Our Small Print is our Big Print Save My Bacon is an upfront, no surprises loan company. To make Save My Bacon short-term loans easy to use, fair and clear, we always show the total amount repayable upfront. Our fee structure is transparent - see our Online Loan Calculator and the Loan Agreement Documents.
You use the quick Online Loan Calculator on our Save My Bacon homepage to decide exactly how much cash you want to borrow and for how many days you need it for (between 2 and 42). The cost is calculated upfront. The loan amount you can borrow is dependent upon your income (minimum $400 after tax per week) and your pay cycle (weekly, fortnightly or monthly).
You can never repay more than 25% of your net pay per pay period as we want to make sure you can afford to pay us back. Too honest? That's just how we are at Save My Bacon.
Save My Bacon's AIR is clearly displayed on our website's homepage at 547.50%. The AIR stands for the Annual Interest Rate. We aren't actually obliged to show this on our website, but we want to be upfront with you.
Yes, a Save My Bacon short-term loan doesn't make for the best looking AIR figure! But this term is an annualised measure that wasn't devised with Save My Bacon small and urgent loans in mind. This is because our loans only have a maximum term of 42 days and we do not offer a long-term loan product for a year. At this stage you can't actually borrow from us for a year!
Below you can see an example of a Loan Summary which outlines the AIR: As you'll see we don't really charge hundreds of percent in interest, so this annualised measure doesn't actually represent the true cost of a Save My Bacon Loan.
With our Loan Calculator you can quickly work out whether you can afford a Save My Bacon short-term loan with us and we can demonstrate our commitment to responsible lending practices.
The total due on each agreed repayment date will be deducted from your bank account automatically by direct debit. Use our Online Calculator and see how honest and upfront we are about the true cost of your loan.
Your true upfront cost is clearly displayed on the Online Calculator prior to you starting the application process as per our sample below:
$25 Loan Establishment Fee (forms part of the initial unpaid balance)
$5 Direct Debit Fee this charged each time we take your payments from your bank account pursuant to a direct debit authority.
$30 Loan Extension Fee each loan extension granted (max. of two for weekly customers, one for fortnightly, not available for monthly borrowers.)
$60 Missed Payment Fee
$150 Debt Collection agency engagement fee
The only way our costs will change from our initial calculation is if you don’t keep to your arrangement. In other words, if you ask us to change your chosen repayment date or don’t ensure enough funds are available on your agreed repayment date.
If any of your payments dishonour we will attempt to contact you as soon as this shows up. If there is a genuine reason for a payment dishonouring we will attempt to help you. If we receive your payment within 24 hours no dishonour fee will be charged. Please be aware however, there will be additional daily interest added for the extra day.
If we still haven’t received the money by the morning of the next business day, you will be charged a $60 missed payment fee towards the cost of a failed collection, plus the additional daily interest costs.
We will then continue trying to contact you to discuss the situation and arrange a new schedule. If your circumstances have changed significantly, we will do our best to offer a solution and come to an arrangement that helps you get back on your feet. If, after three days, we still have had no response from any of our efforts to contact you we will look at recovering payments by other means.
We don’t believe in continuously charging additional fees like other lender’s might. If your original Loan Term is less than or equal to 31 days Interest will cease to accrue on your balance after 45 days have elapsed, you are in default or are suffering unforeseen hardship, and you have reached a compromise repayment arrangement with us. In all other cases, interest will cease to accrue after 60 days have elapsed. If your original Loan Term is greater than 31 days Interest will cease to accrue on your balance after 90 days have elapsed, you are in default or are suffering unforeseen hardship, and you have reached a compromise repayment arrangement with us. In all other cases, interest will cease to accrue after 120 days have elapsed.
Please remember, if your situation does change and you need our help to rearrange payments, we will do so if you communicate with us. If you have doubts over whether you will be able to repay a loan comfortably, please act responsibly by not applying. We use the information and technology available to us to make the best lending decisions possible, but we urge you to consider the serious nature of the commitment you are making before you apply.