Marble Finance Reviews, Ratings And Fees 2020

Marble Finance

Marble Financial’s main goal is to use socially responsible lending practices to help Canadain consumers rebuild their credit after dealing with past financial problems. More specifically, they provide debtors with the opportunity to exit their consumer proposals with a fast track loan that can put them back on the path toward a brighter financial future and a better credit score.

How Can Borrowers Qualify With Marble Financial?

Like most lenders in Canada, Marble Financial offers several loan types. That said, their fast track loan is meant to help you exit an active consumer proposal by financing your payments as early as possible. In fact, their goal is to get you debt-free within 24 months.

To qualify with Marble Financial, you must first be a resident of one of the following provinces or territories:

  • British Columbia
  • Alberta
  • Saskatchewan
  • Manitoba
  • Ontario
  • Nova Scotia

Although you’ll need to apply with them or talk to a sales associate to get all the details about their application and approval process, some of the documents you’ll need to be eligible include:

  • Government ID that proves you’re the age of majority in your area (18 – 19+)
  • Proof that you have a steady job and income (paychecks, etc.)
  • At least 12 months of good repayments listed on your credit history
  • Your most recent bank statements
  • Your proposal’s schedule and payout details (from an Insolvency Trustee)

How Can Someone Apply With Marble Financial? 

As mentioned, you must be in an ongoing consumer proposal to qualify for a Marble Financial loan. This a legally binding debt consolidation procedure that can only be administered by an officer of the court, known as a Licensed Insolvency Trustee. 

If that’s the case for you, simply fill out a 15-minute application through their web portal. They also have a head office located in downtown Vancouver, as well as a call centre and online messaging available during typical weekday business hours.   

What Positive Features Does a Marble Financial Loan Have?

According to its website, Marble Financial has been around since 2016 and they provide fast track loans of $5,000 – $20,000. 

Essentially, they would pay off your consumer proposal by sending funds directly to your Licensed Insolvency Trustee. You would then repay Marble Financial through divided installments (plus interest and fees) until your new debt is paid in full. 

Here are a few other positive things a Marble Financial loan has to offer:

  • No penalties will be charged if you repay your loan ahead of schedule. 
  • You can access loan tracking and credit score monitoring services on their app.
  • They report your progress to Canada’s credit bureaus, so complete loan payments will increase your credit score and look good on your credit history.
  • Your consumer proposal may end earlier, so the record will disappear from your credit report faster (3 years rather than a potential 8 years).  
  • Their interest rates and repayment terms can be adjusted according to your financial health. 

What Costs Can You Expect With a Marble Financial Loan? 

As with any loan product, it’s imperative to get a quote from your lender before you apply to make sure you can afford your repayment plan, as well as your everyday expenses. 

After you get approved by Marble Financial, these are the kinds of costs that you may have to add to your monthly budget:

  • Interest rates of 19.44% and 31.90%
  • Loan insurance (optional)
  • Possible administrative fees (origination, etc.)
  • Recurring loan payments over a maximum of 84 months (paid on a weekly, bi-weekly, monthly, or semi-monthly basis)  

Marble Financial FAQs

No matter what sort of reviews a lender has on social media, the best thing you can do is research their organization prior to applying and ask a real salesperson some of the following questions:  

How Does a Consumer Proposal Work?

Once you’ve found a Licensed Insolvency Trustee, they will reach out to your creditors and offer to settle your unpaid debts through a series of monthly installments over a maximum of 5 years. The creditors that hold majority shares of your debt will then have 45 days to accept or deny the proposal. 

To qualify, you must have $5,000 – $250,000 of unsecured consumer debt that you cannot pay off using more conventional methods. 

Many people choose to file a consumer proposal because:

  • You have five years to pay off your proposal
  • Your assets (home, vehicles, etc.) will not be drained as a form of payment
  • It helps you avoid declaring bankruptcy, which has a worse financial impact
  • A good Trustee can negotiate to have your final debt balance reduced

However, a consumer proposal can negatively affect your finances because:

  • Your credit report will retain a record for 3 years following your final installment.
  • All credit account associated with your proposal will receive a credit rating of 7
  • All this can cause a massive drop in your credit score, making it harder to get approved for favourable credit products during and after the proposal.

