Interest and fees

Our small print is our big print. Save My Bacon is an upfront, no surprises loan company. To make Save My Bacon loans easy to use, fair and clear, we always show the total amount repayable upfront. Our fee structure is transparent – see our online Mini loan and KickStart loan calculators.

Save My Bacon's online calculators

With our loan calculators you can quickly work out whether you can afford a Save My Bacon loan 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 Mini loan or  KickStart loan calculator to establish the upfront cost of your loan, prior to commencing with the loan application process.

Save My Bacon’s Mini loan (short-term loan) – Annual Interest Rate (AIR)

Annual Interest Rate (AIR) is designed to compare the cost of loan products, credit cards and the like on an annual basis. Save My Bacon's AIR for the Mini loan is 547.5%, which equates to a daily interest rate of 1.5%. As AIR is a measure designed to compare the cost of a loan on an annual basis, due to the short-term nature of a Save My Bacon Mini loan, it doesn't reflect our loan's costs. 

The Mini loan term ranges from 2 to 43 days and, under Save My Bacon's interest rate cap, interest is capped after 60 days (i.e. is not charged over 365 days).

The applicable rates for Save My Bacon's Mini Loan are as follows:

Loan amount Daily interest rate Monthly interest rate Maximum term (days) Annual Interest Rate (AIR)
$100-$600 1.5% 45.63% 43 547.5%

Save My Bacon’s Mini loan (short-term loan) - fees

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

Save My Bacon's KickStart Loan (short to medium-term loan) – Annual Interest Rate

Depending on the applicable loan amount, Save My Bacon’s Annual Interest Rate (AIR) for the KickStart loan ranges from 96% to 168% and the term from 3 to 14 months (see the table below for rates).

Save My Bacon’s interest rate cap means interest for the KickStart loan is capped before your loan balance reaches double the amount of the initial unpaid balance.

The applicable rates for Save My Bacon’s KickStart loan are as follows:

Loan amount Daily interest rate Monthly interest rate Monthly term range Annual Interest Rate (AIR)
$1,000 – $1,300 0.46% 14% 3 - 6 168%
$1,400 – $1,800 0.39% 12% 7 - 9 144%
$1,900 – $2,400 0.33% 10% 10 - 12 120%
$2,500 – $3,000 0.26% 8% 13 - 14 96%

Save My Bacon's KickStart loan (short to medium-term loan) - fees

No fees, no catch! 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

What happens if I fail to stick to our arrangement?

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 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 $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.

We don't believe in continuously charging interest, like other lender’s might.

So, for the Mini loan, interest will cease to accrue if your loan term exceeds 60 days.

For the KickStart loan, interest will cease to accrue before your loan balance reaches double the amount of the initial unpaid balance.

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.

Save My Bacon understands that circumstances can change unexpectedly. If you are suffering unforeseen hardship due to illness, injury, loss of employment, the end of a relationship, or any other reasonable cause, and you believe that this will make it unreasonable for you to meet your obligations under your loan contract, then you should get in touch with us immediately to discuss the matter and any alternative arrangements available to you.

For those who qualify for financial hardship, interest will be capped, and an extension of the loan term and/or a postponement of the dates on which payments are due under the loan will be made available.

Click here for more information on our financial hardship policy.