Save My Bacon

Who qualifies for a Save My Bacon loan through SMB?

SMB’s published criteria require applicants to:

• Be at least 18 and a New Zealand citizen or permanent resident.
• Have an active bank account for at least one pay cycle, with regular income deposited electronically.
• Have verified identification, an email address and an active mobile phone.
• Meet its credit and affordability assessment, including sufficient money for living costs and debt repayments.

The eligibility page specifies a minimum of $400 per week, describing this as income after household expenses. Confirm how SMB applies that definition rather than assuming $400 in weekly take-home pay qualifies you. Its criteria also identify bankruptcy and currently delinquent collections as barriers.

Prepare identity and address information, employment and income details, and three months of bank statements. Additional address documents may be requested if electronic verification fails. A lower credit score may be considered, but SMB obtains credit reports and assesses spending, existing debts and repayment behaviour.

When might SMB suit someone considering a payday loan?

SMB may suit a borrower with a one-off expense, stable income and enough surplus to repay over several months. Its lack of an early repayment penalty is useful when income later allows faster repayment.

Reconsider if you need only a small amount until next payday, or regularly borrow for food, rent or existing repayments. A substantial establishment fee remains relevant even when you settle quickly. Compare personal loan costs and terms and ask a bill provider about a payment arrangement before taking new credit.

For eligible essential purchases, Good Shepherd’s no-interest, fee-free Good Loans may be an alternative. They have eligibility restrictions, pay approved suppliers rather than providing cash, and are not designed for urgent needs. If shortfalls recur, consider help with managing debt.

How the SMB application and repayments work

Application process

1. Check the eligibility criteria and indicative costs, then apply through SMB’s official website.
2. Provide your loan purpose, financial information, identification and bank statements. SMB checks creditworthiness and affordability.
3. Read your personalised disclosure, including the rate, establishment fee, payment dates and total repayable, before signing electronically.
4. If approved, receive the funds and repay by direct debit, normally aligned with your weekly, fortnightly or monthly pay cycle.

Read the privacy consent carefully. It covers credit reporting and bank-statement retrieval beyond the initial application, including access during the loan and specified periods afterwards.

Approval and funding time

Completing the form quickly does not establish when approval will arrive. SMB assesses applications once it has the required information. Its July 2025 model agreement provides for same-day payment efforts when an approved offer is accepted before 3pm on a business day; later acceptance or processing delays may move payment to the next business day. Confirm the current cutoff and allow for your bank’s processing time.

If repayments become difficult

Contact repayments@smb.nz or 03 288 2562 before a payment is missed. SMB may discuss a revised schedule or hardship assistance. A payment holiday is not interest-free: interest continues and can increase the balance and later repayments.

Questions to ask before signing

• How much cash will reach my account, and how much will I owe after financed fees?
• Does my application attract the $240 direct fee or $350 introduced fee, and is there a separate broker charge?
• What is my personalised rate and total repayment, including every compulsory cost?
• Do the instalments, final payment and total repayable reconcile?
• What would settlement cost on my expected repayment date, and how should I arrange it?
• Is any security or insurance required, and what costs apply if I miss a payment?

Save My Bacon through SMB: advantages and limitations

• Repayment flexibility: Weekly, fortnightly or monthly schedules can align with income.
• No early repayment penalty: Extra payments can reduce interest, although accrued interest and outstanding fees remain payable.
• Personalised pricing: Lower-risk borrowers may receive a rate below the top of the advertised range.
• High relative setup cost: A fixed establishment fee weighs particularly heavily on small loans.
• Potentially expensive borrowing: Smaller loans can carry 49.95% annual interest before fees.
• Disclosure limitations: The public model contains inconsistent figures, and the current product should not be confused with older next-payday offers.

SMB interest, fees and total borrowing cost

The current pricing schedule lists 11.95%–49.95% annual interest for loans up to $5,000 over 3–36 months. Your credit assessment determines the offer.

• Establishment: $240 for direct applications; $350 for applications introduced through brokers, introducers or referral platforms.
• Broker charges: A separate charge may apply. Financing it increases the credit balance and interest payable.
• Account maintenance: $1 weekly, $2 fortnightly or $4 monthly, according to repayment frequency.
• Missed payment: A $30 default fee may apply.
• External collection: A $40 referral fee may apply. The model agreement also provides for recovery and legal costs, so $40 is not necessarily the full collection cost.
• Early settlement: No prepayment penalty; accrued interest and unpaid fees still need settling.

No compulsory insurance premium was identified in the reviewed documents. Ask for the cost, optional or compulsory status, and exclusions of any cover included in your offer.

Illustration: the establishment fee on a $500 advance

Our fee-only calculation: a $240 establishment fee equals 48% of a $500 advance; a $350 fee equals 70%. These percentages exclude interest, account maintenance and any broker or default charges. They are not APRs or repayment quotations. They show why a low-looking instalment can obscure a substantial borrowing cost.

