Mini loan frequently asked questions

Important Mini Loan (short-term loan) considerations

• Our short-term loans are intended for your short-term needs and occasional use only;
• Our short-term loans are not designed for use as a continual source of credit for expenditure of an ongoing long-term nature, as the cost of your loan maybe higher than loans offered by other lending institutions;
• If you are concerned that you are falling into a bad debt situation, then please do not apply for a Save My Bacon Mini Loan, as our loan will only worsen your situation;
• You should never borrow more than you can comfortably afford to pay back on your scheduled repayment date(s);
• We always conduct a credit check for new applicants – before we make a decision we will always perform our own credit bureau enquiry and assess your credit file. The information held on your file will be used in conjunction with our affordability assessment to ascertain your future creditworthiness and capacity to make your loan repayments. Sometimes in assessing your file and future creditworthiness we will have to say no to your application. In these circumstances you will be contacted and informed as to our decision and the reason for cancellation of your application.

Does Save My Bacon charge hundreds of percent in interest on the Mini Loan?

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.

Why is the Annual Interest Rate (AIR) so high?

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.

What is the minimum / maximum loan term for a Mini loan?

The minimum term for our Mini loan is 2 days.

The maximum term for our Mini loan is 43 days.

My loan has been approved. When will I receive my 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.

Can I repay my 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 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.

What happens if I can't make my repayment?

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.