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Quick loan
This is another term used to describe a fast loan (See fast loan above).
Quickie loan
A Quickie loan is an online instant cash loan which is short term. Save My Bacon Quickie loans are intended to help cover a borrower's expenses until his or her next payday.
Rate
The rate refers to the level of interest on the loan charged by the lender. This is called the “rate of interest”.
Responsible lending
Save My Bacon is committed to the practice of responsible lending. A responsible lender does not want to keep you in debt, but wants you to repay your loan quickly. At Save My Bacon we aim to only lend to people who we believe can afford to repay us as agreed.
Same day loans
This is a short-term loan (See short-term loan below) that you receive into your bank account on the day you applied for the loan. Save My Bacon offers same day loans. Certain conditions apply. Please see our 60 minute payment guarantee and our FAQs sections for details.
Secured loan
A secured loan is a loan where the financial institution or lender has the right to reclaim the loan value from one of your assets, such as your house or car, should you fail to keep up payments. Mortgages are the most common type of secured loans.
Short-term loan
Short-term loans are defined differently by different lenders. For example, a bank might consider a year to be a short term for a loan when compared to a mortgage loan. Payday loans are typically considered short term loans. Save My Bacon loans are short term and the selected loan period can be between 1 and 31 days. Our short-term loans are intended to help cover a borrower's expenses until his or her next payday.
Sixty minute payment guarantee (60 minute payment guarantee)
Save My Bacon offers a guarantee whereby it promises to process its payment request to your Bank within 60 minutes of loan approval. Please see our 60 minute payment gurantee section for further details and a list of participating banks.
Term
The time period over which the loan is to be repaid.
Total Amount Payable
This refers to the total cost of repaying a loan.
Unsecured loan
An unsecured loan is a loan where the lender does not have immediate rights to reclaim the value of your loan from an asset, such as your house, should you fail to meet your payment obligations towards the loan as agreed. However, an unsecured loan is still a serious legal commitment and there will be significant penalties if you fail to repay it.
Verification code
Save My Bacon sends a verification code to your mobile during the application process. Please see our Trouble Shooting and our FAQs sections for further details.
Variable-interest rate
This is where the interest rate that you pay on your loan or mortgage can increase and decrease.
Wage deduction authority
A Wage Deduction Authority assigns your wages, salary, commissions and holiday pay to be paid to the lender in the event that you fail to repay your loan as agreed on the due date.