Let us introduce MyMarble’s Secured Future Credit Plan, a savings program and a credit improvement tool all rolled into one. The Secured Future Plan is a GIC Loan, which stands for Guaranteed Investment Certificate. And a GIC Loan isn’t a cash loan, but it is a safe and secured investment with minimal risk. It helps you reach your financial goals by promoting savings and credit improvement. We’ll discuss a little more about how that works in this article.

So as we mentioned, the Secured Future Credit Plan is an affordable credit improvement and savings builder. That means you will invest your own money into a savings fund, for your future financial goals. And while you make your payments, your credit score will begin to increase. Great, right? So if you are looking to get started, you can opt for either a $2,000 or $3,000 savings plan. And what’s even better, is that you can expect an estimated credit score increase of 20 to 200+ points, depending on your current financial habits and credit file.

If you have never heard of this type of program, that’s ok! We have decided to answer ten frequently asked questions to help you understand better the value of The Secured Future Credit Plan. Check it out:

1 – What is a Secured Future Credit Plan, and how does it work?

As mentioned, the Secured Future Credit Plan is NOT a cash loan, but it’s a savings and credit improvement program rolled into one. Depending on the saving option you choose, when you make repayments, we will report them to the credit bureaus Equifax & TransUnion, which will help to improve your credit score. At the end of the 36-month program, you will have accumulated a savings fund and can withdraw it. Your savings plan starts here! Get ready to learn great saving habits and work towards your financial goals.

2 – What are the details, interest rates and administration fees?

The Secured Future Credit Plan has two saving loan options: $2,000 or $3,000. The loan term is 36 months, with an added interest rate of 13.99% (APR 27.3390% and 23.0373%). In addition, check out the breakdown of the exact details of each of the plans:

  • For $2400 unsecured loan borrowed for 36 months at 27.3390%: Monthly Payments $82.01; Total repayment including $400 administration fee with additional interest rate. Cash return at the end of term: $2000.
  • For $3400 unsecured loan borrowed for 36 months at 23.0373%; Monthly Payments $116.19; Total repayment including $400 administration fee with additional interest rate. Cash return at the end of term: $3000.
3 – How much money will I save?

You can choose to save either $2,000 or $3,000 and make monthly payments over 36 months.  As detailed above, your total repayment amount will include an additional interest rate of 13.99% (APR 23.0373% and 27.3390%) and an administration fee of $400. 

4 – How many points will my credit score increase?

Depending on your current financial habits and your credit score, you can expect an increase of anything between 20 and 200+ points when utilizing the Secured Future Credit Plan. With a GIC Loan, your payments are reported to both credit bureaus TransUnion & Equifax, which help increase your credit score. And a good credit score opens the door up for many more exciting financial opportunities.

5 – Is this a cash loan?

The Secured Future Credit Plan is NOT a cash loan. If you’re looking to begin a savings fund using your own money and improve your credit score along the way, this plan is for you. Making monthly payments to the Secured Future Credit Plan helps you get in the habit of saving and prioritizing making your debt payments on time. Once you’re ready to obtain a loan product in the future, you will have developed good payment habits and a good credit score. And a good credit score allows you to get favourable interest rates for any future loan products, too. A win, win!

6 – Can I withdraw my money at any time from the secured future credit plan?

Yes! At any stage throughout the program, you can withdraw your cash minus the percentage of your contribution that was interest or part of the administration fee. But we do recommend staying with the program for the 36 month period. You can then save the most amount of money, and achieve the highest credit score possible within the program.

7 – How does Secured Future Credit Plan help me improve my credit score?

A GIC Loan is an excellent way of improving your credit score. Not only are your payments kept in a savings fund, but they are reported to the two credit bureaus TransUnion & Equifax, to help improve your credit score. Payment history is an important factor used to calculate your credit score. Once you make positive payments to the Secured Future Credit Plan, you can continue to boost your score.

8 – Who is eligible for the Secured Future Credit Plan?

The Secured Future Credit Plan is available for Canadian’s in Ontario & British Columbia who are at the age of majority in these respective regions.

9 – Why is a good credit score important?

Having a good credit score is very important for your financial health. If you want to borrow money to buy a house, finance a car, or obtain a personal loan, a good credit score can be the deciding factor on whether you’re approved or not. In addition, your credit score can influence what interest rates and fees you pay back on top of your loan payments.

When obtaining a credit card, among other factors, your credit score may influence your credit limit and any rewards & benefits you may receive too. In addition, a potential landlord or new job may check your credit score. A good credit score opens up the door to significant financial opportunities and allows you to apply for any financial product, with ease and without stress or worry.

10 – How does MyMarble & Secured Future Credit Plan complement each other?

To boost your approval power and allow you to avail of lower interest rates, combine the Secured Future Credit Plan with your MyMarble Premium subscription. Along your journey to better credit health, you can track your credit score and receive personalized recommendations on steps you can take to improve it.

In addition, you can track your spending habits by connecting your bank account. Our software will analyze your banking data to provide recommendations on specific ways to better utilize your income and budget.

The Bottom Line

So if you’re ready to boost your credit score and save some money along the way, the Secured Future Credit Plan is for you. We recommend that you sign-up for a MyMarble account and utilize the Secured Future Credit Plan simultaneously. By doing this, you can add extra credit boosting power to your score. In addition, you can improve your budget, and pay down debt faster. With the Secured Future Credit Plan, you can expect to see a credit score increase of 20 to 200+ points. Then, we will securely save your money in a trust. Ideally, we recommend you withdraw your money at the end of the 36-month GIC Loan to save the most money. Sign-up for the Secured Future Credit Plan via MyMarble portal here.

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Marble Financial empowers Canadians to achieve their financial goals with MyMarble, Canada’s best virtual financial fitness trainer. Got a financial goal? MyMarble will help you reach it by providing you with personalized recommendations on how to improve your credit, better your budget and eliminate debt slowly.