Marble Financial Review
Marble Financial can help Canadians build their credit score and access prime lending with two products: Fast-Track and Score-Up. Score-Up offers personalized suggestions on how to build good credit faster, while Fast Track is a loan offering affordable monthly payments with competitive interest rates. Both products have solid benefits and good choices for Canadians looking to improve their credit rating ASAP. However, there may be more cost-effective options on the market to consider.
- Improving credit score quickly
- Consolidating and paying off debt
- Individuals with bad credit
About Marble Financial
Marble Financial started in 2016 as a “FinTech” company with the goal of helping Canadians rebuild their credit in order to have access to prime lending. It offers two main products to help achieve this goal:
- Fast-Track – a loan that will allow Canadians to pay off consumer proposals.
- Score-Up – “smart” consultation software that can help you achieve your desired credit score ASAP. This online tool uses an algorithm to analyze your credit score and then tells you what action to take to increase your credit score as quickly as possible. It will even tell you which days to make purchases and which days to make payments in order to boost your credit score to the max.
As mentioned above, Marble offers two separate products: Fast-Track and Score-Up. Here are the key features for both.
With Fast-Track, consumers will pay off their user proposals with a loan from Marble Financial which will result in the following benefits:
- Affordable monthly payments: Marble is one of the only companies in Canada that specializes in exiting consumer proposals “in a healthy, sustainable way.” Loan interest rates vary between 19.99% to 24.99%*, rather than the whopping 40% that some bad credit lenders charge.
- Flexible: You can pay off the loan early if you choose.
- Credit coaching: Get access to an advisor to help you through the process. Marble also works with your trustee to pay off your entire consumer proposal debt immediately
- An immediate credit score boost: Watch your credit score instantly increase from 30 to 70 points and continue to increase depending on your financial habits
- A credit score raise with every payment made: Your monthly loan payments are reported to the credit bureau to further build credit.
- A bonus 4% rate reduction: Pay off your Fast-Track loan in 24 months and earn a 4% retroactive bonus on the standard loan program.
Score-Up is a tool that will allow you to rebuild your credit score faster. The following tools and features will help you achieve this goal:
- Access your credit score online: Access your credit report anytime and get the most updated number.
- Credit monitoring and alerts: Set a target credit score to monitor your progress. Receive monthly reports and alerts to follow your credit-building progress, identify new point deductions, and real-time recommendations on how to recover more valuable points.
- Personalized: The software evaluates your credit history and recommends action to take to increase your credit score as quickly as possible.
- Intelligent technology: The only solution in Canada that leverages a combination point deduction, credit monitoring, and budgeting technology to significantly improve your credit score in as little as 3 months. It can even tell you which days to make purchases and which days to make payments to achieve the maximum positive impact on your credit score.
Pricing varies by the product. Score-Up has a fee you need to pay, while Fast-Track is an actual loan with set interest rates and minimum/maximum. Here’s what you need to be aware of for both.
Since it’s a loan, Fast-Track doesn’t have set pricing. However, there are still costs and requirements to be aware of:
- Interest rates are 19.99%-24.99%
- Loan terms are 36-84 months
- Loan size is $2,500- $15,000*
- Legal and admin fees are from $700-$1,500.
*Loans greater than $15,000 are available, provided that it’s secured with collateral or an acceptable immediate family member acts as a co-signer.
Score-Up costs $29.99 per month, and with that, you’ll get access to the following:
- Credit monitoring and alerts
- Point deduction technology
- Errors and commissions tracking
- Target score simulator
- Budget simulator
Pros and Cons
- Fast-Track —
Reasonable “maximum” interest rate (24.99%)
Affordable monthly payments
Access to expert help
Bonus 4% rate reduction
Quick approval time
- Score-Up —
Improve credit score fast (in as little as 3 months)
- Fast-Track —
High “minimum” interest rate (19.99%)
Low loan maximum ($15,000 without extra collateral/a co-signer)
Limited to residents of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Nova Scotia, New Brunswick, Newfoundland & Labrador.
- Score-Up — High monthly fee ($29.99)
How Does Marble Financial Compare?
The end goal for Marble Financial products is to help Canadians raise their credit scores and pay off debt. While their products have some great aspects, there are other products on the market with similar goals and lower rates/fees that may be a better option for your needs.
