General info

      • Who is Save My Bacon?

        Save My Bacon is a New Zealand owned fintech company. We use software automation, smart design and exceptional service to restore trust in the lending industry and we help responsible customers take control of their finances. We take a new-school approach, rather than the old-school banking approach, to give credit where credit is deserved. We understand that there’s more to you than just your credit score.

        Our personal loans can help fund life’s smallest to biggest moments. With loans from $100 to $3,000, our products are designed to provide customers with fast, online access to competitively priced consumer credit when they need it.

        Our exceptional service and technology allows financially responsible customers to borrow safely and easily.

        What kind of loans does Save My Bacon offer?

        Our personal loans help fund life’s smallest to biggest moments. Our products are designed to provide customers with access to competitively priced credit whenever and wherever they need it.

        We offer personal loans that range from 2 days to 14 months, between $100 and $3,000, and with rates between 0.26% and 1.5% per day.

        We do not currently offer personal loans greater than $3,000, but watch this space! In early 2018, we will be offering larger personal loans from $5,000 to $20,000.

        The Mini loan

        The Save My Bacon Mini Loan ranges from $100 to $600, over 2 to 43 days, incurring an annual interest rate of 547.5% (1.5% per day). Customers are only able to have one Save My Bacon Mini loan at any given time.

        Take a look to see whether you qualify for a loan and then start your personal loan application here.

        The KickStart loan

        The Save My Bacon KickStart loan ranges from $1,000 to $3,000, over 3 to 14 months. The KickStart loan rates range as follows:

        Loan amount Daily interest rate Monthly interest rate Monthly term range Annual interest rate
        $1000 - $1300 0.46% 14% 3 - 6
        168%
        $1400 - $1800 0.39% 12% 7 - 9
        144%
        $1900 - $2400 0.33% 10% 10 - 12
        120%
        $2500 - $3000 0.26% 8% 13 - 14 96%

        Take a look to see whether you qualify for a loan and then start your personal loan application here.

        Larger personal loan

        A larger personal loan is due early 2018 and will range from $5,000 to $20,000, over 12 to 36 months, incurring an annual interest rate of 19.5% (0.053% per day).

        How is the Save My Bacon application process different?

        We believe there are many financially responsible New Zealanders who are not getting access to credit they deserve.

        We are different to most lenders in that we carry out a comprehensive assessment of your financial profile and look beyond your credit score. This means that a lower credit score and/or limited credit history won’t prevent financially responsible applicants from accessing our personal loans. Our exceptional service and technology allow us to provide competitively priced credit in a responsible way so that customers can borrow safely and easily.

        To accomplish this, we ask you to complete our online application, which includes providing details of your employment. In addition, we ask you to link certain financial information — such as your bank account(s) — which better enables us to ascertain your affordability and financial situation. Our customer happiness specialists complete a data-driven evaluation of your full financial profile, which allows us to evaluate your personal situation better than traditional lenders do. By assessing this evaluation and other sources of information, such as your credit profile, we are able to give you recognition for responsible spending patterns and behaviour. In this way, we are better placed to understand you as an individual and your own unique circumstances.

        For more information on our application process, click here.

        What makes a successful application?

        Save My Bacon offers loans to financially responsible, employed Kiwis.

        While your credit history is an important aspect of our credit-assessment process, we also look at your cash flow, debt-to-income ratio, payments-to-income ratio, savings and spending habits.

        We ask you to provide up-to-date information in our easy online application form. This and other credit information allows us to evaluate your personal and financial profile.

        To see if you are eligible for a loan and whether Save My Bacon is a fit for you, start your personal loan application here.

        Some reasons we may not be able to approve an application are:

        • - You are not currently employed
        • - More information is required to complete the assessment process
        • - We are unable to verify your application details

        Under government regulations, you will be required to submit copies of suitable identification so we may successfully verify your identity. In addition to this, we are also required to confirm your current address.

        Click here for more information on our identification and address requirements.

        How much can I borrow?

