Big Picture Loans Review. It is a tribal lender that provides personal installment loans. It begins originating all authorized loans the following working day. The company’s webpage claims that 94 percent of loan applications are approved.
Big Picture Loans, formerly called Castle Payday loans, offer installment loans with high-interest rates. The rates are on par with, if not beyond, the interest rates on cash advances. Per 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). 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 and the loan application is accepted.
Is Big Picture Loans a licensed company?
Customers should know the Lac Vieux Desert Band of Lake Superior Chippewa Indians. It is a state-recognized Indian tribe that is exempt from state legislation. They do not need to be registered or controlled by the state. They can charge interest rates greater than the state’s maximum of 390 percent.
Loan documents. The “Financial Service License” is prominently displayed on Big Picture Loans’ website. Potential borrowers need to understand that this isn’t a state-issued license. It comes from the tribe’s regulatory authority. This firm has no checks and balances because it isn’t a member of the Online Lenders Alliance.
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, major purchases, and vacations. Unlike personal loans, installment loans have a payday interest rate compared to a loan. Their online application process is simple and quick. The terms connected with Big Picture Loans’ installment loans are shown below.
- The 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 repeat customer consumer has the lowest rate, which is 35%.
Online Reputation Management
Ensure you assess the Big Picture Loan’s terms and conditions during the online application. Borrowers must perform an internet search to evaluate the company’s online reputation. It will give you an idea of what genuine customers say about the business.
The Better Business Bureau (BBB Business Profiles) is an excellent place to start.
However, it could be more beneficial in this case.
When we started our inquiry, big Picture Loans was not BBB accredited. It had an “A” rating on its BBB business profile and several customer complaints regarding high-interest rates and poor customer service department. The only thing you’ll see now is a notice indicating the site is being updated. The company has had some class actions, including the settlement of Williams, Galloway I, and Galloway II that was filed in yet another case, Renee Galloway et al.
GreenDayOnline.com gathered more than 170 potential customer reviews. The consumer loan company received a 1.3 out of five-star rating from these users. Furthermore, the high borrowing rates were a common gripe. Some consumers complained that the company informed them they needed to contact three of their banks. One possible improvement for the company could be stating their business hours for better customer support and easier communication.
The Big Picture short-term loan has some advantages compared to other types of loans.
- Quick approval and quick cash in hand in as little as 24 hours
- Low-credit-score individuals qualify for loans.
- There are no consequences for paying in advance.
- No prepayment penalties.
- Loans are accessible in all 50 states and the District of Columbia.
- They provide a free “Financial Health and Wellness” program. It provides individuals with information and services to improve their financial health.
The advantages and disadvantages of a short-term loan that incorporates Big Picture Loans
- 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.
- It does not have to follow the norms and regulations of the state.
How to Make an Application for a short-term loan 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 and consider the loan duration that best fits your needs.
- Check to see if you meet Big Picture Loans’ qualifying conditions. They ask you to be 18 years old and have a stable monthly salary of at least 700. Keep a current and excellent-shaped valid bank account, and have a legitimate phone number. Other requirements include an email address, physical address, and mailing address.
- Click the green “Apply Now” button on the company’s website.
- 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. Then, check the box to certify that you completed this step. Create a username and password for your account. your account
- Fill in the blanks with your financial information. It contains information about your present work and your valid 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 get trapped in a debt cycle due to excessive interest rates on loans. Quick access to cash in an emergency may seem enticing. However, it’s critical to check the borrowing’s long-term repercussions. Consider one of the following solutions instead of before submitting the loan agreement:
Payday Alternative Loan (PAL).
You can apply for a PAL loan if you are a federal credit union member and meet the requirements. 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 get quick loan approvals. Additionally, a well-structured repayment schedule is provided to make it easier for the borrower to pay off the loan. The sum can be increased to $2,000 with a PAL II loan. It is far less expensive than the rates offered by Big Picture Loans.
Negotiate a payment plan:
Before taking out a high-interest loan, try negotiating a repayment schedule with your creditors. This can help spread your debt and make it more manageable, potentially avoiding needing a costly loan.
