Are you in a precarious financial situation and have been looking for a way to kickstart your adventure to financial freedom? You are not alone, and recent statistics from MNP Consumer Debt Index reveal that nearly one-third of Canadians are close to insolvency.
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MyMarble began operations in 2016 with the aim of saving Canadians from their financial worries and helping them navigate their way out of their fiscal messes.
Since its creation, thousands have benefited from MyMarble’s individualized financial tutoring, credit optimization and budgeting.
Pros and Cons of MyMarble
Check out the pros and cons in our MyMarble review.
Pros
MyMarble offers services that are aimed at helping Canadians reach their financial potentials and achieve their dreams. Some of the benefits of choosing MyMarble are highlighted below.
Convenience of use
MyMarble makes it easy for you to get on the train to financial knowledge and freedom. Whether you are applying for a loan, guidance program or savings plan, you can complete your application process within 15 minutes.
The company offers its services on a plain but effective online software that simplifies applications, transactions and credit monitoring.
Individualized guidance
Powered by artificial intelligence, MyMarble excels as a personalized financial counsellor. The company deploys state-of-the-art technology to churn your provided data and generate recommendations for practical steps to take.
Credit monitoring and improvement
You can access your Transunion credit score for free on any of the plans available. MyMarble also provides several pathways to improving your credit score, one of which is by paying off your consumer proposal.
Expert suggestions and analysis
When you sign up for any of the available plans, there is a team of experienced heads waiting to guide you every step of the way. The strength and depth of these suggestions and analyses are graded based on what plan you are on.
Freemium plan offers free Maestro courses while premium plans provide more detailed analytic tools like the budget simulator, debt management and spending control.
Score-Up technology, available only to premiums users, gives an individualized guide on building and maintaining a good credit score.
Online courses for informed decision making
All plans offered on MyMarble’s online platform gives you access to courses taught by seasoned experts. This helps improve your understanding of crucial financial topics such as debt management, credit monitoring and optimization and others.
There are several modules on the MyMarble Maestro courses, all with customized quizzes to test and improve your assimilation of the concepts.
Cons
While choosing MyMarble has a host of benefits, here are a few interesting facts you should be aware of.
Geographical limitations
MyMarble’s services are limited to present in every part of Canada except Quebec. This geographical limitation is more of a headache for dwellers of this province.
Pay for useful service
You may also find that MyMarble’s free services are not the best possible on the platform.
You may have no other choice but to pay to get any meaningful help out of the website, and depending on what service you opt for, a monthly subscription could cost from $9.99 to $29.99. Additional ‘administrative’ fees of up to $1500 could also be charged on loans.
High interest rates
Although there is no interest on consumer proposal loans, MyMarble’s Fast-Track loans have damning APRs, ranging from 18.99% to 24.99%.
How good are their services?
MyMarble does seem to have a good standing with customers, with a 4-star review on Trustpilot. Better Business Bureau also recorded just 4 customer complaints in the last four years.
With AI-powered personal finance training and an expert-curated learning curriculum, we think MyMarble may be worth your time.
What kind of loans can you get?
MyMarble offers financial solutions on four levels – freemium, basic, pro and premium.
Freemium
This is a no-cost plan that gets you started on your quest for financial knowledge and journey to financial freedom.
On this plan, you have access to your TransUnion credit score every month, budget analysis, and beginner-level recommendations to help you make more informed financial decisions. You will also be able to view more than thirty of MyMarble’s financial literacy courses.
Basic
To activate this plan, a monthly fee of $9.99 is required. However, signing up for the basic plan for three months wins you a 10% discount.
Similarly, a six-month subscription saves you 15% while yearly subscriptions have a 25% discount. In addition to the features available on freemium, this plan offers you a financial health report and intermediate recommendations.
Pro
Subscription starts at $19.99 per month, opening you up to more advanced and personalized analyses and recommendations. It also gives you access to a top-of-the-class budget simulator and financial health reports.
Premium
The premium plan requires $29.99 monthly, giving you an exclusive opportunity to have even more powerful recommendations for the best financial decisions.
