Save My Bacon

Who qualifies for a Save My Bacon or SMB loan?

SMB’s published eligibility criteria require New Zealand citizenship or permanent residency, age 18 or over, an active bank account for at least one pay cycle, regular electronic income deposits, a mobile phone, an email address and verified identification.

The page specifies a minimum of $400 per week in net income, described as income after household expenses. Confirm which deductions SMB includes; $400 in weekly take-home pay should not be assumed to satisfy this requirement. Its criteria also cover existing debts, spending, payment history and available surplus, and specify no current overdue collections and not being bankrupt.

Prepare identification, income and employment details, bank account information and three months of bank statements. A New Zealand passport or driver licence can support electronic identity verification. Address evidence may be requested if electronic checks are unsuccessful. Meeting these initial requirements does not establish approval.

When this short-term borrowing option may fit

SMB may be worth comparing for a necessary one-off expense when regular income leaves enough surplus to repay it within a defined period. Early repayment without a prepayment penalty offers flexibility, but the establishment fee can make a small advance expensive even when repaid quickly.

Reconsider if borrowing would cover a recurring shortage in rent, food or utilities. A new repayment can deepen that shortage. For an overdue bill, ask the supplier about a payment arrangement before adding borrowing costs. When comparing short-term loan options, use the same cash amount and repayment period so that a longer term does not disguise a higher total cost.

How the SMB application and repayments work

Application process

Apply through SMB’s official website, select your borrowing requirements and complete the online application. SMB checks your identity, financial circumstances and credit information. Read the personalised rate, repayment schedule and full charges before signing electronically. If applying through an intermediary, confirm the different establishment fee and any separate broker charge.

Review the data permissions as well as the price. SMB’s privacy policy, updated 1 May 2026, identifies Equifax for credit reporting and Credit Sense for bank-statement retrieval. It describes authorised bank-statement retrieval during the loan and for six months after expiry or termination, and credit-information sharing for up to 12 months after full repayment. These permissions extend beyond the initial application.

Repayments are collected by direct debit, generally aligned with your weekly, fortnightly or monthly pay cycle. SMB’s repayment guidance says the first instalment falls on your first pay date after approval. Check the actual date in your disclosure, particularly if you apply shortly before payday.

Approval and payment timing

SMB advertises payment to your bank on the business day of approval. Its model loan agreement, version 0.3 dated July 2025, qualifies this: if approved and you sign before 3 pm on a business day, SMB will attempt same-day payment. For later acceptance, or if payment cannot be made that day, the agreement provides for payment on the next business day. Bank processing, payment-system issues and outstanding documents can cause delays. Confirm the applicable New Zealand cut-off and terms in your own agreement.

Support and complaints

For help, call 03 288 2562 or email support@smb.nz. SMB’s published contact hours are Monday–Friday, 8.30 am–5 pm, excluding public holidays, in New Zealand.

If repayments become difficult, contact repayments@smb.nz before the due date. SMB’s hardship options include payment postponement, reduced repayments for a period or a longer term, subject to assessment. Interest normally continues during a payment holiday unless SMB agrees to waive it. Submitting a hardship application does not itself pause scheduled payments. Consider debt management guidance if the problem extends beyond one instalment.

Send complaints to complaints@smb.nz. SMB’s complaints process identifies the Financial Dispute Resolution Service as its independent scheme. If the complaint remains unresolved or you are dissatisfied with SMB’s response, contact FDRS, which is free for consumers, on 0508 337 337.

Questions to resolve before accepting

• What cash will reach my account, and what opening balance will I owe after financed fees?
• Is my application classified as direct or referred, and is any separate broker fee payable?
• What are my personalised interest rate, total repayment and first payment date?
• Does this offer require security or insurance, and what obligations or costs would apply?
• How much notice is required for an extra payment, and how will it affect future interest and scheduled direct debits?
• What additional interest, fees or recovery costs could arise after a missed payment?

SMB’s advantages and limitations

• Early repayment flexibility: Partial or full prepayment carries no prepayment penalty, subject to the agreement’s timing requirements.
• Repayments around payday: Weekly, fortnightly and monthly schedules can help match payments to income.
• Personalised pricing: The available rate depends on assessment; the advertised minimum is not an indication of every applicant’s likely offer.
• Substantial upfront cost: Establishment fees can outweigh the benefit of a lower interest rate on a small loan, and the application channel affects the fee.
• Longer repayment commitment: Spreading the same borrowing over a longer term generally increases total interest and account charges.

Save My Bacon’s current SMB interest and fees

As checked on 14 October 2026, SMB’s interest and fee schedule lists annual interest of 11.95%–49.95% and terms of 3–36 months for borrowing up to $5,000, subject to assessment. These are annual interest rates, not fee-inclusive APRs. The model agreement calculates interest daily on the unpaid balance. All amounts below are in New Zealand dollars.

