What exactly are Big Picture Loans?

Big Picture Loans Review. It is a tribal lender that provides personal installment loans. On its webpage, the company claims that 94 percent of applications are approved. It begins originating all authorized loans the following working day.

Big Picture Loans, formerly called Castle Payday loans,  offer installment loans with high-interest rates. The rates are on par with, if not beyond, the interest rates on cash advances. Per the Federal Reserve Bank of St. Louis, the average APR for payday loans online was 391 percent. Big Picture Loans has an APR range of 350 percent to 699 percent for new consumers. An APR of 350 percent is used as an example on the website (the minimal). A borrower who takes out a $1,000 payday loan will be charged $922.92 in interest (on top of the $1,000). That is if all payments are made on time.

Is Big Picture Loans a licensed company?

Customers should know the Lac Vieux Desert Band of Lake Superior Chippewa Indians. It is a state-recognized Indian band that is exempt from state legislation. They do not need to be registered or controlled by the state. They can charge interest rates greater than the state’s maximum of 390 percent.

The “Financial Service License” is prominently displayed on Big Picture Loans’ website. Loan documents. Potential borrowers need to understand that this isn’t a state-issued license. It comes from the tribe’s regulatory authority. This firm has no checks and balances because it isn’t a member of the Online Lenders Alliance.

Typical Loan Terms for Large-Scale Loans

Big Picture Loans provides installment loans that are similar to personal loans. The funds can be used for medical crises, major purchases, and vacations. Installment loans, unlike personal loans, have a payday rate of interest compared to a loan. The terms connected with Big Picture Loans’ installment loans are shown below.

• The possibility of obtaining a loan amount ranging from 200 to $3,500
• A loan with a period of four to eighteen months
• The APR can vary from 350 percent to 699 percent for new borrowers.
• A repeat customer consumer has the lowest rate, which is 35%.

Online Reputation Management

Ensure you assess the Big Picture Loan’s terms and conditions. Borrowers must perform an internet search to evaluate the company’s online reputation. It will give you an idea of what genuine customers say about the business.

The Better Business Bureau (BBB Business Profiles) is an excellent place to start.

However, it could be more beneficial in this case.

When we started our inquiry, big Picture Loans was not BBB accredited. It had an “A” rating on its BBB business profile and several customer complaints regarding high-interest rates and poor customer service department. The only thing you’ll see now is a notice indicating the site is being updated. The company has had some class actions, including the settlement of Williams, Galloway I, and Galloway II that was filed in yet another case, Renee Galloway et al.

BestCompany.com gathered more than 170 potential customer reviews. The consumer loan company received a 1.3 out of five-star rating from these users. Furthermore, the high borrowing rates were a common gripe. Some consumers complained that the company informed them they needed to contact three of their banks.

The Big Picture Loan has some advantages compared to other types of loans.

• Quick approval and quick cash in hand in as little as 24 hours
• Low-credit-score individuals qualify for loans.
• There are no consequences for paying in advance.
• No prepayment penalties.
• Loans are accessible in all 50 states and the District of Columbia.
• They provide a free “Financial Health and Wellness” program. It provides individuals with information and services to improve their financial health.

The advantages and disadvantages of a loan that incorporates Big Picture Loans

• Late charges and late payments may result in additional penalties and fees.
• The market’s highest rates of interest
• Customer service has a fearsome reputation.
• It does not have to follow the norms and regulations of the state.

How to Make an Application for a Loan Loan with a Big Picture

If you’re interested in applying for a loan with Big Picture Loans, you’ll be pleased to find that filling out an online form takes less than five minutes. To get started, follow the instructions below.

1. Check to see if you meet Big Picture Loans’ qualifying conditions. They ask you to be 18 years old and have a stable salary of at least 700 per month. Keep a current and excellent-shaped bank account, and have a legitimate phone number. Other requirements include an email address., physical address, and mailing address. 
2. Click the green “Apply Now” button on the company’s website.
3. Fill up the blanks with your personal information. Then decide whether you’d like to receive an SMS or not. Examine the Consent to Electronic Communication and Privacy Notice. Then, check the box to certify that you completed this step. Create a username and password for your account. your account
4. Fill in the blanks with your financial information. It contains information about your present work and information about your bank account.
5. Examine the application process to ensure that all of the information is correct. Select the “Submit” button.

Alternatives to Big Picture Loans that are more effective

Borrowers get trapped in a debt cycle due to excessive interest rates on loans. Quick access to cash in an emergency may seem enticing. However, it’s critical to check the borrowing’s long-term repercussions. Consider one of the following solutions instead of before submitting the loan agreement:

Payday Alternative Loan (PAL).

If you are a federal credit union member and meet the requirements, you can apply for a PAL loan. A PAL’s interest rate is never more than 28%, and the application cost is never more than $20. Borrowers who apply for a PAL I get quick loan approvals. . The sum can be increased to $2,000 with a PAL II loan. It is far less expensive than the rates offered by Big Picture Loans.

Negotiate a payment plan:

You can agree on a payment schedule depending on what you need the loan for. Dentists set up family emergency payment plans for root canals and teeth extractions. Utility providers average their annual product costs and put customers on a budget. It never hurts to inquire!

Payoff

Borrowers looking for a cash loan to pay off high-interest credit cards might look into Payoff.com. On loans between $40,000 and $150,000, the firm offers rates ranging from 5.99 percent APR to 24.99 percent APR. Except for Massachusetts, Mississippi, Nebraska, and Nevada, the loans are accessible in all states. The Payoff loan’s most attractive feature is that it’s supposed to raise your credit score by 40 points.

Organize a yard sale auction:

Almost everyone has a home full of goods they don’t need or desire. Borrowers may sell them at a yard sale or on an internet marketplace like Craigslist or a local Facebook Swap-Swap group. Start by going through each room in your house and removing anything you haven’t used in the last year. The next step is to sell them on your favorite internet marketplace. You might have enough money to pay your unforeseen costs within a week.

Find pawnshop credit.

Most people have precious goods you don’t want to give away at an estate sale or auction. They can take them to a pawnshop and use them as collateral to receive a loan. You can reclaim the products if you make timely payments on your pawn shop loan. Only choose this option if you are confident that you will be able to meet the loan contract’s requirements.

Applications for cash in advance.

To get a cash advance, download an app to your smartphone (Earnin is a good one). It’s completely free. Customers can use the loan process to get an early payment discount. Customers are not charged fees or interest; instead, they are asked to provide a “tip” to assist with the service.