Big Picture Loans Review. It is a tribal lender that provides personal installment loans. On its webpage, the company claims that 94 percent of applications are approved and that it begins originating all authorized loans the following working day. The Lac Vieux Desert Band of Lake Superior Chippewa Indians Tribe controls the corporation in Watersmeet, Michigan. For the past eight years, the firm has been in operation.
Big Picture Loans offer an installment loan with highly high-interest rates that are on par with, if not beyond, the interest rates on cash advances. According to the Federal Reserve Bank of St. Louis, the average APR for payday loans online was 391 percent. Big Picture Loans has an APR range of 350 percent to 699 percent for new consumers. An APR of 350 percent is used as an example on the website (the minimal. ) In this case, a borrower who takes out a $1,000 payday loan will be charged $922.92 in interest (on top of the $1,000). That is if all payments are made on time.
Is Big Picture Loans a licensed company?
Customers should be aware that the Lac Vieux Desert Band of Lake Superior Chippewa Indians is a state-recognized Indian band that is exempt from state legislation. This means they do not need to be registered or controlled by the state, and they can charge interest rates greater than the state’s maximum of 390 percent.
The “Financial Service License” is prominently displayed on Big Picture Loans’ website. Loan documents. Potential borrowers need to understand that this isn’t a state-issued license but one given by the tribe’s regulatory authority. This firm has no checks and balances because it isn’t even a member of the Online Lenders Alliance, which many other tribal lenders have opted to join.
Typical Loan Terms for Large-Scale Loans
Big Picture Loans provides installment loans that are similar to personal loans. The funds can be used for medical crises, large expenditures, and even vacations. Installment loans, unlike personal loans, have a payday rate of interest compared to a loan. The terms connected with Big Picture Loans’ installment loans are shown below.
- Possibility of obtaining a loan amount ranging from 200 to $3,500.
- A loan with a period of four to eighteen months.
- The APR can vary from 350 percent to 699 percent for new borrowers.
- A consumer that is a repeat customer has the lowest rate, which is 35%.
- On the next business day.
Online Reputation Management
Following your assessment of the Big Picture Loan’s terms and conditions, you should perform an internet search to evaluate the company’s web reputation. It will give you an idea of what genuine customers say about the business.
An excellent place to start is the Better Business Bureau (BBB).
However, it isn’t especially beneficial in this case.
Big Picture Loans was not an accredited BBB firm when we started our inquiry. Still, it did have an “A” rating and several customer complaints regarding high-interest rates and bad customer support. The only thing you’ll see now is a notice indicating the site is being updated.
BestCompany.com gathered more than 170 customer reviews. Big Picture Loans received a 1.3 out of five-star rating from these users. Furthermore, the high borrowing rates were a common gripe. Some consumers also complained that Big Picture Loans informed them that they needed to contact three of their banks. Big Picture Loans demanded their bank login information, according to one consumer. Customers were also able to report inaccurate information and bad customer service in their ratings.
Some Big Picture Loan clients went to RipOffReport.com to alert other potential borrowers about the company. One consumer described the loan as “the most terrible mistake I’ve ever made.” (Castlepayday loans)
The Big Picture Loan has some advantages compared to other types of loans.
- Quick approval and cash in hand in as little as 24 hours.
- Low-credit-score individuals are viewed as.
- There are no consequences for paying in advance.
- Loans are accessible in all 50 states and the District of Columbia.
- A free “Financial Health and Wellness” program provides individuals with information and services to improve their financial health.
The advantages and disadvantages of a loan that incorporates Big Picture Loans
- Payments that are returned, late charges, and late payments may result in additional penalties and fees.
- The market’s highest rates of interest.
- Customer service has a fearsome reputation.
- Does not have to follow the norms and regulations of the state.
How to Make an Application for a Loan Loans with a Big Picture
If you’re interested in applying for a loan with Big Picture Loans, you’ll be pleased to find that filling out an online form takes less than five minutes. To get started, follow the instructions below.
- Check to see if you meet Big Picture Loans’ qualifying conditions. They ask you to be at least 18 years old, have a stable salary of at least 0 per month, keep a current and excellent-shaped bank account, and have a legitimate phone number.
- On the company’s website, click the green “Apply Now” button.
- Fill up the blanks with your personal information. Then decide whether you’d like to receive an SMS or not. Examine the Consent to Electronic Communication and Privacy Notice and then check the box to certify that you’ve completed this step successfully. Create a username and password for your account. your account
- Fill in the blanks with your financial information. This contains information about your present work and information about your bank account.
- Examine the application process to ensure that all of the information is correct. Select the “Submit” button.
Alternatives to Big Picture Loans that are more effective
Borrowers are frequently trapped in a debt cycle due to excessive interest rates on loans. Although rapid access to cash in an emergency may seem enticing, it’s critical to evaluate the borrowing’s long-term repercussions. Consider one of the following solutions instead of putting your money at risk by taking out one of Big Picture Loans’ high-interest installment loans:
- Payday Alternative Loan (PAL): If you are a federal credit union member and meet the requirements, you can apply for a PAL loan. A PAL’s interest rate is never more than 28%, and the application cost is never more than $20. Borrowers who apply for a PAL I loan can get up to 00. The sum can be increased to $2,000 with a PAL II loan. This is far less expensive than the rates offered by Big Picture Loans.
- Negotiate a payment plan: Depending on what you need the loan for, you may be able to agree on a payment schedule. Dentists, for example, would frequently set up family emergency payment plans for root canals and teeth extractions. Utility providers may also average their product costs over a year and put their customers on a budget. It never hurts to inquire!
- Borrowers looking for a cash loan to pay off high-interest credit cards might look into Payoff.com. On loans between $40,000 and $150,000, the firm offers rates ranging from 5.99 percent APR to 24.99 percent APR. Except for Massachusetts, Mississippi, Nebraska, and Nevada, the loans are accessible in all states. The Payoff loan’s most attractive feature is that it’s supposed to raise your credit score by 40 points.
- Organize a yard sale auction: Almost everyone has a home full of goods they don’t need or desire. They may be sold at a yard sale or on an internet marketplace like Craigslist or a local Facebook Swap-Swap group. Start by going through each room in your house and removing anything you haven’t used in the last year. The next step is to sell them on your favorite internet marketplace. You might have enough money to pay your unforeseen costs within a week.
- Find pawnshop credit: If you have a few precious goods that you don’t want to give away at an estate sale or auction, you may take them to a pawnshop and use them as collateral to receive a loan. You can reclaim the products if you make timely payments on your pawn shop loan. You should only choose this option if you are confident that you will be able to meet the loan contract’s requirements.
- Applications for cash in advance. To get a cash advance, download an app to your smartphone (Earnin is a good one). It’s completely free. Customers can use the applications to get an early payment discount. Customers are not charged fees or interest; instead, they are asked to provide a “tip” to assist the service.
I am David, economist, originally from Britain, and studied in Germany and Canada. I am now living in the United States. I have a house in Ontario, but I actually never go. I wrote some books about sovereign debt, and mortgage loans. I am currently retired and dedicate most of my time to fishing. There were many topics in personal finances that have currently changed and other that I have never published before. So now in Business Finance, I found the opportunity to do so. Please let me know in the comments section which are your thoughts. Thank you and have a happy reading.