Public model discrepancy: the July 2025 model agreement lists a $2,000 advance and $240 fee but labels their total as $2,400; those components actually total $2,240. It also lists 156 payments of $27.72, which total $4,324.32, alongside a stated total repayable of $4,481.31. These are inconsistencies in the public example, not a verified customer offer. Obtain a personalised disclosure with matching figures before accepting.

Is Save My Bacon a suitable payday borrowing option?

For someone searching for Save My Bacon payday loans, the key change is that SMB now advertises instalment personal loans. Its strongest feature is repayment flexibility without an early settlement penalty. Its main drawback for small, brief borrowing is the establishment fee, compounded by interest and ongoing charges. Compare offers using the same cash amount and intended repayment period, then check both the complete cost and what remains after essential expenses.

Save My Bacon payday loan FAQs

Is SMB the same as Save My Bacon, and does it still offer payday loans?

Yes. Save My Bacon now trades as SMB. Its current website advertises instalment personal loans; the reviewed disclosures do not confirm a separate product repayable entirely on your next payday. When comparing providers, distinguish a loan whose first instalment falls on payday from one whose entire balance is due then. Older Save My Bacon product descriptions should not be treated as current offers.

Is SMB worth considering if I only need $500 until payday?

SMB advertises borrowing from $500, with published terms of 3–36 months for loans up to $5,000, subject to approval. The main comparison issue is the establishment fee: its $240 direct-application fee equals 48% of a $500 advance before interest and ongoing charges. That is a fee-only calculation, not an APR. For a brief cash shortfall, compare the cost of settling on your intended date against a lower-fee loan or an agreed bill-payment extension.

Does applying directly to SMB cost less than using a comparison site or broker?

SMB’s published establishment fee is $240 for direct applications through smb.nz and $350 for applications introduced through a broker, introducer or referral platform. That is a $110 difference before any separate broker charge. A broker fee may also be financed, increasing the balance and interest payable. Ask how your application will be classified and what service any additional charge covers; visiting a comparison page alone does not establish which fee your eventual application attracts.

How can I tell whether SMB is cheaper than another lender?

Compare your personalised offer, rather than SMB’s starting rate. Its advertised annual interest range reaches 49.95%, and the lowest 11.95% rate is reserved for the lowest-risk applicants. Compare personal loan offers using the same cash amount received and repayment period, including establishment, maintenance and any broker fees. If you intend to settle early, request a settlement estimate for that date. A smaller instalment over a longer term does not establish a cheaper loan.

Will SMB consider bad credit if I can now afford the repayments?

SMB says it may consider a lower credit score or limited history alongside your wider financial position, but it obtains credit reports and checks affordability. Its published criteria also identify bankruptcy and currently delinquent collections as barriers. Regular income alone is insufficient: SMB examines existing debts, spending and payment behaviour. A past credit problem that has been resolved is therefore different from an unpaid collection that remains active; explain your current position accurately rather than assuming all adverse credit is treated alike.

What could stop an approved SMB loan arriving the same day?

Approval, signing and bank processing are separate stages. SMB’s July 2025 model agreement provides for same-day payment efforts when an approved offer is accepted before 3pm on a business day. Later acceptance or processing problems can move payment to the next business day, and your bank affects when funds become available. If a bill has a deadline, confirm the current cutoff and payment status rather than relying on the advertised application-completion time.

Can I repay SMB on my next payday and avoid most of the borrowing cost?

You can request early settlement without a prepayment penalty, which can reduce interest compared with keeping the loan for its full term. However, settling quickly does not remove establishment fees or interest already accrued. Ask SMB for the full settlement amount on your intended payday, including outstanding fees. For small loans, this distinction matters: penalty-free repayment can still leave a substantial cost for borrowing over only a short period.

Will an extra repayment reduce my next instalment or stop the direct debit?

Not automatically. SMB’s model agreement says advance payments do not themselves entitle you to reduce or defer scheduled instalments. Extra repayments can shorten repayment time and reduce interest while your next debit remains due. Contact the repayments team before transferring money and obtain confirmation of any revised schedule. SMB’s repayment guidance identifies a 4pm weekday cutoff for certain payment changes, but arranging changes earlier reduces the risk of both payments being processed.

Who should I contact about repayment difficulties or a disputed charge?

For repayment difficulties, call 03 288 2562 or email repayments@smb.nz. Ask how any proposed extension changes the total remaining cost, because a payment holiday can still accrue interest. General enquiries go to support@smb.nz; published hours are 8.30am–5pm, Monday–Friday, excluding public holidays. For a disputed charge, use complaints@smb.nz. SMB’s complaints procedure directs unresolved disputes to the free Financial Dispute Resolution Service, on 0508 337 337.