Responsible lending

The team at Save My Bacon are committed to the practice of responsible lending and do not want to keep you in debt. We want you to repay your loan quickly and we aim to only lend to people who we believe can afford to repay us as agreed.

Our service is designed to put you in control of your cash flow, for those times when the occasional emergency or unexpected bill surprises you.


Assessing loan affordability

At Save My Bacon we are firmly of the view that loans do not go bad, rather, they start bad. Therefore, we undertake reasonable enquiries to verify your financial situation. We do this in order to make a responsible assessment about the suitability of the contract for you and the affordability of the loan.

Flexible loans

Varying loan amounts are available with the Save My Bacon Mini loan ranging from $100 to $600 over 2 to 43 days, and the KickStart loan ranging from $1,000 to $3,000 over 3 to 14 months. We only lend to those customers that we believe have the means to repay the loan as agreed.

Income

As part of our commitment to responsible lending, customers need to be in permanent employment in order to obtain a loan from Save My Bacon.

The amount of money we lend is based on your income. This is because we want you to be able to repay your Save My Bacon loan as soon as possible and it is important that you do not borrow more than you can afford. You need to meet our minimum income test of $400 net income per week.

 Use our online loan calculator to determine how much you can borrow.

Transparent service

At Save My Bacon we calculate the total amount repayable for you upfront.

We also make you fully aware of the annual interest rate (AIR) applicable to the Mini loan and KickStart loan in our Interest and Fees section of the website. Although we aren't obliged to show this on our website, we do so because we want to be upfront with you. The AIR is an annualised measure and doesn't actually represent the true cost of a Save My Bacon loan, taken over a period of less than 12 months. To find out more, read the Interest and fees section of our website.

Our system allows us to provide continuous disclosure regarding your outstanding loan balance (i.e. the amount that, if paid today, would settle the loan) and how to repay the balance. You can repay early and, if you do, then you will save money.

If costs increase, it’s because you’ve failed to honour your loan agreement. Please refer to the Interest and fees section of the website for further information on our default fees.

Credit check

At Save My Bacon we reserve the right to run a credit check. We do this as part of our assessment of the suitability and affordability of a loan for you.

Our commitment to responsible lending practice means we aim to only lend to those who can afford to pay us back on their repayment date(s) as agreed.

We know a few past mistakes can lead to a bad credit history. Therefore, if you have a bad credit rating we may still lend to you. We take your overall financial situation into account, which includes conducting a full bank statement assessment to derive our loan decision.

Are you a responsible borrower?

While it is important when applying for a line of credit to choose a company that practices responsible lending, it is just as important to make sure that you use your Save My Bacon loan responsibly. 

Your Save My Bacon loan is a financial commitment. Please check you are in a position to afford your repayments now and in the future. Save My Bacon's loans are short to medium term, therefore the cost of your loan will be higher than the cost of a longer-term loan.

Save My Bacon's Mini loan should only be used to meet short-term cash needs, and not be used as a continual source of credit. This type of credit is not intended to meet your long-term financial needs.

If you are concerned you are falling into a bad debt situation, then please do not apply for a Save My Bacon loan as our loan may only worsen your situation.

Click here for the Responsible Lending Code.

Guidance

Our website provides access to a free budget service, which provides guidance on budgeting tools. We strongly advise that you think carefully before applying for a Save My Bacon loan, because we expect it to be repaid as agreed. We describe the potential consequences of failing to repay as promised in our Help and Interest and fees sections of the website.

If you are concerned about long-term debt, then please do not apply. To help manage your debt you could contact the Citizens Advice Bureau.