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)

AIR stands for the Annual Interest Rate. Save My Bacon's AIR for the Mini Loan is 547.5%, which equates to a daily interest rate of 1.5%. AIR is a measure designed to compare the cost of a loan on an annual basis, and doesn’t reflect the cost of a Save My Bacon Mini Loan due to its short-term nature.
The Mini Loan term ranges from 2-43 days and under Save My Bacon's interest rate cap, interest and fees are capped after 60 days (i.e. not over 365 days).

AIR is designed to compare the cost of loan products, credit cards and the like on an annual basis. As mentioned above, Save My Bacon's interest rate cap ensures that interest and fees are capped after 60 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%

Mini Loan - The following fees are applicable 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 - $15

Save My Bacon's KickStart Loan (Short-Medium Term Loan) – AnnualInterest Rate (AIR)

Save My Bacon’s Annual Interest Rate (AIR) for the KickStart Loan ranges from 96% to 168% depending on the loan amount granted. See the rate breakdown below. The KickStart Loan term ranges from 3-14 months depending on the applicable loan amount. Under Save My Bacon’s interest rate cap, interest and fees are capped under the KickStart Loan prior to the date that your loan is double the amount of the initial unpaid balance of your loan.

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 Loan Fees – KickStart Loan

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 - $15

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 additional fees like other lender’s might.

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 prior to the date on which the unpaid balance of your loan is double the amount of the initial unpaid balance of your loan.

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 (SMB) 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 alternative arrangements available to you.
For those who qualify for financial hardship, interest will be capped, 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.