What is Bacon Pay? A Guide to This Innovative Personal Loan Product

Bacon Pay is an exciting new fintech product that allows borrowers to get a personal loan quickly and easily. In this comprehensive guide, we’ll explain exactly what Bacon Pay is, how it works, its features and benefits, eligibility requirements, application process, and more. Whether you’re considering Bacon Pay for yourself or just want to learn about this innovative lending option, you’ll find all the key details here.

Overview of Bacon Pay Personal Loans

Bacon Pay is a personal loan product offered in partnership between fintech company Amount and credit unions. It launched in 2021 as a way for credit union members to access affordable installment loans in minutes from their smartphones.

Here are some key things to know about Bacon Pay:

Loan amounts from $200 to $5,000
Terms from 3 to 24 months
Rates start as low as 7.99% APR
100% online application and funding
Loans funded as soon as the next business day

Bacon Pay is designed to provide a faster, more convenient borrowing experience than traditional bank loans or payday lenders. Applicants can get approved in minutes and have funds deposited directly into their checking account quickly

How Does Bacon Pay Work?

The Bacon Pay lending process is straightforward and optimized for mobile. Here are the key steps:

Check eligibility. Pre-qualify online in just a few minutes with some basic personal information. This initiates a soft credit check.
Review loan offers. If pre-qualified, you’ll view personalized loan offers with rates and terms. Pick the offer that suits your needs.
Provide verification information. Supply your ID, bank account info, income details, and any other required verification materials.
Get approved. Receive a credit decision in minutes. If approved, you’ll review your final loan agreement.
Sign agreement & get funded. Electronically sign loan documents and Bacon Pay disburses funds as soon as the next business day. Automated payments will begin based on your repayment schedule.

A major perk of Bacon Pay is speed. The entire process can take just 5-10 minutes on your phone and offer near instant access to funds.

Features and Benefits of Bacon Pay Loans

Bacon Pay loans offer several features and advantages over other lending options:

Lower rates. Bacon Pay offers rates as low as 7.99% APR, while payday loans can exceed 400% APR.
Credit union partnership. Bacon Pay is offered by credit unions, known for providing affordable financial products to members.
Transparent terms. Loan offers are customized upfront with clear rates and terms so there are no surprises.
Mobile process. Apply, get approved, and manage your loan all from your smartphone app.
Fast funding. If approved, funds can be deposited as soon as the next business day.
Flexible repayments. Repay over 3 to 24 months based on your loan amount. Payments are automated from your bank account. There are no prepayment penalties.
Help build credit. Responsible borrowing and on-time payments are reported to the major credit bureaus to help establish your credit history.

For borrowers who need accessible short-term financing, Bacon Pay provides a simple, transparent loan experience with responsible terms.

Bacon Pay Eligibility Requirements

To qualify for a Bacon Pay personal loan, applicants must meet several eligibility standards:

Credit union membership. You must be a member of a participating credit union.
Minimum credit score. Typically 640, but requirements vary by lender. No minimum score mandated.
Income. Steady verifiable income, with requirements varying based on your loan amount requested.
US residency. Borrowers must have a valid Social Security Number and be permanent US residents.
Age. Must be at least 18 years old in most states. Age requirements may be different in some states.
Bank account. An active checking account is required to receive loan funds and make payments.

Credit unions have flexibility in setting their own eligibility criteria for Bacon Pay applicants. They evaluate factors like income, existing debt, and credit history when making lending decisions.

How to Apply for a Bacon Pay Personal Loan

Applying for a Bacon Pay loan is simple and can be completed fully online:

Pre-qualify. Visit your credit union’s website and indicate your interest in a Bacon Pay loan. Submit basic personal details to receive initial offers.
Fill out application. Select your preferred loan offer and complete the full application with your contact info, income, ID, and any other required materials.
Get approved. Receive an instant credit decision after review of your application. If approved, you’ll be shown your final loan agreement terms.
Sign agreement. Carefully review then electronically sign your loan agreement.
Verify identity. You may need to complete ID verification steps as required by your lender.
Get funded. Once approved, your loan funds will be deposited directly into your checking account as soon as the next business day.

The entire application process can take as little as 5 minutes when completed on your mobile device. It’s paperless and allows borrowers to access funds quickly when approved.

Repaying Your Bacon Pay Personal Loan

With Bacon Pay, repayment is straightforward through automated withdrawals from your bank account. Here’s what to expect:

Payment schedule. Your loan agreement will outline your payment dates and amounts. Most loans have monthly payments over 3 to 24 months.
Autopay setup. Your payments will be automatically debited from the checking account you designate each scheduled payment date.
Pay early. There are no prepayment penalties. You can pay off your full balance early to reduce interest costs.
Late fees. Payments more than 15 days late may incur a late fee, so be sure to have sufficient funds in your linked account.
Credit reporting. Your payment activity will be reported to Equifax, Experian and TransUnion to help build your credit history.

As long as you repay according to your set schedule, a Bacon Pay loan can help demonstrate responsible borrowing behavior and support your long-term financial health.