Point Deduction Technology provides point and budget simulators that enable you to closely monitor important financial metrics while the Score-Up program provides practical points for credit score improvement.
Additional MyMarble Services
MyMarble’s services also include the Fast-Track Consumer Proposal Exit Loan, the Secured Future Savings Plan and the Score-Up program.
Fast-Track Consumer Proposal Exit Loan
MyMarble’s Fast-Track Loan helps you settle your consumer proposal, leaving you a chance to get your credit score better, faster.
Consumer proposals drop credit scores to as low as 300, and MyMarble’s approach presents a golden opportunity for you.
MyMarble is a viable alternative to banks and credit institutions that reject loans in consumer proposals. So, you don’t have to settle for high-interest loan alternatives, which may be as high as 40%.
In addition, being able to pay off your Fast-Track loans within 24 months earns you a 4% bonus on MyMarble’s standard loans. You have between 36 and 84 months to repay the loan, with APR ranging from 19.44% to 31.90%.
Secured Future Savings Plan
With MyMarble, you can improve your credit score while at the same time saving some extra cash. While this is not a cash loan program, a $400 admission fee is required, and an interest rate of 13.99% is charged on all your monthly payments.
Score-Up
This program helps you nurse your credit score back to health. For Canadians, the credit score is one of the most important metrics involved when dealing with loans.
Practical expert suggestions are regularly provided to you by MyMarble, to help you know which aspects of your finance to pay more attention to. And, according to Marble Financial, your credit score can rise by at least 40% if you follow these recommendations.
What are the costs of using MyMarble?
Nothing is free, not even in Freetown. MyMarble might differ a little bit on that point, as their Freemium plan offers customers free monthly credit score reports and financial literacy classes, among other things. Below is a glance at the basic costs of using MyMarble’s services.
Freemium: Free
Basic: $9.99
Pro: $19.99
Premium: $29.99
Each of the paid plans has discounts ranging from 10% to 25%, depending on what subscription plan you choose.
Are MyMarble’s services insured?
To some appreciable level, loans and other services provided by MyMarble are protected, especially in case of unexpected life events such as death, income loss, disabilities or injuries.
Fast-Track Loans have unique insurance protections, which are optional. To know if the loan you’re applying for is covered by insurance protections, contact MyMarble’s customer support.
The Payment Protector Insurance, offered by Trans Global Insurance and Trans Global Life Insurance, is an optional but useful feature. It does not affect your credit score and it does not affect the approval for your loan applications.
The Involuntary Unemployment and Disability feature, on the other hand, protects you as a primary borrower while the Life and Dismemberment and Critical Illness coverage protects both you and your spouse.
Protection becomes active immediately your loan gains approval and becomes inactive either when you complete payments, cancel the insurance or default on your repayment for more than 30 days.
Are there discounts and promotion offers?
MyMarble offers discounts on all its paid subscription plans. Third-party promos and coupon codes are also available for paid plans.
3-month subscription: 10% discount
6-month subscription: 15% discount
12-month [yearly] subscription: 25% discount
How good is customer support?
MyMarble runs a relatable customer support service that is always on hand to help customers with complaints, requests and inquiries.
Experts are available from 9.00 AM to 5.00 PM EST on Monday to Friday, to handle inquiries technical topics on a toll-free number they can be found on the company’s website.
There is also a physical office in Vancouver where you can visit to have face-to-face interactions with customer support if need be.
MyMarble’s online platform
MyMarble’s website is simple and easy to use. They also have an app that is just as user-friendly as the website. The MyMarble Dashboard hosts an assortment of tools to help you reach your financial goals.
There is also a blog that is maintained regularly with up-to-date news about financial institutions and other useful information.
An online learning resource, learn from Marble also provides more of these helpful tips, organized into sections such as MyCredit, MyBudget, MyDebt, among others.
How to get started with MyMarble
Applying for a loan with MyMarble is almost effortless and can be done within a few minutes. Signup gives you access to all of MyMarble’s products and services.
