Marble Financial Review 2021: Improve Your Finances and Build Credit

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by Enoch Omololu

Updated

Advertiser Disclosure

Marble Financial offers Canadians access to innovative financial products that help them build credit, pay off debt, and become financially fit.

Using its AI-powered personal finance platform, MyMarble, you get access to a variety of tools and personalized recommendations that help you reach your financial goals.

This Marble Financial review covers its various proprietary solutions including MyMarble, Score-Up, Fast Track, and Maestro.

What is Marble Financial?

Marble Financial is a financial technology company founded in 2015.

The company has its headquarters in Vancouver and is publicly traded on the Canadian Securities Exchange under the ticker “MRBL”

Marble Financial’s top financial programs and resources include:

  • MyMarble and Score-Up
  • Fast Track, and
  • Marble Learn

Since 2016, the MyMarble platform has been used by more than 1 million Canadians to improve their financial lives.

What Does MyMarble Offer?

MyMarble takes a holistic look at your finances using artificial intelligence and data and then gives you personalized and unbiased recommendations.

If you are trying to improve your credit score, pay off your debt, or become a better budgeter, MyMarble can help.

From your MyMarble dashboard, you get access to the following features:

  • Financial Portfolio Overview: Easily view your monthly financial reports and compare it with the previous month with a breakdown of your income, fixed expenses, flexible expenses, and debt payments.
  • Free Credit Score Monitoring: Get access to your credit score so you can monitor the progress you are making in improving your credit rating. Your credit score is updated every 30 days.
  • Expert Recommendations: See what the experts are recommending based on your financial profile.
  • Habit Tracking and Spending Trends:These features simplify your budgeting and provide snapshot of your expenditures and income over time.

MyMarble recently welcomed its 20,000th member.

Other solutions include:

Score-Up: This premium service can help you increase your credit score quickly using Point Deduction Technology. 95% of Score-Up users see an improvement in their credit score in as little as 45 days of using the platform.

Fast Track: This affordable consumer proposal exit loan is aimed at helping Canadians with consumer proposals pay off their loan and build good credit. Fast Track loans have a 36-84 month term and the APR is between 19.44% and 31.90%.

Secured Future Credit Plan: This credit building loan is designed to help individuals with poor or bad credit scores improve their credit by making monthly payments to MyMarble that are then reported to the credit bureaus.

The saving loan amounts available are $2,400 or $3,400. At the end of the loan term (up to 36 months), you can withdraw your funds less a $400 administration fee and a 13.99% interest rate.

Marble Learn: This MyMarble knowledge base is free for all Marble customers and provides in-depth resources relating to budgeting, credit management, debt, investments, financial planning, and more.

The lessons are packaged into bundles and when you complete all the courses in a bundle and pass the questions at the end, you get a certificate by email.

How Does MyMarble Work?

The MyMarble platform is available in all provinces except Quebec.

Depending on the age of the majority in your province, you must be 18-19 years of age to become a member.

To get started, sign up here to create an account. Select a plan that suits your needs and connect your primary bank account.

How Much Does MyMarble Cost?

The monthly costs depend on your plan.

Freemium: This free plan offers access to:

  • Free monthly TransUnion credit score
  • Budget analysis
  • Beginner recommendations
  • Access to financial education with over 30 courses

Basic: Costs $9.99 per month. The Basic plan includes everything under the Freemium plan plus:

  • Financial Health Report
  • Credit Score History
  • Intermediate Recommendations

Pro: Costs $19.99 per month. Proplan members get all the features above plus Advanced Recommendations to reach their financial goals. They also get access to a Budget Simulator and detailed credit and debt health reports.

Premium: Costs $29.99 per month and offers exclusive access to MyMarble’s credit improvement technology, Score-Up, including a Point Simulator that gives specific recommendations on how to reach a target score. Premium members also get their credit reports and other premium tools.

Pros and Cons of Marble Financial

Marble Financial’s MyMarble.ca platform offers several benefits including:

  • It uses unbiased data and an in-house proprietary software to help users improve their finances.
  • It can help you rebuild credit and become better with credit
  • Individuals with bad credit and consumer proposals can use a Fast Track Loan to exit their consumer proposals.
  • It offers free access to financial literacy courses that cover the basics of credit, budgeting, and debt management

Some downsides to note are:

  • MyMarble is not available to residents of Quebec
  • Membership of MyMarble does not guarantee that your credit score will increase fast
  • The monthly fees can be expensive if you are already in financial trouble and the “Freemium” plan only offers basic recommendations.
  • Expect to pay interest of up to 31.90% APR on a Fast Track Loan.

Is Marble Financial Legit?

Marble Financial is a legitimate company based in Vancouver, British Columbia.

It is accredited by the Better Business Bureau and has an A+ rating.

The company is publicly traded on the Canadian Securities Exchange (MRBL) and Over-The-Counter (MRBLF).

Conclusion

MyMarble is worth checking out if you need help with improving your bad credit score and finances in general.

You can also look at the resources below for ways to get your financial house in order:

Have questions about this service? Leave them in the comments.

Marble Financial Review 2021: Improve Your Finances and Build Credit
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Author

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. His writing has been featured or quoted in the Toronto Star, The Globe and Mail, MSN Money, Financial Post, Winnipeg Free Press, CPA Canada, Credit Canada, Wealthsimple, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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