Pros and Cons of Bacon Pay Personal Loans

Like any financial product, Bacon Pay has both advantages and potential downsides to consider:

Pros

Fast access to funds
Low rates compared to payday loans
Transparent loan terms
Mobile/online process
Credit building potential

Cons

Rates higher than some alternatives like credit cards or HELOCs
Relatively short repayment terms
Late fees if payments are missed
Soft credit check required even just to pre-qualify

For borrowers who need funds quickly and meet eligibility criteria, the speed and convenience of Bacon Pay may outweigh the moderately higher rates compared to other products. But it’s wise to compare all your borrowing options.

Is Bacon Pay Right for You?

While handy for many, Bacon Pay loans aren’t the best fit for everyone. Consider your own needs and financial situation:

Occasional expenses like medical bills or car repairs can be good uses if you need fast financing.
Consolidating high-interest debt may not make sense since Bacon Pay rates, while low for their category, are higher than some other debt products.
Major expenses like a home down payment require financing beyond Bacon Pay’s scope.
Ongoing budget shortfalls are better addressed through adjusting your spending habits rather than repeated short-term borrowing.

Think critically about why you need funds and whether you can repay the loan responsibly according to its terms. Bacon Pay is designed for occasional borrowing needs rather than long-term financial management.

Alternatives to Consider

While convenient, Bacon Pay may not always be the most affordable financing option. Some alternatives to consider:

Credit cards often offer 0% intro APR periods, rewards, and revolving credit lines. Useful if you can pay off balances promptly.
HELOCs tap available equity in your home at competitive interest rates and offer flexible draw periods. Require homeownership.
401(k) loans allow borrowing against your retirement plan balance. Low rates but limits use of those savings.
Traditional personal bank loans can offer lower rates with good credit. Approval isn’t instant.
Payday alternative loans from credit unions provide small loans at lower rates than payday lenders.

The right loan type depends on factors like your credit, timeline, existing assets, and ability to comparison shop.

The Bottom Line on Bacon Pay

what is bacon pay

+62 Net Promoter Score

Our score is +62, which is the net percentage of promoters.1

SWBC Financial Institution Group ranked higher than industry benchmarks.

+33 for general B2B2

+20 for Insurance +42 for SaaS

+35 for Financial Services3

How will the SWBC Total Solution Benefit Your Institution?

With our Total Solution approach, your bank can move toward a unified platform and streamline and simplify vendor management, which will make the workplace more efficient again.

With SWBC, you have one partner responsible for each product or platform your employees use. This means vetting only one company for security and compliance. It will also save your employees time because they won’t have to switch between vendor platforms for CPI, Collections, Payments, GAP, and MMP as often. The fewer vendors, the less room for error!.

According to industry experts, 89 vendors access the average company’s network each week. 1. If your credit union has fewer vendors to deal with, it is less likely to be hacked in the supply chain.

If your company works with 10 different vendors to get the apps, tools, training, and platforms across multiple product lines that your employees need to do their jobs, and you meet with each vendor four times a year for an hour, that’s 40 meetings a year, which is an entire workweek spent meeting with vendors!

Our years of experience in Risk Management, Payments, and Income Generation, along with your goals and our business process automation, marketing tools, technology investments, and sales training, come together to form a complete and unified enterprise-wide strategy for your credit union.

Our goal is to make it easier for members to do business with you. We use our large investments in technology to make the member experience better. For example, we use automation to cut down on member noise during insurance verification and give members the chance to self-serve through digital channels in Collections, Payments, and MMP programs.

Davis-Bacon Explained – LCPtracker

How do I register for Bacon pay?

Primary members can access the payment portal by visiting our Bacon Pay login page. After being directed to Bacon Pay’s site, members can “Register” by creating a User ID and password. The User ID will be the email address of the member, and the Password must be a least 8 characters long, with an uppercase letter, special character, and number.

How do I make a recurring payment with bacon pay?

You can make a one-time payment or register and set up recurring payments. To register for Bacon Pay, use your member number (without account suffixes) and enter the information for the primary account holder. Select any account and make a payment with funds from your account at another financial institution.

What is PayFast (baconpay)?

The payment method for busy people. With PayFast (BaconPay), you can make a payment online or by phone with your checking account OR with your Visa®, Mastercard® or Discover® debit card at another financial institution.

When did Bacon introduce the prevailing wage bill?

Prompted by concerns about the conditions of workers, displacement of local workers by migrant workers, and competitive pressure toward lower wages, Bacon introduced the first version of his bill in 1927. Over the next few years, Bacon attempted to introduce variations on the prevailing wage bill 13 times.

Can a federal Davis Bacon et be paid an apprentice?

Federal Davis Bacon only has two worker classifications: Journeyman and Apprentice, so an ET working on a Federal Davis-Bacon job must be paid at the Journeyman rate. An ET cannot be paid the Apprentice rate unless the ET is indentured with a Federally-approved apprentice program such as WECA’s.

What is a federal Davis Bacon project?

A Federal Davis Bacon Project is categorized as such because the Federal Government will be paying for the cost of the project using Federal Funds. Should the project have any City, State or County monies included, the project would not be considered a Federal Davis Bacon Project.