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reviews on big picture loans

Unbiased Reviews: What Consumers Are Really Saying About Big Picture Loans

reviews on big picture loans


What Are Big Picture Loans?

Big Picture Loans is a leading lender in the online personal loan industry, offering loans to individuals who may have difficulty obtaining traditional loans from banks or credit unions. This company specializes in installment loans of up to $3,500, making it an attractive option for those in need of quick cash for unexpected expenses. With its streamlined application process and lenient eligibility requirements, Big Picture Loans has gained popularity among borrowers. However, before making a decision to take out a loan from this lender, it is crucial to understand the pros and cons and read reviews from previous customers. In this article, we will delve into the specifics of Big Picture Loans and its customer reviews.

Overview of Big Picture Loans

Big Picture Loans is an online lender based in Watersmeet, Michigan, and operates under the sovereign jurisdiction of the Lac Vieux Desert Band of Lake Superior Chippewa Indians. This tribal lender is not bound by state laws, allowing them to charge higher interest rates than traditional lenders. However, they do adhere to federal laws and regulations. The company was founded in 2012 and has since provided loans to thousands of customers.

How Does Big Picture Loans Work?

Applying for a loan with Big Picture Loans is a simple and straightforward process. The first step is to complete an online application, which includes providing personal information such as name, address, income, and bank account details. Applicants must be at least 18 years old, have a regular source of income, and a checking account in their name. The loan terms and interest rates are determined based on the borrower's creditworthiness. Once the application is submitted, customers will receive a decision within minutes, and if approved, the loan amount will be deposited into their bank account within one business day.

Pros of Big Picture Loans

1. Fast and convenient application process: One of the main advantages of using Big Picture Loans is the quick and effortless online application process. Customers can apply for a loan from the comfort of their homes, and the decisions are made within minutes, reducing the waiting time significantly.

2. No credit check required: Big Picture Loans does not require a credit check for loan approval. This is an appealing factor for individuals with poor credit scores who have difficulty obtaining loans from traditional lenders.

3. Flexible repayment options: The company offers flexible repayment options, allowing borrowers to repay their loans in installments over a set period, ranging from 12 to 44 months. This helps customers budget their payments and avoid financial strain.

4. High loan amounts: Big Picture Loans offers loans of up to $3,500, which is considerably higher than most online lenders. This amount can be useful for covering large expenses or emergency costs.

Cons of Big Picture Loans

1. High-interest rates: As a tribal lender, Big Picture Loans is not regulated by state laws, allowing them to charge high-interest rates. The annual percentage rates (APR) can be as high as 700% for some borrowers, making the loans expensive in the long run.

2. Limited eligibility: While Big Picture Loans may be a viable option for individuals with poor credit, the strict eligibility criteria may still exclude some borrowers. Applicants must have a steady source of income and a checking account in their name, which could be a barrier for those without a stable job or bank account.

3. Not available in all states: Big Picture Loans is not available in all states due to state regulations. Therefore, potential borrowers should check if the company operates in their state before applying.

What Do Customers Have to Say?

Reading reviews from previous customers can provide valuable insights into the experiences of actual borrowers. While Big Picture Loans has an overall positive reputation, some customers have expressed dissatisfaction with the high-interest rates and strict repayment terms. However, many others have praised the company for its easy application process and excellent customer service. It is essential to read both positive and negative reviews to get a well-rounded understanding of the lender.

The Verdict

Big Picture Loans is a viable option for individuals in need of quick cash and cannot obtain a loan from traditional lenders. The company offers fast and convenient loan processing, flexible repayment options, and high loan amounts. However, the high-interest rates and strict eligibility criteria may make it unaffordable for some borrowers. Reading reviews can help individuals make an informed decision about whether this lender is the right choice for them.



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