Beyond the credit score: Helping the self-employed overcome financial barriers

Finance isn’t just about numbers – it’s about people, opportunities, and the ability to shape lives. Few understand this better than Rachael Alexander, the Managing Director of Max Money Group. With over 30 years in the finance industry – spanning business banking, management consulting, and financial services innovation – Rachael has built a business that goes beyond the numbers.

Rachael Alexander wants to help Kiwis navigate financial hurdles, access lending solutions, and build a stronger financial future, especially when traditional banks say no.

A passion she’s had since her journey into finance began at BNZ, where she was part of the bank’s graduate programme. “During my time there, I was seconded to work on the CEO’s major strategic initiative, which was led by McKinsey & Company,” Rachael says.

That experience ignited her passion for finance and strategy. It led her to pursue an MBA at the Kellogg School of Business in Chicago, followed by senior roles in the US and Australia, including a six-year tenure at Westpac, where she was instrumental in shaping e-business and digital banking strategies.

“I spent a lot of my time looking at different technologies and assessing whether banks should invest in them,” she says. “It was an exciting time, with fintech start-ups beginning to challenge traditional banking models.”

But after 20 years abroad, Rachael and her family wanted to return home to New Zealand and she saw an opportunity to make a real difference in the financial lives of Kiwis.

In 2017, she acquired Max Loans, a personal lending brokerage. Over the years, she has expanded the business into Max Money Group, including Max Mortgages, Max Insurances and Max Businesses, providing a holistic financial advisory service.

Bad credit a rising challenge

The economic challenges of the past few years has meant financial hardship has become a reality for thousands of New Zealanders. Job losses, business closures, and unexpected expenses have left many with damaged credit scores, making it harder to access finance. According to industry data, loan arrears and mortgage delinquencies increased significantly post-pandemic, leaving many people locked out of mainstream lending.

Rachael has seen this trend firsthand.

“Many people who were financially stable before Covid now find themselves struggling to get approved for loans.

 “It’s not always because they can’t afford it now, it’s because of something that happened years ago that still lingers on their credit file.”

For many, a single financial misstep can have long-term consequences. Under traditional banking models, these individuals are often considered too high-risk, regardless of their current financial stability.

“We see people who have had a rough few years fall behind on payments, making it challenging to secure business finance,” Rachael says. “Often the system doesn’t account for recovery, and sometimes lingers too long on past mistakes.”

Unlike traditional banks, which rely on rigid credit scoring models, Rachael and her team take a more human approach to lending. Rather than rejecting an application outright, they look at the full story behind the numbers.

“A credit score doesn’t tell you why someone had a setback. Was it a temporary job loss? A divorce? A business struggling during lockdown? We dig deeper to understand what happened, how they recovered, and whether they can afford to borrow now.”

This case-by-case approach allows Max Money to advocate for clients who would otherwise be turned away. By working with a range of non-bank lenders, they can find solutions for borrowers who may have  credit issues but are otherwise financially capable.

In some cases, Rachael’s team helps clients restructure existing debt, consolidate loans, or provide financial guidance to strengthen their applications before they even approach a lender.

“Sometimes it’s just about presenting their financial position in the right way. Other times, we help them take small steps – paying off certain debts, improving account conduct – so they are in a stronger position to borrow down the track.”

For Rachael, finance is about second chances. She believes that people should not be permanently penalised for a rough patch in their lives, especially when they have worked hard to recover.

“What matters is not just where you’ve been, but where you are now and where you’re going. Our job is to help people move forward, not let their past define their future.”

Seeing the person behind all the numbers

While helping those with credit challenges is a core part of Max Money Group’s work, the company also assists first-home buyers and self-employed borrowers, both of whom often struggle to meet bank criteria.

Many self-employed people face roadblocks because banks view their fluctuating income as risky, even if their overall earnings are stable. Rachael has worked with many clients to navigate these challenges by using alternative lending solutions.

“Banks see self-employed applicants differently. Their income can fluctuate, making them harder to assess. But that doesn’t mean they’re not financially stable.”

Her team also educates first-home buyers, ensuring they understand the mortgage process and feel confident taking their first steps into property ownership.

“First-home buyers often lack confidence. They can afford to get into the market, but the prospect of taking on a large debt is overwhelming. We guide them step-by-step to make that first move.”

Through a combination of financial coaching, strategic loan structuring, and access to diverse lending options, the group is making finance more accessible for many.

As Max Money Group continues to grow, Rachael is focused on expanding services and leveraging technology to make financial access easier.

The company recently opened a new office in the Bay of Plenty, allowing them to serve a wider range of clients across the country. She is also keeping an eye on open banking regulations, which she believes could create new opportunities for more personalised, flexible lending options, and is fostering an agile work culture, encouraging her team to challenge outdated financial models and find new ways to support clients.

“Finance is incredibly powerful – it impacts every part of a person’s life. Our goal is to help people take control of their financial future, and with expert advice they can.”

Self-employed? Tips for a strong finance application

For many self-employed people, securing finance can feel like an uphill battle. Banks often hesitate to approve loans for business owners, freelancers, and contractors due to fluctuating income or unconventional financial records. However, Rachael says that the key to success lies in preparation, strategy, and knowing how to present your financial position effectively.

If you’re self-employed and looking to strengthen your finance application, here are Rachael’s five tips to improve your chances of getting approval.

1. Start preparation early (six–12 months in advance) – Engage with a financial advisor well before applying for finance. This allows time to organise records, improve your financial position, and address any potential red flags.
2. Reduce outstanding debt and build a savings buffer – Pay down existing loans to improve your debt-to-income ratio and demonstrate responsible financial management. Having a savings buffer reassures lenders that you can manage financial fluctuations.
3. Prove strong credit history – Ensure all bills and loan repayments are made on time. Avoid high-risk transactions such as online gambling, unexplained cash withdrawals near entertainment venues, or excessive discretionary spending, as these can raise lender concerns.
4. Show potential for more earnings – Provide proof of upcoming projects, long-term client contracts, or business expansion plans to demonstrate stable or growing income. Lenders want to see a sustainable financial future.
5. Keep business and personal finances separate – Maintain distinct accounts for business and personal expenses. Clear, organised records make it easier for lenders to assess your true income and financial health.