Save My Bacon

Who qualifies for a Save My Bacon loan?

Under SMB’s published criteria, you need:

• New Zealand citizenship or permanent residency and an age of at least 18.
• A bank account active for at least one pay cycle, receiving regular electronic income.
• A valid email address, active mobile phone and verified identification.
• Sufficient income after expenses and existing commitments to afford the proposed repayments.

Check the income definition: SMB specifies a minimum of $400 weekly and describes this as income after household expenses. Do not interpret it as a $400 gross-wage threshold; ask how SMB calculates your qualifying income.

Its assessment considers spending, existing debt, repayment history and credit information. Bankruptcy and currently delinquent collection accounts conflict with its stated criteria. A lower credit score does not remove these checks.

Prepare identification, employment or benefit-income details, bank-account information and three months of bank statements. Address evidence may be requested if electronic verification fails. The assessment uses your individual finances, rather than simply combining household income.

When an SMB quick loan may suit

This option may suit an urgent, defined expense where you have dependable surplus income and the quoted total cost compares favourably with other available borrowing. Repayments aligned with your pay cycle and the ability to repay early can help you control the repayment period.

Reconsider if you need only a small amount, regularly borrow for essentials or expect another loan to cover these repayments. Ask the bill provider about a payment arrangement and compare other personal loan options. For persistent shortfalls, debt-management support may address the underlying problem more effectively.

How the application and funding work

Application and assessment

Choose the amount and repayment period, complete SMB’s online application and supply the requested financial information. SMB verifies your identity, income and credit history before deciding what it can offer. Review the personalised disclosure and sign electronically if you accept.

Read the privacy policy before authorising bank verification. It permits bank-statement retrieval during the loan and for six months afterwards, and describes ongoing credit-information sharing with Equifax. The permission extends beyond the initial application.

How quickly could the money arrive?

SMB’s help pages say it sends funds to your bank on the business day of approval. However, its July 2025 model agreement specifies approval and signed acceptance before 3 pm for same-day payment efforts, with next-business-day payment otherwise. Confirm the applicable cut-off in your offer; bank processing can add time.

Customer-service hours are 8.30 am–5 pm, Monday–Friday, excluding public holidays. A short application time does not establish a decision or payout deadline.

Questions to ask before accepting

• Is my application classed as direct or referred, and are any intermediary charges additional?
• How much reaches my bank, how much is financed, and what is the complete repayment total?
• Do all scheduled instalments add up to that total, including the final payment?
• When is the first debit, and can funds arrive before the expense is due?
• What changes if I repay early, miss a payment or request a longer term?

SMB quick-loan advantages and limitations

• Advantages: Online applications, potential same-business-day payment, repayments matched to your pay cycle and no early-repayment penalty.
• Limitations: Significant establishment costs for small advances, risk-based pricing that can be expensive, additional charges for referred applications and published example figures requiring clarification.

Save My Bacon interest, fees and total cost

The current SMB pricing table publishes these maximum-loan bands:

• Up to $5,000: 11.95%–49.95% annually; 3–36 months.
• Up to $10,000: 11.95%–39.95%; 3–60 months.
• Up to $20,000: 11.95%–29.95%; 3–60 months.
• Up to $40,000: 11.95%–24.95%; 3–60 months.

Your approved amount and rate depend on assessment. Borrowing more to reach a different band can increase your overall debt and cost.

Establishment: $240 direct or $350 referred. A broker or introducer may charge separately; financing that charge increases the balance and interest payable. Account maintenance: $1 weekly, $2 fortnightly or $4 monthly. Default: $30 for a missed payment and $40 when referred to external debt collection. The model agreement also allows recovery costs, so $40 is not a ceiling on collection expenses.

Small-loan cost illustration: On a $500 advance, the direct establishment fee alone equals 48% of the cash borrowed; the referred fee equals 70%. These are simple fee-to-advance ratios, not APRs or repayment quotations, and exclude interest, maintenance and any intermediary charges.

Compare the total repayable over the same term and for the same cash received. A longer term may lower each instalment while increasing interest and recurring fees.

Why the published example needs clarification

The July 2025 model agreement contains arithmetic inconsistencies: a $2,000 advance plus $240 establishment fee is shown as a $2,400 opening balance, although the sum is $2,240. Its 156 payments of $27.72 total $4,324.32, rather than the stated $4,481.31. These figures should not be treated as a reliable repayment quotation. Obtain an individual disclosure with reconciled amounts.

