Detailed information
About lender
Marble is a Canadian fintech company assisting in setting up appropriate financial goals and strategies, rebuilding credit scores, or starting credit history. It does not provide direct loans.
The company was established in Vancouver, British Columbia, in 2015 with the mission to nourish the confidence people need to redefine themselves more broadly, as humans and contributors to their communities, and not based on past financial decisions or acumen.
It's operating in the whole of Canada (excluding Quebec).
Features
Marble offers products such as MyMarble, an artificially intelligent and data-driven financial technology platform. With this platform, you can go through personalized assessments, get individual recommendations, review options, and learn more if you want to improve your credit and manage debts.
Marble Boost is sort of a loan. The loan is to pay out the subscription cost for MyMarble Premium. The benefit of Boost is that, unlike paying for MyMarble Premium with credit or debit, you add an extra piece onto your credit report, which reports positively to the bureaus, boosting your monthly score.
MyMarble Premium costs $29,99/month. With this plan, you can receive the deepest master insights, track credit report errors to ensure the score's accuracy, and monitor spending habits.
Also, the MyMarble Premium plan allows you to utilize Point Deduction Technology©.
Point Simulator helps you to choose the desired credit score, analyze your credit report and banking info, and provide individual recommendations on specific actions to reach the target score. In addition, the budget Simulator allows you to increase your score within the chosen budget.
Boost loan is a financing option available in the Premium plan. You make monthly subscription payments which are reported as a tradeline to the credit bureaus to increase your score.
The Secured Future Credit Plan is a savings program and credit improvement tool. Your monthly payments are reported to the credit bureau, and you are building a savings fund and positive financial history.
Marble's Fast-Track loan is a consumer proposal exit loan that helps you finish with inefficient debts as fast as possible and start to rebuild your financial history. Marble immediately pays off the entire consumer proposal debt, and your monthly Fast-Track loan payments are reported to the credit bureau.
All products are available online through the MyMarble platform.
Pros and cons
Look through this pros and cons review to explore more about Marble Financial.
Pros
Opportunity to fastly exit the customer proposal
Different types of solutions to increase your credit score
Specialized in customers with bad credit
Online platform with a dashboard to manage your finances
Free access to features such as a learning portal, credit overview, etc.
Advanced technologies
Operating almost all over Canada (excluding Quebec)
Cons
Fees
You receive no money up-front
Marble is a unique solution for borrowers who have bad or no credit and are focused on the financial strategy and best opportunities.
There are advantages and disadvantages of Marble, and you can't use it as a cash loan, but you could try to borrow responsibly and achieve the larger goals in the future.
Loan conditions
Marble Boost is a sort of a loan. It is a subscription paid off as installment loans reported to Equifax and TransUnion.
Boost Subscription Financing is available through the MyMarble Premium plan; you repay installments reported to Transunion and Equifax. The term is 12 months.
Boost subscription costs $29.99 per month and a $5 processing fee; taxes vary by Province.
The Secured Future Credit Plan allows for accumulating savings and improving credit (repayments info is sent to Transunion). However, it is not a loan. Instead, you deposit your funds to save up, and at the end, withdraw all the funds except the interest rates and the administration fee.
At the end of the 36-month program, you can withdraw $3,000 or $2,000. Added interest rate is 13.99% (APR 27.3390% and 23.0373%), and $400 is the administration fee with an additional interest rate.
The Fast-Track loan covers your consumer proposal, and you start making installment payments depending on the sum of your debt. Interest rates range from 18.99% to 24.99%, terms vary from 36 to 84 months, and administration and legal fees range from $295-$1,500.
Methods of funding
Marble doesn't provide any funds up-front. However, you could withdraw your cash savings from The Secured Future Credit Plan when needed (minus the percentage of your contribution that was interest or part of the administration fee).