        At Save My Bacon, we provide loans from $100 to $3,000. Following our affordability criteria, we will look at a variety of factors when determining your eligibility, including your credit score and income. Based on this information, you will be able to select an amount up to your approved level of finance.

        When will I receive the funds?

        We know your loan is important to you, so we work hard to get it to you quickly. If your loan is approved on a business day, we will make payment to your bank on the same day.

        The exact time that funds will become available to you will depend on your bank.

        Save My Bacon will keep you updated on the status of your application by email and text, and you can also call our customer happiness specialists on 0800 27 28 36 to discuss the status of your application.

        How much does it cost?

        This depends on how much you apply for, how many repayments you select, our assessment of what you can comfortably repay, your application information and your credit history (see How it works for more information). It’s important to remember that Save My Bacon may not be the cheapest credit option and may not be the best option for you, based on your circumstances.

        Does Save My Bacon charge any fees?

        We are committed to a transparent fee structure that makes it easy for you to understand.

        Late fees may apply if a scheduled payment is missed, although our repayment solution specialists are happy to work with you if you have any questions or difficulties. Additionally, dishonoured payment fees may apply if a scheduled payment is left unpaid.

        Mini loan – the following fees apply to Save My Bacon’s Mini loan:

        • Establishment fee – $25
        • Account maintenance fee – $5 (chargeable on the first day of your loan term and then every subsequent 30 days within the loan term)
        • Extension fee – $15
        • Default fee – $30
        • Wage-deduction authority fee – $15
        • Debt collection Fee – $50

        KickStart loan - no fees are applicable to the KickStart loan as long as you remain within your original schedule. If you default on your loan and divert from your original schedule, then the following fees may apply:

        • Default fee – $30
        • Wage-deduction authority fee – $15
        • Debt collection fee – $50

        Click here for more information on our interest and fees.

        How does Save My Bacon calculate interest?

        Simply use one of the sliders on the Mini loan product page or KickStart product page.

        As you move the sliders, you can see very clearly how payments and total cost on a Save My Bacon loan are calculated.

        We believe fairness and transparency are values that are fundamental to finance.

        Mini loan – 547.5% annual interest rate. Please note that this is an annualized measure that doesn’t translate well, because the Mini loan has a maximum loan term of 43 days. This works out to 1.5% daily.

        Mini loan interest is calculated by multiplying the unpaid balance of your loan (including fees and capitalised interest) at the end of each day by the annual interest rate divided by 365. Interest is charged to your account (capitalised to the unpaid balance of your loan) daily.

        KickStart loan – See table below for applicable rates

        Loan amount Daily interest rate Monthly interest rate Monthly term range Annual interest rate
        $1000 - $1300 0.46% 14% 3 - 6 168%
        $1400 - $1800 0.39% 12% 7 - 9
        144%
        $1900 - $2400 0.33% 10% 10 - 12
        120%
        $2500 - $3000 0.26% 8% 13 - 14 96%

        With a KickStart loan you pay back principal and interest – no establishment or account maintenance fees apply. Interest is calculated as follows:

        KickStart loan interest is calculated by multiplying the unpaid balance of your loan (including fees and capitalised interest) at the end of each day by the annual interest rate divided by 365. Interest is charged to your account (capitalised to the unpaid balance of your loan) daily.

        We will apply an interest accrual cap to your loan under certain circumstances. The operation of the interest accrual cap means that we will stop charging or accruing interest at or prior to the date on which the unpaid balance of your loan is double the amount of the initial unpaid balance of your loan.

        Because Save My Bacon does not charge origination fees for the KickStart loan, our annual interest rate (AIR) is equal to our annual percentage rate (APR).

        How does Save My Bacon protect me?
        • - Financial Service Providers Register (FSPR) – Save My Bacon can be found on the register. The New Zealand government created FSPR as part of its regime to make the financial services sector more accountable and transparent. The public and regulators can access financial service providers. The system prohibits certain people from providing financial services.

        • - Financial Dispute Resolution Service (FDRS) – the FDRS is an independent, approved dispute-resolution scheme for settling disputes between people and businesses, and the organisations that provide them with financial services and advice.

