Repaying your loan

How do I make repayments?
To help make repaying your loan as simple as possible, during the loan application process we set up direct debits to be taken from your nominated bank account on each payment date for the amount of each repayment on the night you get paid. You will need to ensure on each payment date there are sufficient funds in your account to cover the payment amount.
When is my first payment due?

Your first repayment is due on your first pay date after you are issued your funds. From this date, your repayments are scheduled on the same weekly, fortnightly or monthly pay date or day until your loan is fully repaid.

Bear in mind, if your pay date falls on a public holiday, that payment will be scheduled for the business day prior or business day after your original pay date. A customer happiness specialist will discuss this with you at the time of application and schedule the repayment date in accordance with your pay dates.

How does making my payments on time improve my credit score?
Save My Bacon has adopted comprehensive credit reporting, which means that we can report repayment history to the Centrix credit bureau. If you are consistently making your repayments on time, then this positive history reported to the bureau will in turn have a positive impact on your credit score.
What if I can’t repay my upcoming payment on time, what are my options?

If you’re having trouble, we’d like to help.

We want to ensure our customers have the best borrowing experience possible, and have a number of options available to you to keep you on track and help you manage your loan repayments.

We understand that unexpected situations can arise and we encourage all our customers who are experiencing any repayment issues to contact us and keep in touch so we can work with you to get your loan back on track.

If you think you won't be able to make your repayment, please contact us prior to the payment date. We are able to stop the direct debit and reschedule your repayments up until 4:30 pm on your repayment date. After this time, we will be unable to stop the direct debit, as the request will have already been sent to your bank and you may incur default fees to both us and your bank.

By contacting us, we can discuss your options, which may include extending your loan, entering into a concessionary repayment schedule and/or a payment plan. Our repayment solution specialists are here to help. Please call us on 0800 27 28 36 or email arrears@savemybacon.co.nz

In certain circumstances, you may qualify for financial hardship, which is offered by Save My Bacon to customers who are experiencing a documented and verifiable unforeseen financial hardship. In most cases, this would include the following:

- loss of employment;

- illness or injury;

- the end of a relationship; or

- the death of a partner or spouse.

If you would like to learn more about the payment options we can offer you, please call us at on 0800 27 28 36 or email arrears@savemybacon.co.nz

If you don’t meet your repayments, default fees and interest may apply, depending on your circumstances and reason.

Click here for more information on financial hardship.

How much additional interest and fees will I incur for rescheduling a late repayment?

Because interest is calculated daily, if you schedule a recurring payment that is past your due date, you will incur additional interest which will be added to your new repayment schedule. You will also be charged a late payment fee of $30 per default.

We don’t believe in continuously charging interest like other lenders might. With the Mini loan interest is capped after 60 days. With the KickStart loan interest is capped prior to the date that your loan is double the amount of the initial unpaid balance of your loan.


Click here for more information on our interest and fees.

I missed a payment or am late with a payment. What happens?

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, one of our repayment solution specialists will contact you to request payment.

If there is a genuine reason for a payment dishonouring, we will attempt to help you. If we receive your payment within an agreed upon timeframe, no dishonour fee will be charged. Please be aware however, there will be additional daily interest added for the extra time.

If we still haven’t received the money by the agreed upon time, you will be charged a $30 default 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 a set time period, we still have had no response through any of our efforts to contact you, we will look at recovering payments by other means.

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.

If you are unable to make up the missed repayment and are not willing to work with us to establish the best outcome, then you may be charged a default fee and additional interest. The best thing to do is give the repayment solution specialists a call on 0800 27 28 36 or email arrears@savemybacon.co.nz to discuss your options and figure out what will work best for you.

If you think you are going to be late on any payment, please contact us immediately.

Can I make changes to my up-coming loan repayment amount?

We know that sometimes unexpected situations can occur. If you are struggling with your repayments or would like to make additional loan repayments, please call us on 0800 27 28 36 or email arrears@savemybacon.co.nz, and we will work with you to get your loan repaid.

Click here for more information on financial hardship.

Can I extend or skip a loan repayment due to an emergency?

Yes, we can help.

You can extend or reschedule your repayments. The missed payment will then be spread out across your remaining payments, resulting in an increase in your remaining loan repayment(s). However, if you extend your repayment schedule, the additional interest can be spread across all repayments, so the payment amount may not increase.

Please note that skipping a loan repayment is not guaranteed and it is at Save My Bacon’s discretion.

If you would like to learn more about the payment options we can offer you, please call our repayment solution specialists on 0800 27 28 36

If you are unable to make your upcoming payment or are experiencing financial hardship, please let us know as soon as possible.

Can I make additional payments?

Yes.

We do not have any payment penalties or fees for early repayments, unlike some lenders in the market. At Save My Bacon, we want you to have the flexibility to borrow money when you need it and pay it back when you don't. By making extra payments, you will save on interest and repay your loan faster.

Please call the repayment solution specialists before making an extra payment so this can be applied to your loan promptly. If you make an extra payment the day you are scheduled for a direct debit, please call us before 4:30 pm so we can reschedule or stop the direct debit.

What is the cut-off time for rescheduling payments?

The cut-off time for rescheduling or making changes to upcoming payments, depending on your chosen payment method, is 4:30 pm weekdays (excluding public holidays).

How do I check my loan balance, transactions and repayment dates?

When your loan is approved, you will be sent an approval email outlining your confirmed pay date(s) and repayment amount(s).

You can also view the progress of your loan, how much you’ve already paid and how much you have left to pay via My Account.

Please email us at arrears@savemybacon.co.nz or call us on 0800 27 28 36 if you would like us to resend this information.

What should I do if I’m having financial difficulties and I can’t make my loan payment?

If you are experiencing financial difficulties and cannot pay, please contact us immediately. If you are unable to pay, we may be able to work on an alternative payment plan (concessionary schedule) that will avoid additional fees or penalties.

Click here for more information on financial hardship.

Do you report late borrowers' accounts to any credit bureaus?

Yes, we may report any adverse payment behaviour, delinquencies or defaults to credit bureaus, however we wish to work with you to rectify the situation prior to this.

Comprehensive credit reporting is the reporting of all repayment data (positive and adverse). Therefore, any late payment history will have a negative impact on your overall credit score.

Can I repay my Save My Bacon loan early?

Absolutely. If you repay early and in full you will save on interest and repay the loan faster.

You may request an early repayment at any time without penalty,

Please call the repayment solution specialists on 0800 27 28 36 before making an extra payment so we can provide you with the exact balance to pay and adjust your repayment schedule if necessary.

What are Save My Bacon’s bank details for early or extra repayments?

By making extra or unscheduled repayments, you repay your loan faster and save on interest. Also, if you have missed a payment and need to make it up, you can make up the payment manually. Please call the repayment solution specialists on 0800 27 28 36 so we are able locate the payment and apply it to your loan balance once received. If you have a payment due, call us if you wish to make an early repayment so we can stop the direct debit and reschedule.

Our bank account details are as follows:

Save My Bacon Limited

Bank of New Zealand

02-0820-0132463-003

Use your application number as the reference for the payment so we can reconcile your payment to your account.

Please call our repayment solution specialists on 0800 27 28 36 if you need any help.

Can I change my preferred bank account?

Yes, you can change your bank account details we hold. If you need to make a change please call our repayment solution specialists on 0800 27 28 36 and they will be able to assist you with the process.