
Loan performance will be shared with the Al Etihad Credit Bureau and relevant UAE authorities. Unpaid debt may be escalated to collection agencies or law enforcement as per Central Bank rules.
For further information or assistance, contact:
E-mail: info@kamelpay.me
Call: 600 566900
MOHRE: 600590000 · ask@mohre.gov.ae
This KFS is part of your credit agreement and must be read alongside the full loan contract.