You can agree on a loan payment schedule depending on what you need the loan for. Dentists set up family emergency loan payment plans for root canals and teeth extractions. Utility providers average their annual product costs and put 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. The Payoff loan payment’s most attractive feature is that it’s supposed to raise your credit score by 40 points. Except for Massachusetts, Mississippi, Nebraska, and Nevada, the loans are accessible in all states.
Organize a yard sale auction:
Almost everyone has a home full of unnecessary or desired goods. Borrowers may sell them at a yard sale or on an internet marketplace like Craigslist or a local Facebook Swap-Swap group. Start by reviewing 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 have enough money to pay your unforeseen costs within a week.
Find pawnshop credit.
Most people have precious goods they want to keep from giving away at an estate sale or auction. They can 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. Only choose this option if you are confident that you can meet the loan contract’s requirements. This is a viable option for those with bad credit who need help to secure loans from traditional lenders.
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 loan process to get an early payment discount. Customers are not charged fees or interest; instead, they are asked to provide a “tip” to assist with the service.
Here are some statistics on Big Picture Loans:
|Average interest rate
|350% to 699% APR
|Average repayment term
|4 to 18 months
|Maximum loan amount
|Minimum credit score
|No minimum credit score required
|Late payment fees, origination fees, prepayment penalties
Big Picture Loans Alternative
It is an alternative to Big Picture Loans and helps facilitate access to loan products by connecting consumers with lenders. MoneyKey connects customers with loans from an experienced loan provider with quick, convenient access to capital and financial products.
MoneyKey does not require a soft credit check for borrowers, meaning anyone can qualify for a loan regardless of their credit score. Also, MoneyKey allows customers to receive the funds they need within 24 hours once their application is approved.
Money Key aims to make getting credit simple, secure, and easy so customers can get the money they need when they need it most. With MoneyKey’s streamlined application process, it takes just minutes to apply for a loan and receive a decision in less than two hours. No matter how urgent your financial needs are, you can count on MoneyKey as an outstanding backup source when other financing isn’t an option.
An elastic loan is a borrowing option that allows you to borrow more money than you originally intended to. This is great for businesses that need more money than they initially planned to borrow to carry out their business plans. For example, if a business plans to launch a new product line and needs $10,000, but the loan only requires $5,000, the business can request a $5,000 elastic loan. If they are approved, they can borrow the full $10,000.
Think of it like your bank account! If you have extra cash in your bank account, you don’t have to spend it all at once; you can save it and use it when you want. Similarly, with an elastic loan, your lender will allow you to spend more than originally planned when borrowing money. An elastic loan is also known as an “unsecured loan.”
- Amone Loans
Amone Review is an online loan marketplace that offers a wide range of financial products, such as personal loans, student loans, and debt consolidation. They provide customers with various loan options from different lenders, making it easy to compare rates and find the best deal for their needs. Amone also has an in-house credit advisory team who can help customers improve their credit scores.
Customers can apply for a loan directly on the Amone website. The application process is quick and simple, allowing most customers to get approved in minutes. Customers can then choose from several lenders offering the best rates, ensuring they get the lowest interest rate possible.
- Advance America
Advance America cash advance is a great alternative to Big Picture Loans. It offers many services, such as payday, installment, and cash advances. Furthermore, Advance America’s customer service and care go beyond the ordinary. The company strives to ensure customers understand their products and have the right resources to make smart financial decisions before signing up for them.
Frequently Asked Questions
What is the purpose of Big Picture Loans, and how do they differ from traditional lenders?
Big Picture Loans provides an alternative source of personal loans to borrowers who may not qualify with banks. They offer higher approval odds for lower credit scores but have higher interest rates.
How can I apply for a loan with Big Picture Loans, and what are the eligibility requirements for borrowers?
Borrowers can apply online at bigpictureloans.com. Eligibility requires ID, income over $800/month, a bank account, proof of residency, and a minimum credit score around 580.
What types of loans does Big Picture Loans offer, and what are the terms and conditions associated with their loans?
Big Picture Loans offers unsecured personal installment loans from $500-$10,000 with repayment terms between 6-60 months and APRs ranging from 90-360%. Loans have origination and late fees.
What are the interest rates and fees typically associated with loans from Big Picture Loans, and how does their pricing compare to other online lenders?
Big Picture Loans has interest rates from 90-360% APR and origination fees up to 6%. This is significantly higher than other online lenders, making their loans very expensive.