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big picture loans reviews bbb

Uncovering the Truth: BBB Reviews of Big Picture Loans

big picture loans reviews bbb

Introduction

Big Picture Loans is one of the most well-known tribal lending companies in the United States. It offers small-dollar personal loans to people in need of quick cash. With its easy online application process and quick turnaround time, the company has gained immense popularity. However, before applying for a loan, it is essential to review the company and its services. In this article, we will review Big Picture Loans, focusing on its reviews on the Better Business Bureau (BBB) website.

The Basics of Big Picture Loans

Big Picture Loans is a tribal lending company owned by the Lac Vieux Desert Band of Lake Superior Chippewa Indians. It is based in Watersmeet, Michigan, and is a sovereign entity, which means it operates under its own laws and regulations. The company offers personal loans from $200 to $3,500, with repayment terms ranging from 6 months to 24 months. It claims to provide a convenient and secure way for people to get the funds they need quickly, without having to go through a traditional bank or credit union.

BBB Ratings and Reviews

The BBB is a nonprofit organization that collects and reports information on business reliability, performance, and consumer complaints. It has been in operation for over 100 years and has accredited businesses in the US and Canada. The BBB rates companies on a scale of A+ to F, taking into account customer complaints, response to those complaints, and other relevant information.

Big Picture Loans has been accredited by the BBB since 2013 and currently has an A+ rating, the highest possible rating. According to the BBB website, the company has had only six complaints in the last three years, all of which have been resolved. This is an impressive achievement, considering the number of loan applications Big Picture Loans receives on a daily basis.

Pros of Big Picture Loans

Some of the pros of applying for a loan through Big Picture Loans are:

1. Quick and Easy Application Process: The application process for Big Picture Loans is entirely online, and it only takes a few minutes to complete. The company does not require any paperwork or collateral, making it a convenient option for those in urgent need of funds.

2. Competitive Interest Rates: Big Picture Loans offers competitive interest rates compared to other tribal lending companies, making it a more reasonable option for borrowers.

3. Flexibility in Repayment Terms: Borrowers have the option to choose repayment terms ranging from 6 months to 24 months, depending on the loan amount. This flexibility allows borrowers to plan their finances better and repay the loan on their terms.

Cons of Big Picture Loans

Some of the cons of applying for a loan through Big Picture Loans are:

1. Limited Availability: Big Picture Loans' services are not available in all states. It is only available in 35 states, limiting its reach to a significant number of potential borrowers.

2. Higher APRs: The company's APRs can be higher compared to traditional lenders, which can translate to a higher overall cost of borrowing.

Closing Thoughts

Big Picture Loans has a solid reputation on the BBB website, with an A+ rating and a low number of complaints. It offers quick and easy access to funds, making it a convenient option for those in need of small-dollar loans. However, like any other lending company, it is essential to carefully review the terms and conditions and ensure that the loan is within your means to repay. Overall, Big Picture Loans can be a reliable option for those in need of quick cash, but it is always wise to consider all available options before making a borrowing decision.

 

 

 
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