• Establishment: $240 for direct applications; $350 through a broker, introducer or referral platform.
• Account maintenance: $1 weekly, $2 fortnightly or $4 monthly, according to repayment frequency.
• Missed payment: $30.
• External debt collection referral: $40.
• Broker charges: An intermediary may charge separately. Where financed, these fees increase the loan balance and interest payable.
• Default consequences: The model agreement provides for continuing interest, collection and reasonable legal recovery costs, and potentially requiring the outstanding balance to be repaid in full.

No compulsory insurance premium was identified in the checked pricing information and model agreement. If cover is proposed in your offer, obtain its premium, exclusions and confirmation of whether it is optional.

Illustration: borrowing $1,000 over six months

Our calculation, not an SMB quotation: assume $1,000 paid to you, a $240 direct-application establishment fee added to the balance, an illustrative 29.95% annual interest rate and six monthly repayments. Using approximate monthly amortisation at the annual rate divided by 12, plus a $4 monthly account fee, repayments would be about $229.09 a month.

The estimated total is $1,374.54: $1,000 advanced, $240 establishment, $110.54 interest and $24 account fees. This excludes insurance, broker, missed-payment and recovery charges. SMB’s daily interest calculation, actual payment dates and rounding may change the result. The assumed rate is not a prediction of your offer.

The establishment fee alone equals 24% of a $1,000 advance on a direct application. This percentage is a fee-to-advance comparison, not an annual interest rate. Early repayment can reduce future interest, but should not be treated as removing the establishment charge.

Published example limitation: the July 2025 model agreement lists a $2,000 advance and a $240 establishment fee, but states an opening balance of $2,400 rather than $2,240. Its repayment schedule also does not clearly reconcile with its stated total. Obtain a consistent personalised disclosure showing the advance, financed fees, interest, instalments and total repayment before accepting.

Is Save My Bacon a suitable short-term loan?

SMB’s strongest feature for short-term borrowing is repayment flexibility, including early settlement without a prepayment penalty. Its main limitation is the establishment fee relative to a small advance, compounded by potentially high personalised interest. Compare the total repayment for the same cash amount and term against other personal loan providers. A lower instalment does not establish better value if it extends the debt and increases the overall cost.

Save My Bacon short-term loan FAQs

Is Save My Bacon now called SMB?

Yes. Its official name-change page confirms the transition to SMB. Compare current offers using SMB’s latest disclosures rather than older Save My Bacon rates or product descriptions. Existing borrowers should check their own agreement before assuming that newly advertised terms apply.

Can I borrow for three months rather than several years?

The published term range for borrowing up to $5,000 starts at three months, subject to assessment. Request quotations over the shortest affordable term and a longer alternative. Compare both total repayments: a lower weekly instalment may simply spread a larger overall cost over more time.

Why might the same SMB loan cost more through a referral platform?

SMB publishes a $240 direct-application establishment fee and a $350 fee for applications through brokers, introducers or referral platforms. That is $110 more before any separate broker charge or additional interest on financed fees. Confirm how your application will be classified. The $1,000 borrowing illustration shows how an establishment fee affects a small loan’s total cost.

Can I qualify with bad credit, or apply without a credit check?

SMB obtains a credit report and assesses affordability. It considers more than a score, but its published criteria include no current overdue collections and not being bankrupt. When comparing loans for applicants with bad credit, distinguish a lender considering past problems from accepting current unpaid defaults. Neither implies approval.

Can I qualify if my main income is a government benefit?

SMB recognises government benefits as a possible main income source and assesses the applicant’s individual finances. Its stated $400 weekly income requirement is described as income after household expenses. Confirm how that definition applies to your circumstances; benefit receipt or a partner’s income does not by itself establish eligibility.

Does same-day funding mean I will receive money on the day I apply?

No. The model agreement makes attempted same-day payment conditional on approval and signed acceptance before 3 pm on a business day. Later acceptance generally moves payment to the next business day, and bank processing can delay availability. Check the funding conditions against your payment deadline before relying on the loan.

Can I repay early, and will an extra payment stop my next direct debit?

SMB charges no prepayment penalty, but outstanding principal, accrued interest and fees remain payable. Its model agreement requires the next scheduled payment date to be at least one full business day after the intended early repayment. The website separately lists a 4 pm weekday cut-off for payment changes. Arrange early repayment in advance and confirm any direct-debit change; an extra payment does not automatically reduce or defer scheduled instalments.

Is a top-up just extra cash added to my existing loan?

No. SMB describes a top-up as a new loan that first settles the existing balance, subject to a fresh credit assessment. Compare the extra cash received, new fees, total repayments and final repayment date with what remains on your current loan. A larger approved loan does not mean the full amount will reach your account.

Can SMB change my repayments if I cannot afford the next instalment?

SMB may agree to a payment plan, revised schedule or hardship variation. Contact its repayment support team before the due date. An application for assistance does not itself suspend payments, and a longer term or payment holiday can increase interest. Ask for written confirmation of the revised payments, charges and final repayment date.