
No, although our Annual Interest Rate (AIR) is 547.5%, which equates to a daily interest rate of 1.5% per day, AIR is a measure designed to compare the cost of a loan on an annual basis, and doesn’t reflect the true 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 is capped after 60 days.
AIR was designed to compare the cost of loan products, credit cards and the like on an annual basis. This equation multiplies the actual period of interest annually and compounds it, assuming interest-on-interest many times over. As mentioned above, Save My Bacon’s interest rate cap ensures that interest and fees are capped after 60 days.
The minimum term for our Mini loan is 2 days.
The maximum term for our Mini loan is 43 days.
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.
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 before making an extra payment so we can provide you with the exact balance to pay and adjust your repayment schedule if necessary.
Click here for more information on repaying your loan.
We understand that sometimes you can struggle financially. But, although it can be tempting to just ignore the situation and hope things will improve for the better, if you feel things might get out of control or if your individual situation has changed, it's time to ask us for help.
We want to ensure you have the best borrowing experience possible and we have a number of options available to keep you on track. We encourage you to contact us if you can’t make a payment – we can talk to you about your options and adjust your repayments.
Our repayment solution specialists are here to help – give them a call on 0800 27 28 36 or send an email to arrears@savemybacon.co.nz.
Click here for more information on repaying your loan.
Click here for more information on financial hardship.
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