Marble Financial Review

Published by Mohamed Konate | Updated Sep 08, 2021
Marble Financial Review

 

Marble Financial has been helping Canadians improve their credit score, track spending, and establish financial health since 2016. Through the company’s artificial intelligence technology, Marble Financial offers insightful financial plans tailored to the lifestyles of specific consumers. This platform will help individuals set and reach financial goals quickly. With different price points for each service, Marble Financial can help Canadians of all walks of life improve their credit and reach their financial goals. However, you might need to spend on the higher tier services to maximize Marble Financial’s benefits.

Who is Marble Financial?

Marble Financial aims to help Canadians improve their financial situation using a non-judgmental approach. They want to empower individuals to manage their own finances, while offering credit improvement products, guidance, and automated tools to improve credit scores and financial habits. Opened in 2016 as a financial technology company, Marble Financial gives consumers access to personalized financial information through the MyMarble portal. The MyMarble portal securely connects to your banking information, to allow for an overall analysis of your spending habits, recommendations, credit score, and checklists of goals to improve your credit. Tools the MyMarble portal includes are:

  •   Point Deduction Technology ©: Automated and intelligent software included in Marble’s Premium subscription to help bring credit scores up as quickly as possible. Consumers set their goal credit score or budget and the software will look at your existing score and financials. From there, the system will tell individuals the exact actions to take to improve credit scores. The recommendations are manageable and specific, even down to the best days to make payments and purchases.
  •   Marble Learn: Online financial wellness course journeys made and delivered by experts. With over 30 courses on credit, budgeting, and debt.
  •   Fast-Track: A loan service offered through Marble Financial to allow quick pay-off of consumer proposals and begin the journey toward a better credit score.


Who Qualifies to Use Marble Financial?

Marble Financial’s online MyMarble portal is available to Canadians who are the age of majority in their province or territory, 18 or 19 years of age. Their services are offered in every province and territory except Quebec.


MyMarble Plans and Cost

MyMarble has four plan options for users, which allow customers to select a service based on their own needs and learn the platform at their own pace. There are the Freemium, Basic, Pro, and Premium plans to choose from. Each plan includes your credit score and summary, budget analysis, credit and banking insights, and access to Maestro Financial Literacy courses. Plans are paid monthly with additional savings if you buy three-month, six-month, or annual packages upfront.

Freemium – $0

The Freemium plan is ideal if you want to see the basics of how MyMarble works and start teaching yourself how to achieve financial wellness. This plan includes your credit score and summary, budget analysis, credit and banking insights, and access to Maestro Financial Literacy courses at no cost. The recommendations will only be beginner with this plan but it is a good starting point to see if this is an ideal platform for you.


Basic – $9.99 per month

The Basic plan is a step up from the Freemium plan. It gives you access to Intermediate Recommendations, which will allow you to go deeper into your financial health and reach your goals faster. The Intermediate Recommendations will give you more specific steps to achieve your objectives.


Pro – $19.99 per month

The Pro plan is the next step and offers more detailed information to reach your goals and improve your credit score. The Pro plan gives you access to Advanced Recommendations, with more details, personalization, and target-driven goals. This plan will help you easily increase your credit score and gain even more insights into your financial health.


Premium – $29.99 per month

The Premium plan gives you access to advanced personalized recommendations but also give you access to Point Deduction Technology ©’. With Point Deduction Technology ©, you get full access to Marble Financial’s automated intelligence system to help you increase your credit score with detailed information on dates to charge credit cards or to make payments. Point Deduction Technology © will also allow you to set a specific desired credit score and will give the insights and timeframe to reaching that goal. This software considers all your finances and works with you to create realistic budgets and goals towards your target credit score.


