big picture loan review
Published December 9, 2023Examining the Loans and Reviews of Big Picture Loan: What You Need to Know
Introduction
When it comes to getting a loan, there are many options available to individuals. However, not all loans are created equal and finding the right one for your specific needs can be a daunting task. Big Picture Loan is a lending company that offers short-term installment loans to help individuals bridge the gap between paydays or deal with unexpected expenses. In this article, we will take a closer look at Big Picture Loan and review its services, rates, and overall customer experience to help you make an informed decision.
What is Big Picture Loan?
Big Picture Loan is an online lending company that provides small installment loans to individuals with poor credit or no credit history. The loans are designed to help cover short-term financial needs and can range from $200 to $3,000. The application process is entirely online, and borrowers can receive funds in their bank account as soon as the next business day.
Services offered by Big Picture Loan
In addition to its installment loans, Big Picture Loan also offers a few other services to its customers. These include:
- Credit-building loans: These loans are specifically designed for individuals looking to improve their credit score. Borrowers can receive funds, which are then placed in a savings account and released gradually as payments are made on time.
- Financial Education: Big Picture Loan offers free financial education resources to its customers to help them manage their finances better and make informed decisions about their loans.
- Early repayment options: Unlike traditional lenders, Big Picture Loan allows borrowers to repay their loans early without any penalties or fees.
Interest rates and fees
One of the essential factors to consider when taking out a loan is the interest rate and fees. Big Picture Loan's annual percentage rate (APR) can range from 471.78% to 841.45%, which is significantly higher compared to other lenders. The high APR is due to the short-term nature of the loans and the risk associated with lending to individuals with poor credit.
In addition to the interest rate, Big Picture Loan also charges an origination fee of up to $149 for each loan. This fee is deducted from the loan amount and can result in borrowers receiving less money than they initially requested.
Application process
Big Picture Loan's application process is entirely online and can be completed in a few simple steps. Borrowers are required to fill out a short application form, which includes personal and financial information. Additionally, borrowers need to provide proof of income and a checking account for the loan funds to be deposited.
Once the application is submitted, Big Picture Loan will review it and provide a decision within minutes. If approved, the funds will be deposited into the borrower's bank account as soon as the next business day.
Pros and cons
As with any lending company, there are both advantages and disadvantages to using Big Picture Loan. Some of the pros include:
- Fast application and funding process: With an entirely online process, borrowers can apply for a loan and receive funds quickly, making it an ideal option for emergency situations.
- No prepayment penalties: Borrowers can pay off their loans early without any penalties, saving them money on interest.
- Credit-building loans: Big Picture Loan offers credit-building loans, which can be beneficial for individuals looking to improve their credit score.
Some of the cons of using Big Picture Loan include:
- High interest rates and fees: The high APR and origination fee can make these loans expensive in the long run.
- Limited loan amounts: Borrowers can only request up to $3,000, which may not be enough to cover some financial needs.
- Limited availability: Big Picture Loan is not available in all states, so not everyone can access their services.
Conclusion
In summary, Big Picture Loan is a lending company that offers short-term installment loans to individuals with poor credit or no credit at all. While their application process is fast and convenient, the high interest rates and origination fees can make these loans expensive. It is essential to carefully consider your financial situation and explore other options before taking out a loan with Big Picture Loan. Additionally, always remember to read and understand the terms and conditions before agreeing to anything. With the information provided in this article, you can make an informed decision and choose the best loan option for your needs.
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