Quick Facts

• Only available if your employer is registered with Kaelo Lifestyle programme
• Borrow up to 45% of your gross monthly salary
• Repayment happens automatically through your salary over 3 months
• Registered credit provider (NCR: NCRCP10398)
• Application takes minutes, approval within hours

What is Kaelo Money?

Kaelo Money is a financial wellness platform that helps South African employees access money when they need it. It is run by VumaMoola (Pty) Ltd and is registered with the National Credit Regulator.

Here’s what makes it different from regular loans:

• You can only use it if your employer is registered with Kaelo Lifestyle
• You cannot sign up on your own as an individual
• It gives you access to part of your salary before payday
• It also offers emergency loans for bigger expenses
• Repayment happens automatically from your salary

Think of it as a safer alternative to loan sharks or expensive payday loans. Because your employer is involved, the interest rates are much lower than what you would pay at other lenders.

⚠️ Can You Apply?

Before you try to apply, you must check one very important thing first:

Is your employer registered with Kaelo Lifestyle?

If your employer is not registered, you cannot use Kaelo Money at all. Ask your HR department or payroll office if your company offers Kaelo Money as an employee benefit.

✅ Requirements You Need

To apply for Kaelo Money, you must have all of these things:

Employment Requirements:

• You must work for a company that is registered with Kaelo Lifestyle
• You must have worked there for at least 3 months
• Your employer must have a signed agreement with Kaelo Money

Personal Requirements:

• You must be 18 years old or older
• You must have a South African ID
• You must have an active cellphone number
• You must have a valid South African bank account

Documents You Need:

• Copy of your South African ID
• Proof of address (utility bill or bank statement)
• Latest three months’ bank statements
• Proof of employment (payslip or letter from employer)

Other Requirements:

• You must agree to a credit check
• You must agree to an affordability assessment
• You must have access to online banking for verification
• You must meet minimum credit criteria (not blacklisted)

How to Apply: Step-by-Step Process

Two Main Products: What’s the Difference?

💰 Costs and Fees

Platform Access:

If your employer is a Kaelo Health, Gap, or AskNelson client, the full Kaelo Money suite comes at no cost to you. If not, there may be a small service fee.

Earned Wage Access Fees:

• No interest charges (it’s your own money)
• Small service fee may apply
• Fee decreases as you use the platform more (rewards programme)

Emergency Wallet Costs:

Repayment: How It Works

Earned Wage Access Repayment:

The money you accessed is automatically deducted from your next salary payment. You don’t need to do anything – it happens automatically.

Emergency Wallet Repayment:

Repayment happens automatically over 3 months through your salary deductions.

Example:

🚨 Important Warnings and Things to Avoid

What Happens If You Miss a Payment:

• Late payment fees will be charged
• Additional interest may be added
• Your credit record will be affected negatively
• This can make it harder to get loans in the future

If You Leave Your Job:

If you resign or get dismissed before paying back the loan, you must still pay the full amount. The balance cannot automatically be taken from your severance pay without your agreement. You will need to arrange payment with Kaelo Money.

Watch Out for Loan Scams:

Avoid the Debt Trap:

• Don’t borrow money you don’t need
• Don’t use it for non-essential items
• Don’t borrow again before you finish paying the first loan
• Don’t ignore the total cost of borrowing

✅ Other Options If Kaelo Money Doesn’t Work for You

If your employer doesn’t offer Kaelo Money, here are some alternatives:

1. Ask Your Employer for a Salary Advance:

Many employers will give you an advance on your salary without charging interest. Speak to your HR department.

2. Registered Credit Providers:

Consider these registered alternatives:

• Capitec Bank (personal loans)
• African Bank (personal loans)
• Standard Bank (overdraft facilities)
• FNB (flexi loans)

3. Stokvels:

Join a savings club (stokvel) where members contribute monthly and can borrow in emergencies.

4. Free Financial Help:

If you’re struggling with debt:

• Contact a registered debt counsellor
• Call the National Credit Regulator: 0860 627 627
• Visit your nearest SASSA office for grant information

Your Rights as a Consumer

Under the National Credit Act (2005), you have these rights:

• The right to receive documents in plain language you can understand
• The right to know why your loan application was declined
• The right to be assessed for affordability before getting credit
• Protection from reckless lending
• The right to apply for debt counselling if you’re overwhelmed
• Protection from harassment by debt collectors

Where to Get Help:

Kaelo Money is a good option if:

• Your employer offers it as a benefit
• You need access to money for a genuine emergency
• You have a stable job and regular income
• You understand the costs and can afford the repayments

Before you apply, ask yourself:

• Do I really need this money right now?
• Can I afford to pay it back from my salary?
• Have I explored other options first?
• Do I understand the total cost of borrowing?

Remember: Kaelo Money is registered with the National Credit Regulator (NCRCP10398), which means it follows South African consumer protection laws. However, you should only borrow what you truly need and can afford to pay back. Use the financial wellness tools on the platform to help you budget better and avoid getting into debt.