Pros of Marble Financial

  •   Organized location for all your financial information
  •   Freemium plan offers free financial courses through Maestro
  •   Securely connects bank information in one place
  •   Tailored recommendations and real-time tracking of budgets
  •   Access to loans through Marble Financial’s Fast-Track program
  •   Not available in Quebec
  •   Fast-Track loans have 18.99% to 24.99% interest rates
  •   Pricey Premium plan


Cons of Marble Financial

  •   Not available in Quebec
  •   Fast-Track loans have 18.99% to 24.99% interest rates
  •   Pricey Premium plan
 

Recommendations Before Singing up for a Paid Plan

Depending on your situation, here are some key methods to improve credit scores and reduce the burden of debts. You may want to consider these options before paying for any subscription or costly monthly service, such as Marble Financial.


Debt Consolidation

Consolidating debt onto a low-interest balance transfer credit card or into a personal loan is the best way to pay it off and improve your credit score. Balance transfer credit cards allow you to transfer credit from another credit card to a card with significantly lower interest rates. Often, new balance transfer credit cards will have introductory interest rates as low as 0% for up to 6 months, sometimes longer. Borrowers can use this period to repay their debts without having to worry about massive interest costs. In addition, having an end goal to repay debts helps motivate people to keep up with payments.

Using a personal loan to consolidate debts is another great option. While Marble Financial offers Fast-Track loans, the interest rates can be between 18.99% to 24.99%. If you have a low credit score and a large amount of debt, this is not a bad rate as some personal consolidation loans can charge as much as 40%. The issue is that many personal loans have interest rates closer to 5%, well below what Marble Financial charges. Shop around for personal loans and keep Marble Financial’s Fast-Track loan in mind if you are struggling to find a better interest rate.

 
Secured Credit Cards

One of the biggest issues with a low credit score is no creditor wants to loan you money or extend you credit. A way around this is to get secured credit cards, which require you to pay the money you will be using upfront. The benefit of doing this is secured credit cards report to credit bureaus and contribute to an improved credit score.

 
Teach Yourself

Services like Marble Financial do most of the heavy lifting for you. If you really don’t want to pay for a plan, you can always teach yourself. Personal finance is a skill like any other that can be learned over time. Plus, there’s a ton of free, helpful resources available online. With that said, it can be hard to motivate yourself to learn on your own, a paid plan is always there to help.


How to Sign Up for MyMarble

If you have tried the above recommendations and want more assistance or the free features from Marble Financial, here is how to sign up for an account. It is recommended you start with the free plan and work your way up to what you feel you need.

  1.       Sign up here.
  2.       Connect bank accounts.
  3.       Give MyMarble time to analyze your information and give recommendations.
  4.       Change your plan as required for additional features.


Is Marble Financial Right for You?


Marble Financial has services and online products that allow Canadians to improve credit scores and get out of debt. As a platform, MyMarble is exceptionally organized, easy to use, and offers loads of free information. Their Freemium plan is a good starting point but offers the bare minimum. On the other hand, their paid plans help you meet your goals faster but are costly. There are competitors who offer similar services for less money, you may want to consider one of them.

MyMarble is an excellent starting place for Canadians eager to improve their credit score and reduce debt. With their free educational platform, Maestro, there is access to information everyone should use to build a solid financial foundation. Combined with the highly visual and organized MyMarble porta, Marble Financial offers a lot of needed insight into an individual’s financial situation with no upfront cost for their Freemium plan.

While MyMarble paid plans may not offer you everything you want and need; they will be a step in the right direction and are good products. There are many lower-cost alternatives available and no cost ways to improve your credit score outside of their plans. Consider your financial situation, if you are stressed out and need somewhere to start, Marble Financial may be a good choice for you. If you have the energy and capacity to research some other options or to begin with Marble Financial’s free courses, it is highly recommended you do this.

Author Bio

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Mohamed Konate

Mohamed Konate is a personal finance expert, blogger, and marketing consultant based out of Toronto. He is a former financial services professional who worked for many years at major Canadian financial institutions where he managed the marketing strategy around various financial products ranging from credit cards to lines of credit. Mohamed is passionate about personal finance and holds a Bachelor in Business Administration from the University of Quebec (Montreal) and a Master in International Business from the University of Sherbrooke (Quebec).He is also the author of the Canadian Credit Card Guidebook.