Best Blacklisted Loans 2020

Last updated: May 2022



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Blacklisted/Unsecured Loans

Having a bad credit record can spell doom for you if you find yourself with an urgent need for cash. Most credit providers will not want to touch you with a long stick once they get wind of your poor credit history. They will even get more antsy if you have no asset to offer as security.

But you need not fret, you can still get an unsecured loan even with poor credit history. You will, however, most likely not get it at the interest rate you want. Due to the high risk these loans entail, they have a higher than normal interest rate. There are ways to work around this, though.

One of them is to agree with someone who has a better credit record to co-sign on your loan. Some call them co-signers while others call them guarantors, either way, they make a commitment to repay your loan in the event you are unable to. Finding a co-signer is therefore not easy as they will be liable to take up your monthly repayments in the unfortunate event that you lose your source of income. People, even those who are close to you, may baulk at guaranteeing your loan if the instalments are huge.

Secured loan

Another way you can get affordable credit even with a poor credit record is to offer up a vehicle as security. This will work best if you have cleared the car loan you got it with or have at least repaid most of it. You stand to pay a much lower interest rate and therefore lower monthly repayments.

Before you give up your logbook as collateral for a loan, you need to think through the decision long and hard. You need to be prepared for the possibility of you being unable to repay the loan and the lender taking possession of your car. One precaution you can take to safeguard your asset is to be sure you are dealing with a reputable, registered lender. 

If you don’t own a car you can still use other kinds of high-value assets as security for a loan. Whatever it is, the lender will call in an assessor to determine its value and see if they will be able to recover the money they lent you if they eventually have to sell it.

Bad credit loans

If you don’t have an asset to offer as collateral or a willing party to act as a co-signer, you may have to resort to bad credit loans. A number of lenders offer loans to people with a poor credit history, but these tend to be quite expensive. Many of these lenders are actually unregistered loan sharks out to make a quick kill from desperate individuals who find themselves in urgent need of financing which they cannot access from conventional lenders. You are well advised to steer clear of such lenders as they can plunge you into an even deeper financial crisis.

Important tips for bad credit

Here are some ways you can make lemonade out of your bad credit situation:

Source wisely: Get a loan from a reputable lender; that is a lender who is registered and who offers a reliable product. This doesn’t automatically mean a mainstream bank; lenders like credit unions offer more affordable and flexible terms.

With a reputable, registered lender, you’re assured that your loan will be reported to credit bureaus. Should you repay your loan diligently, this could go a long way towards boosting your credit record.This will mean you can get better terms on your next loan.

If you can avoid getting credit from payday lenders, the better, though they will tempt you with easy approval. This is because their interest rates and fees tend to be exorbitant and you could end up digging yourself deeper into debts you cannot repay. You may end up doing irreparable damage to your credit rating in the process.

Here are some of the credit providers you can consider when looking for a blacklisted loan:

Budget Loans

With more than two decades of experience in the New Zealand market, Budget Loans offers custom-made products to match different needs and circumstances. Their highly experienced management team boasts more than 50 years of expertise in the financial services sector so you know you’re in good hands. Dealing with their customer-friendly staff is a joy and they provide you with all the information you need in a transparent manner.

They offer a wide range of loan products suitable for anything from a dream holiday to financing your dream car. You are sure to find something that suits your level of income as their interest rates range from 10.95% to 26.95%. Should you have a tainted credit history, Budget Loans are still willing to work with you. Even if your employment history is sketchy, they can still extend credit under certain terms. They argue that your past mistakes should not be used to judge your future potential.

If you urgently need the cash, you can rely on Budget to provide you with funding in a timely manner. Approvals can be issued in as little as two hours.


Bank of New Zealand is undeniably a huge factor in the country’s economy. For many decades they have offered kiwis loans of all kinds; from business loans to mortgages to car loans to stock financing.

If you have debts from many lenders that are becoming unmanageable, you can take advantage of BNZ’s debt consolidation service. In this way you can make repayments towards your credit card, soft loans and other lenders in a single remission.

Another advantage BNZ offers borrowers is the flexibility of choosing their repayment structure. You can even have your repayments specifically structured to suit your individual circumstances. But bear in mind a longer repayment period means spending more on interest. A shorter period might mean higher monthly repayments, but besides clearing your loan faster, it means you spend less on interest.

With the Bank of New Zealand you can borrow anywhere between $1,000 and $30,000. If you prove faithful in your repayments you can qualify for a top up of your loan. To qualify you only need to be a permanent resident of the country above 18 years of age with a steady monthly income.

Like a number of other blacklisted loan providers in New Zealand, BNZ offers convenient application through the Internet. You can also keep track of your loan schedule online.

Easy Loans

To determine if you get a loan approval with Easy Loans, they look at more than your credit history. They understand that at some points in their lives people undergo difficult patches that can affect their ability to keep up with repayments. Instead of taking your credit rating at face value, they look at how you have worked on your credit record.

If they see signs that you are working towards fixing things, they will extend credit to you, though at times they will want you to present a guarantor. Should you be the owner of a piece of property with a valid title deed, or a vehicle, you can offer it as security for the loan. Even if the property is not in your name, you can still use it as collateral.

Unlike BNZ, Easy Loans canoffer you up to $100,000 to help you finance all your needs without having to take multiple loans. They live up to their name by allowing borrowers to make weekly repayments as low as $30.

Having been in operation in New Zealand for more than 20 years, Easy Loans has a firm understanding of the market. They know kiwis need access to financing without having to jump through the many hoops presented by mainstream banks. For this reason they have in place an online application procedure that one can complete in under two hours.

Easy Loans

Max Loans offers New Zealanders blacklisted loans at reasonable interest rates. They are not lenders themselves but partner with a broad variety of lenders to get their customers an ideal product that suits their needs, aspirations and financial situation.

Their ability to tap into the right products for their clients comes from a deep understanding of the offerings of different lenders as well as their ability to empathise with the challenging economic environment Kiwis face today. Many borrowers have found a caring, listening financial partner in Max Loans. In working out which kind of loan will be suitable for you, it would be wise if you can provide security for your loan. This will ensure that you get an even better interest rate. If you have some blemishes on your credit history but have worked on them, your chances of approval and getting a good rate are high.

Like many lenders in the New Zealand space, Max Loans offers borrowers the luxury of beginning the process from the comfort of their home or office. It takes just a few moments to complete the application procedure online.In addition to this they offer expert advise from a group of experienced consultants.