Is Save My Bacon worth considering for quick cash?

SMB’s strongest feature is potential quick funding combined with penalty-free early repayment. Its main limitation for an urgent small loan is the establishment cost, which can outweigh the appeal of the starting rate. Compare quick-loan alternatives using the amount received, confirmed funding time and total repayment. Accept only a quotation whose figures reconcile and whose instalments leave room for essential expenses.

Save My Bacon quick-loan FAQs

Is SMB the same as Save My Bacon, and have its loans changed?

Save My Bacon now trades as SMB, with SMB Money Limited providing the loans. Its current advertised range is $500–$40,000, with terms depending on the amount and assessment. Older descriptions of Mini and Flex loans should not be used to estimate a new loan’s cost or duration. Compare the current personalised offer, particularly its establishment fee, rather than assuming previous borrowing terms still apply.

Does applying directly to SMB cost less than using a referral platform?

SMB’s published establishment fee is $240 for direct applications and $350 for applications through a broker, introducer or referral platform—a $110 difference before any separate intermediary fee or financing costs. Confirm how your application will be classified before submitting it.

For a $500 advance, those establishment fees alone equal 48% or 70% of the cash borrowed, excluding interest and account fees. These percentages are not APRs. For small quick loans, compare the total repayment for the same cash received and repayment period; the lowest advertised interest rate may not produce the cheapest offer.

What must happen for an SMB loan to reach me the same day?

You need approval, completed verification and signed acceptance—not just a submitted application. SMB’s help pages describe payment on the business day of approval, but its July 2025 model agreement specifies acceptance before 3 pm for same-day payment efforts, with next-business-day payment otherwise. Bank processing can add time. When comparing fast lenders, distinguish their decision time, transfer time and when the money becomes available to spend.

Could SMB approve me after another lender declines, and does it check credit?

SMB carries out credit and affordability checks, while also considering cash flow, spending and existing commitments. Another lender’s refusal does not establish how SMB will decide. Its published criteria identify bankruptcy and currently delinquent collection accounts as barriers. A willingness to consider more than your credit score does not establish approval or access to the starting rate; compare the actual rate offered before accepting.

Can benefit income qualify, and how does SMB assess the income threshold?

SMB’s application guidance allows employer income and/or a government benefit as the main income source, provided it is regular and verifiable. Its eligibility page specifies $400 weekly after household expenses, rather than simply $400 in gross earnings or benefit payments. Ask SMB how it applies that definition to your circumstances. Applications are assessed on individual finances, so a partner’s earnings should not be assumed to satisfy your eligibility requirements.

If I repay quickly, which SMB borrowing costs will I still owe?

SMB permits early repayment without a penalty, but accrued interest and outstanding fees remain payable. This makes the establishment fee particularly important if you expect to clear a small loan soon. Request a settlement figure for your intended repayment date. The model agreement also says extra payments do not automatically reduce or defer later scheduled instalments, so confirm any revised debit schedule with SMB.

Does an SMB top-up add money to my loan or replace it?

A top-up is a new loan: part clears your existing SMB balance, with the remainder providing additional funds. It requires a fresh assessment. Ask for the settlement amount, new establishment fee, cash you will receive and new total repayable. Compare these with the remaining payments on your existing loan and any separately quoted funding option. A smaller regular instalment can still mean paying more if the replacement loan extends repayment substantially.

Will a payment holiday reduce my costs if I struggle to repay?

A payment holiday can provide temporary breathing room, but SMB’s hardship information says interest generally continues and may be added to the balance. Extending the term can also increase total interest. Payments remain due until an arrangement is agreed. Contact repayments@smb.nz or 03 288 2562 before missing a payment, and ask for the revised repayment schedule and total cost of each proposed option.

What can I do if SMB’s quoted fees or repayments do not add up?

Request a written breakdown from support@smb.nz showing the cash advanced, financed fees, interest, account charges and complete payment schedule. This matters because the published July 2025 model agreement contains inconsistent example totals; your individual disclosure should reconcile before you sign. For an unresolved complaint, use complaints@smb.nz. SMB identifies the Financial Dispute Resolution Service as its independent escalation route, free to consumers on 0508 337 337.