Apply

Apply for a loan online. The application process is simple,Quick and Secure

Get A Decision

We will tell you right away if you're pre-approved for a certain amount - choose how much you want.

Get Your Cash

Receive your cash instantly. You can also get it same day via direct deposit within the next business day.

bigpictureloans review

Uncovering the Truth: A Comprehensive Review of Big Picture Loans

bigpictureloans review

Introduction

When it comes to financial emergencies, getting a loan may seem like the only option. However, traditional loans from banks and credit unions often come with lengthy paperwork and strict requirements that make it challenging for individuals with low credit scores to get approved. This is where alternative financial solutions, such as online personal loans, come in handy. One such lender is BigPictureLoans, a tribal lending company that offers loans to individuals with bad credit. In this comprehensive review, we will dive into BigPictureLoans' services, terms, and customer reviews to help you determine if it's a reliable option for your financial needs.

About BigPictureLoans

BigPictureLoans is a tribal lending company owned and operated by the Lac Courte Oreilles Band of Lake Superior Chippewa Indians, a federally recognized Indian tribe. This means that the company operates under the tribe's laws, which may differ from state laws, making it an attractive option for individuals who may not have access to traditional lending options. Founded in 2013, BigPictureLoans aims to provide accessible and flexible loans to individuals who may not have perfect credit scores. The company is based in Watersmeet, Michigan, but its services are available to individuals nationwide.

Loan Products and Terms

BigPictureLoans offers personal installment loans, also known as tribal installment loans, ranging from $200 to $3,500. The loan term can vary from 4 to 18 months, depending on the borrower's repayment capabilities and the amount borrowed. The annual percentage rates (APRs) for these loans can range from 471.78% to 841.45%, which is significantly higher compared to traditional lenders. However, these rates are within the average range for tribal lenders.

The application process for a BigPictureLoans' loan is simple and can be completed entirely online. To qualify for a loan, you must be at least 18 years old, a US citizen or permanent resident, have a steady income, and an active checking account. While bad credit is not a major factor in the approval process, the company will review your credit history to assess your repayment capabilities and determine the loan amount.

Repayment Options and Fees

BigPictureLoans offers flexible repayment options, allowing borrowers to repay the loan in installments, which can be weekly, bi-weekly, or monthly. The company also offers a 5-day grace period for late payments before charging any additional fees. However, it's important to note that missing payments or defaulting on the loan can result in significant penalties, including late fees, collection fees, and even legal action.

Customer Reviews

When it comes to customer reviews, BigPictureLoans has mixed feedback. Some borrowers appreciate the company's fast and accessible loan process, while others complain about high interest rates and hidden fees. The company has an A+ rating with the Better Business Bureau, but it also has several customer complaints and negative reviews on its BBB profile. It's essential to carefully review the terms and conditions before applying for a loan from BigPictureLoans to avoid any surprises.

Is BigPictureLoans a Reliable Option?

BigPictureLoans offers loans to individuals with bad credit, making it a convenient option for those who may not qualify for traditional loans. The company also provides flexible repayment options and has a fast and straightforward application process. However, it's important to note that the high interest rates and potential fees for late or missed payments can make the loan significantly more expensive than the initial amount borrowed. It's crucial to carefully review the terms and conditions and consider alternative options before committing to a loan from BigPictureLoans.

Conclusion

BigPictureLoans is a tribal lending company that offers loans to individuals with bad credit. While it has fast and accessible loan services, the high interest rates and potential fees make it a costly option. So, if you're considering a loan from BigPictureLoans, make sure to carefully review the terms and conditions and compare it to other options before making a decision. Additionally, ensure that you have a solid repayment plan in place to avoid penalties and potential legal action.

 

 

 
Relate Post
IMPORTANT: The Operator of this website is not a lender, financial institution, loan broker or an agent of a lender or loan broker and does not make any credit decisions. This service, which connects consumers with eligible third party lenders, is free to consumers. This service does, however, receive payment from lenders for referring lead data to them. Although multiple factors dictate the order in which lenders have the opportunity to purchase a lead, the highest bidding lender will most often get the opportunity. Lenders may perform credit checks through any credit reporting bureau and may also verify the information that you provide on this form including social security number, address, phone number, employment history, bank account information etc. Information may be shared with non-lenders or other intermediary service providers (like us) to help you connect with a lender. This service works with many different kinds of lending partners, including tribal lending institutions. Federally recognized Indian tribes are independent sovereign nations and their wholly owned entities are generally not required to follow state and local laws regarding rates, fees and other loan related conditions. However, Indian tribes and their wholly owned entities are required to follow some applicable federal laws. If you are connected with a tribal entity, be sure to check their rates as they may carry higher interest rates when compared to state-licensed lenders. The Truth in Lending Act requires lenders to disclose rates, fees and other important conditions of a loan. After checking the terms, make a determination of whether or not you can afford the payments. We earnestly encourage you to reject any offer that is not within your financial means. Short-term, small-dollar loans are not a long term solution to financial hardship. You may also consider seeking professional advice regarding your financial circumstances and alternatives to loan products. Late payments of loans may result in additional fees or collection activities, or both. Each lender has its own terms and conditions. Please familiarize yourself with your lender<92>s policies for further information. Additionally, failure to repay your loan may carry nonpayment penalties and collection activities. Please review nonpayment terms with your lender directly. Every lender has a different renewal policy please review your particular lender<92>s renewal policy for more information. State Availability: Lenders that participate in the services provided by this website do not offer loans in every state. If you are from a state that the lenders do not service, you will not be able to be connected to a lender. Our service does not constitute an offer or solicitation for any loan products that are prohibited by state law. Additionally, this is not a solicitation for any particular loan and is not a loan offer.