Get a Low-Interest Balance Transfer Credit Card
Consolidating debt and paying it off is an easy way to help boost your credit score and one of the easiest ways to do this is by using a balance transfer credit card wisely. These cards allow you to transfer your credit card debt to a new card with a much lower interest rate – some even as low as 0% for a promotional period of time which will give you the chance to play catch up without having to worry about high-interest payments. Take a look at our top picks for the best balance transfer credit cards and low interest credit cards to see if they may work for you.
Get a Personal Loan
The interest rate of Marble’s Fast-Track loan ranges from 19.99% to 24.99%. The 19.99% interest for the low end of the spectrum is quite high. However, the maximum of 24.99% interest on a personal loan is actually quite reasonable if you have bad credit. While not as low as a low-interest credit card, Fast Track has the potential to be surprisingly fair compared to other bad credit loan options on the market.
If you are in need of a smaller loan, Fast-Track is not a bad choice, but still, take the time to compare other personal loan options in Canada as some other lenders offer rates starting around 5%. Depending on your situation, you can also find a list of bad credit loans here. For instance, if you have bad credit, Refresh Financial offers cash secured personal loans to help you rebuild your credit score. How it works: you take out a loan, but instead of receiving the funds immediately, you make your payments before the funds are released. The interest rate is 19.99%, and you can borrow up to $25,000. Every payment you make is reported to credit bureaus, helping improve your credit score.
Get a Credit Card for Bad Credit
If you have a low credit score it can be hard to get a credit card that will allow you to help build your credit. However, there are options beyond Score-Up.
For instance, the Refresh Financial Secured Visa* Card is a good option for anyone with bad credit or struggling to get a credit card. How it works: you secure the credit card with your own funds, and once you’ve done that, you can choose a credit limit that suits your financial situation. The credit limit ranges between $200 to $10,000, and the interest rate on purchases is 17.99% — considerably lower than other credit cards. Then, you can work towards boosting your credit score by using this card responsibly. Refresh Financial makes monthly reports to the TransUnion and Equifax, so you could see your numbers increase in as little as 30 days. The annual fee is just $48.95, making this extremely affordable. Take a look at our comprehensive list of credit cards for bad credit to find one that best suits you.
Signing Up for Marble Financial
Signing up for either of these Marble Financial products is easy and can be done in just a few short steps. Here’s what to expect from the process for both Fast-Track and Score-Up.
Signing Up for Fast-Track
- Step 1: Apply online. There are agents available to help you through the process via phone or email if required and once finished.
- Step 2: Upload documents: You will need to upload several documents including bank statements, a payout letter, a payment schedule etc. These can be easily uploaded online.
- Step 3: Wait! The offer will be reviewed and you will be sent a loan offer. This entire process usually takes no more than 24 hours.
Signing Up for Score-Up
- Step 1: Sign up online.
- Step 2: Set a target score based on your financial plans and credit history. The software will then analyze your information and help build a plan to achieve your goals.
- Step 3: Achieve your goals by following your Score-Up plan.
Are Marble Financial products worth it? Generally speaking, these are solid products for Canadians who are looking to boost their credit rating pronto. However, the pricing may be a deterrent for some cost-conscious Canadians, and you may want to look at more affordable options on the market.
Score-Up is a great idea to help people build up their credit quickly and easily. The fact that their technology allows it to be so personalized sets it apart from all other credit score apps and programs in Canada. However, $29.99/month may be hefty for some cash-strapped Canadians. If you are in a financial position where you can easily afford it and need to build credit quickly, then it might be worth the investment. But, if you are trying to build credit because you need a loan then you are probably better off saving that money, getting at a credit card for bad credit and doing your own research on how to build credit.
As for Fast-Track, consolidating your debt to pay it off in one go rather than struggling to balance several debts is a smart idea. For a personal loan, Fast-Track does have decent interest rates for individuals with bad credit. However, the loan amounts are on the smaller side (maximum $15,000) which means depending on your debt, a balance transfer credit card may end up being a better option. If not, we still recommend comparing different loan options to see who offers the best rate because the minimum 19.99% interest rate is quite high. Of course, it depends on your personal financial situation, but other lenders may be able to offer you a much lower rate. FYI: due to the COVID-19 economic situation, Marble won’t be funding Fast-Track loans until early 2021. Applications are still being accepted, but won’t be processed until early 2021.
Marble Financial products are by no means bad products; they just aren’t necessarily the best options out there. It’s very dependent on your personal circumstances – so take the time to do some research and compare products to make sure you get the best deal for you.