        • - Transport layer security (TLS) – TLS provides secure communications over computer networks. Websites use TLS to secure all communications between their servers and web browsers.

        • - Privacy – Click here to view our privacy policy.

        • - Security – Click here to view our security policy.

        • - Responsible lending code (RLC) – The responsible lending code is a guide for lenders on how to comply with lender responsibility principles, which was developed by the New Zealand Ministry of Business Innovation and Employment (MBIE). It can be used by lenders to show they complied with the principles and did not act oppressively. 

        • - Credit Contract and Consumer Finance Act (CCCFA) – The main purpose of the CCCFA is to make dealings between consumers and lenders clearer, as well as to protect consumers. The CCCFA provides protection when you take out a personal loan with Save My Bacon.

        • - Payment difficulties – We know a change in your individual circumstances may affect your ability to make repayments, so we provide a range of protections should your financial situation change. We are able to work with those of our customers who are experiencing financial difficulties to make their loan repayments more manageable.

        • - Financial hardship – Click here for more information on our financial hardship policy.

        Please contact our customer happiness team via email at hello@savemybacon.co.nz if you would like to discuss your options.

        Why do I need to provide bank statements?

        We require the last three months worth of bank statements as part of your application so that we can conduct a full affordability assessment. You can provide access to your bank statements via our bank verification service, DecisionLogic. A link to the DecisionLogic portal will be provided for you and from there you can login using your online banking credentials. This will provide Save My Bacon read-only access to your last three months worth of bank statements.

        Click here for our DecisionLogic terms of use.

        Alternatively, you can provide manual copies of your bank statements by fax or email. Please contact our customer happiness specialists on 0800 27 28 36 or email hello@savemybacon.co.nz.

        Why do you need to verify my identity?

        At Save My Bacon we take our commitment to anti-money laundering and countering financing of terrorism (AML/CFT) and to fraud very seriously. All new applicants must go through our strict verification process, present suitable photographic identification and in some cases provide supporting non-photo identification, so that we may validate their credentials. For applicants holding a New Zealand drivers licence or New Zealand passport, either the licence or passport number can be entered at the time of application (please note that the passport expiry date is also required) for external verification. You must provide electronic copies of all other forms of identification. All forms of identification must be eligible and valid at the time of application. We will attempt to validate your current address using our external bureau facility. If we are unable to validate your address in this way, then you must provide suitable documentary evidence of your address, which must be dated no later than six months prior to the date of your application.

        Click here for our AML/CFT identification and address requirements.

        What is Save My Bacon's security policy?

        View our full security policy here.

        My application for a Save My Bacon loan was cancelled/declined. What are my options?

        For every loan application, we provide specific cancelled or declined reasons that are available to view in your Save My Bacon account and in the communications we send you via SMS and email.

        Common reasons for a cancelled application include:

        • Income from your primary job and supplementary income does not support everday living expenses along with your Save My Bacon loan repayments

        • Adverse bank-account behaviour, including reversals, transfers, gambling, etc.

        • A history of missed or default payments

        • Recent bankruptcy, judgements and/or other unpaid defaults

        • We are unable to identify you

        If you believe there was an error in our assessment of your application, please feel free to reach out to our customer happiness specialists via phone or email.

        Similarly, if you believe there was an error on your credit report that affected our decision, it is important you get this investigated. The information on your credit report impacts your credit rating and whether or not you might be accepted for a loan.

        You are welcome to reapply after you have made progress towards improving your financial profile. For more information about what we typically look for when evaluating your application, please refer to the Do I qualify? section of our website.

        How do I delete my Save My Bacon account?

        Please note that under the Anti-Money Laundering and Countering Financing of Terrorism Act, we are required to retain transactional records for a period of at least five years after completion of that transaction. Once your current loan is complete, you can request that we grant you no further loans in the future, however, your details must remain on file for regulatory purposes.

        How do I cancel my loan application?

        If you wish to cancel your loan application, please contact our customer happiness specialists on 0800 27 28 36 during business hours or email hello@savemybacon.co.nz and they can help you cancel your application.