what is big picture loans
Published December 9, 2023Unveiling the Truth Behind Big Picture Loans: What You Need to Know
Title: What is Big Picture Loans? A Comprehensive Guide to Understanding This Online Lending Platform
Introduction:
In today's fast-paced world, financial emergencies can arise at any time, and many people turn to online lending platforms to fulfill their immediate cash needs. One such platform that has gained popularity in recent years is Big Picture Loans. However, with hundreds of online lending options available, it can be challenging to know which one is the right fit for your specific needs. In this article, we'll dive into the details of Big Picture Loans, its features, benefits, and how it works, so you can make an informed decision about whether it's the right lending platform for you.
What is Big Picture Loans?
Big Picture Loans is an online lending platform that offers short-term installment loans to help people cover their unexpected expenses. The company was founded in 2013 and is based in Watersmeet, Michigan. Unlike traditional payday loans, Big Picture Loans provides longer repayment terms, making it an attractive alternative for those who need a larger sum of money but cannot repay it in a single payment.
How does Big Picture Loans work?
Big Picture Loans offers loans ranging from $200 to $3,500 with repayment terms ranging from 4 to 18 months. The application process is entirely online, making it convenient for borrowers to apply from the comfort of their homes. To apply for a loan, you'll need to fill out an online form with your personal, employment, and banking details. The company also requires proof of income and a valid checking account to verify your eligibility.
Once you submit your application, the company will review it and provide an instant decision. If approved, the funds will be deposited into your bank account as soon as the next business day. It's worth noting that Big Picture Loans conducts a credit check as part of the application process, but the company claims that having a bad credit score will not affect your chances of approval.
What are the benefits of using Big Picture Loans?
One of the main advantages of using Big Picture Loans is its flexibility in repayment options. Unlike traditional payday loans, which require you to repay the entire amount within a short period, Big Picture Loans gives you the option to repay the loan in installments. This can be a lifesaver for those who need a larger sum of money but don't have the means to pay it back all at once.
Another significant benefit of using Big Picture Loans is that the company reports your payment history to major credit bureaus. This means that if you make timely payments, your credit score will improve, making it easier for you to access credit in the future.
Big Picture Loans also offers a unique loyalty program for its customers. As you repay your loan, you'll earn points that can be redeemed for discounts on future loans. This feature sets them apart from other online lending platforms and shows their commitment to customer satisfaction.
What are the potential drawbacks of using Big Picture Loans?
While Big Picture Loans has many benefits, it's essential to be aware of potential drawbacks as well. One of the main concerns is the high-interest rates. The company's APR can range from 350% to over 700%, which is significantly higher than traditional loans. This means that if you fail to repay the loan on time, the interest and fees can add up quickly, making it difficult to repay the loan in full.
Additionally, Big Picture Loans doesn't have a physical location, so all communication takes place online or over the phone. This may not be ideal for some people who prefer face-to-face interactions when dealing with financial matters.
Is Big Picture Loans a legitimate lending platform?
Yes, Big Picture Loans is a legitimate lending platform that is registered and licensed in the state of Michigan. They have a strict Privacy Policy, and all their operations are in compliance with the Online Lenders Alliance's Best Practices policies.
Conclusion
In conclusion, Big Picture Loans is a reputable online lending platform that provides short-term installment loans for those who need quick access to cash. Its flexibility in repayment terms, loyalty program, and commitment to customer satisfaction make it an attractive option for many borrowers. However, it's essential to thoroughly consider the high-interest rates and potential drawbacks before making a decision. We hope this guide has provided you with valuable insights into what Big Picture Loans is and how it works, helping you make an informed decision about your financial needs.
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