What Loan Types Does Marble Financial Offer?

As mentioned, one of the best features of their fast track consumer proposal exit loan is that it is flexible. They offer three different options based on the consumer’s needs. 

Unsecured Loans – Are appealing because no collateral is necessary to qualify. However, your approval chances, loan amount, and interest rate will rely heavily on your financial health. Since unsecured loans carry more risk for the lender, they are likely to charge higher rates and have stricter repayment plans.

Secured Loans – If you want better conditions for your loan, you can offer up an asset as loan security (collateral). As this lessens the risk for the lender, they may approve you for more credit, a longer plan, and a lower rate. Just keep in mind that you will be putting your asset at risk. 

Cosigner Loans – This product requires someone to cosign your application and agree to take over your repayment plan if you can’t afford it. They should have strong finances and be prepared to handle the debt that could become their responsibility. If all goes well, you may again be approved for more favourable loan conditions.     

What Are the Benefits and Drawbacks of a Marble Financial Loan?

While a loan from Marble Financial will help end your consumer proposal early and allow you to start rebuilding your credit, it’s still a smart idea to weigh the pros and cons prior to choosing this sort of product.

  • It’s a faster way to pay off your consumer proposal and heal your credit
  • No penalties will be applied for prepayments
  • Optional loan insurance in case of death, unemployment, or disability 
  • Secured and cosigner loans have better repayment plan conditions 
  • Your consumer proposal payments are interest-free while a loan from Marble comes with interest charges

Marble Finance Services

Marble Finance Reviews & Ratings

Reviews from Experts

Marble Financial has a user-friendly website and is quite an accessible lender. There are plenty of ways to get in touch with it – a 1 800 number, email and contact form, chat service, Facebook messenger and an office in Vancouver. It has an active blog and a basic FAQ. The only area it’s lacking is in third-party website reviews.

Application simplicity


User experience

Information and transparency


Is Marble Finance legit or a scam? See what others have to say.

Leon helped me all the way to make sure I will be approved, great experience, totally recommendable to those people wants to get away from consumer pr... read more
So happy l took the decision to call back Leon Bakalinsky and l was surprised l have a chance to pay off my CP instead of file a bankruptcy to solve m... read more
Leon helped me I was nervous in the beginning he was very knowledgeable and confident and had a fun personality made my experience less stressful and ... read more
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Marble Finance Reviews on Loans Canada


What is the maximum APR allowed in Canada?

  • The Criminal Code of Canada states that the maximum APR that can be charged for a loan in Canada is 60%. Interest rates above 60% are illegal. It’s important to note that payday loans are exempt from this law. Payday loans are regulated on a provincial level which means the maximum interest rate that can be charged for a payday loan varies from province to province. In Quebec, the maximum AIR on payday loans in 35%, this rule has effectively shut down the payday loan industry in the province.

How much does it cost to take out a personal loan?

  • While this depends on a variety of factors, including your lender, there are several main factors that affect the cost of a personal loan.
    • Principal amount
    • Interest rate
    • Payment frequency
    • Repayment period

What happens if I stop paying my loan?

  • When you stop making payments on a loan you will go into default, your lender will likely try to make several attempts at collecting the money you owe, and if these attempts fail they may then send your account to a collections agency. Your credit score may also be negatively affected which will make it difficult to borrow in the future. When applying for a loan, it is important to not overextend yourself financially and limit the total amount borrowed, especially if the cost of borrowing is high.

What documents are required to apply for a loan?

  • While this will vary from lender to lender, here are the most common documents required to apply for a loan in Canada.
    • Government-issued I.D.
    • Proof of address
    • Proof of income or employment
    • Bank statements
    • Tax returns (for those who are self-employed)

What is the difference between a payday loan and a personal loan?

  • A payday loan is a short-term loan product, usually for no more than $1,500, that is paid back in full within two weeks or on the borrowers next payday. Payday loans have high-interest rates that often equate to an APR of over 400%.
    A personal loan, on the other hand, is a short to medium-term loan product that is paid off in installments over a fixed period of time, typically 3 months to 5 years. Personal loans are available for a variety of amounts, anywhere from $500 to $35,000. Interest rates vary from lender to lender but are nowhere near as high as payday loans.
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