To sign up:
On the website, click the Get Started button that takes you to the signup page.
Enter required details and click the Sign Up button.
Provide all needed information and documents to complete the signup.
Review your application and submit it.
Complete verification and choose a program of interest in and eligible for.
To benefit from any of MyMarble’s products, you must fulfil certain conditions.
General eligibility criteria
Be 18 old or more [some locations have an age threshold of 19 years old]
Be a Canadian
Have an active bank account
Have a working email address
Loans criteria
Meet the general eligibility criteria
Provide required documents
No debts on payday loans
Have at least $150 income excess after monthly repayments
Required documents include the following:
Government-issued identity
Bank statements
Proof of address
Proof of income
Consumer proposal information
Alternatives to MyMarble
While Marble Financial has given Canadians a great tool for financial independence, it is also worthwhile to check out other similar platforms. The closest competitors include Quicken Canada Deluxe, Intuit Mint and Spendee Premium.
Quicken Canada is a personalized financial management tool for Canadians, available on Windows, Mac, mobile apps and the web. Unlike MyMarble, Quicken Canada’s services are available in all provinces of Canada.
There is no free subscription, and a monthly fee of $5.25 is charged on all customer accounts. While MyMarble has no free trial period, Quicken Canada Deluxe has a 30-day free trial period.
Intuit Mint and Spendee Premium offer similar services as MyMarble, and the former does offer some free services. Spendee on the other hand has a monthly maintenance fee of $11.99 on its premium services.
MyMarble Review Conclusion
Since 2016, Marble Financial has been working towards the goal of creating MyMarble, that is, to provide personalized financial management and credit improvement tools to all Canadians.
Getting yourself out of a financial hole could be a tough business, and clearly, MyMarble is a platform packed full of helpful tools to help you.
With easy-to-use tools, AI-driven individualized recommendations, credit score monitoring and improvement, you patiently plan your journey to financial fitness. Their services are flexible, numerous and there is insurance protection for loans.
With all the tools and options provided by MyMarble, you can take complete control of your journey to financial freedom. Virtually anyone, from the financial newbie to the veteran investor, will find MyMarble useful.
Have you been looking for a way to nurse your credit score back to health or develop some useful habits for financial wellness? Well, you may be in for some treat. In total, if getting better at managing money is your goal, we strongly recommend MyMarble.
MyMarble Features
Practical programs, guidance, and tools that empower you to reach your credit score, debt, and budget goals.5 minutes
Track Your Spending
With MyMarble, you can track your spending habits and trends, to discover ways you can improve your budget and better utilize your income.
Personalized Insights & Recommendations
MyMarble provides you with personalized recommendations on better ways you can spend your income to help you reach your goals.
Monitor Your Credit Score
MyMarble provides you with your monthly credit score, helping you follow your journey in achieving your target credit score.
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The most popular solutions offered by MyMarble are:
Lean From Marble – Financial Education Platform
Fast-Track Loan – 18.99% to 24.99%
Credit score monitoring
What are the benefits of MyMarble?
MyMarble has a lot of benefits including:
Tracking Your Spending Habits & Trends
Monitoring Your Credit Score
Personalized Insights and Recommendations
How does MyMarble work?
Once you sign up for MyMarble and choose your plan, you'll connect your bank account. You will then gain access to an overview of your monthly spending habits, trends and credit score. An AI and data-driven technology will analyze your personal banking data to provide you with specific recommendations on how you can improve your bottom line. You can view the breakdown of how you are spending your income, and how much of it you are spending on your fixed expenses, flexible expenses and debt payments.
How often does MyMarble pull my credit report?
For the Basic, Pro and Premium subscription plans, MyMarble will download your credit report monthly. However, for the Freemium plan, MyMarble will download your credit report on the day you created your account (if you logged into the portal in the previous 30 days).
What does MyMarble promise?
MyMarble prioritises their customer's success. Therefore, if there is no positive impact on your credit score (670 and under) after taking up financial recommendations for 12 months, MyMarble will provide time at no cost to improve your credit score by over 100 points.
