Helping Canadians Get Out of Debt
Marble Financial Inc. (CSE:MRBL,OTCQB:MRBLF) is a financial technology company that specializes in consumer credit, providing proven financial credit rebuilding strategies for Canadians. The company has pioneered socially-responsible credit rebuilding solutions for consumers in a soft bankruptcy insolvency event. Since the company’s inception in 2016, Marble Financial has assisted over 1,100 Canadians and has funded over C$10 million in consumer proposal discharge loans in order to assist these Canadians to accelerate their credit rebuilding. The company currently generates revenue through traditional lending practices in a niche market and is focused on monetizing future additional features on its proprietary platform and increasing its product offering as customers move upstream in the credit space.
Marble Financial has developed a proprietary personal finance and credit wellness platform. The current “Marble platform” provides its customers with a budgeting tool to track monthly spending versus pre-established budgets, reminders and notifications to manage upcoming payments, free credit score monitoring and an online loan application for a consumer proposal discharge loan. The company is focused on offering socially responsible credit rebuilding solutions; specifically, working with Canadians who are in a consumer proposal.
Marble Financial is the only credit wellness company in Canada that offers an unsecured loan to qualified Canadians to retire an active consumer proposal as the first step in their journey to rebuild their credit. Since 2016, Marble Financial has helped Canadians rebuild their credit in less than half the time it takes through a traditional consumer proposal, while maintaining default levels that are one-half of those reported by other Canadian under banks through their traditional loan products.
A consumer proposal, sometimes referred to as a soft bankruptcy, is a legally-binding process that is overseen by licensed insolvency trustees (LIT). The process is designed to assist Canadians that are financially insolvent. This process results in creditors accepting a negotiated settlement – ‘cents on the dollar’ – that is to be repaid by the consumer over a specified period of time, usually 48 to 60 months. Over the past decade, consumer proposals have become more popular than bankruptcies and now make up the majority of consumer insolvency filings. A consumer proposal reports on the credit bureau as a bankruptcy; hence, severely and negatively impacting the consumer’s credit score. It can take up to eight years for the record of the consumer proposal to be removed from the consumer’s credit report, resulting in very limited, if any, access to credit to start the rebuilding process.
Through the company’s proprietary dashboard of services, Marble Financial offers its credit rebuilding strategies to consumers who are in an active consumer proposal. Marble’s consumer proposal discharge offer is a flexible, unsecured loan of up to C$15,000 with interest rates between 18.99 percent and 24.99 percent. With this product, Marble Financial pays out the consumer proposal for qualified applicants. The flexibility of the loan terms and interest rates ensures that the consumer can maintain their payment obligation with a similar amount they are currently paying to the LIT. At the same time, the consumer is afforded the opportunity to pay out the loan early. Access to mainstream credit increases as their credit score and wellness improves with regular and timely payments aligned with the consumer’s payroll.
The company has partnerships in place, specifically with one of the largest independent credit counseling companies in Canada. To date, this partnership has provided Marble Financial with a majority of its clients – clients that have applied and qualified for Marble’s consumer proposal discharge loan by taking a proactive approach to rebuilding their credit.
Marble Financial continues to add more partnerships and referral programs to increase consumer awareness and access to the growing number of Canadians filing consumer proposals annually. With further development, acquisition and integration of additional financial technology products and services, Marble continues to educate and assist Canadians on how to maintain good credit and financial wellness.
Marble Financial’s Company Highlights
- Marble Financial generates revenue through interest and service fees.
- The proprietary financial wellness dashboard includes free monthly credit scores, push email notifications, a real-time budget app, loan application system and partner agent referral portal.
- The company intends to monetize the dashboard features and information gathered with personalized product offerings.
- Over C$10 million in loans funded since its inception in 2016.
- Marble Financial’s credit rebuilding strategies can help restore credit scores to mainstream banking levels in less than half the time of that of traditional government-regulated consumer proposal.
- In 2018, over 125,000 Canadians filed for consumer-insolvency and over half (56 percent) filed as a consumer proposal.
- MNP Ltd., accounting firm reported that 46 percent of Canadians are C$200 away from financial insolvency at any given month end.
- Issues flexible, unsecured loans of up to C$15,000 with interest rates between 18.99 percent and 24.99 percent for qualified consumers.
- Marble Financial’s loan default rate is less than half of the rate reported by other under banks offering traditional loan products.
- Management, directors and insiders notably own approximately 33 percent of the company’s common shares.