Big Picture Loans Reviews: Here’s What Should You Know!
Big Picture Loans is an online installment loan provider, which has its headquarter in Watersmeet, Michigan. The owner of this company, Lac Vieux Desert Band of Lake Superior Chippewa Indians, is a federally recognized American Indian Tribe. Therefore, it is immune from lawsuits. Any transaction with the Big Picture Loans are supposed to take place on the tribal land. Thus, the lending laws of any state are not applicable here. However, the Lac Vieux Desert Band of Lake Superior Chippewa Indians and federal laws govern all its transactions. Let’s take a look at the Big Picture Loans reviews.
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Big Picture Loans Reviews
How Does The Big Picture Loans Work?
Big Picture Loans’ installment loans have payment schedule ranging from 12 to 44 payments, depending on the size of the loan. All the payments, except the first one with a term of 21 days, are made every 14 days. This types of loans are considered expensive as the initial payments cover only the loan fee.
For example, if a person takes a loan of $1,000, it will take him nearly 22 months to repay. However, the balance pay off will only start by the sixth payment. In the end, you would end up paying $9,916.25 by following the payment schedule for borrowing $1,000. But as a matter of fact, there are no prepayment penalties enabling you to lower finance charges by paying off the loan early.
If you are a student, you can take up a student loan. But before applying for one, you should know the different types of Student Loans.
What interest rates does Big Picture Loans offer?
The Big Picture Loans offers loans with interest rates ranging from 780.03% to 787.93% APR. Nevertheless, the APR can be reduced immensely by paying off the loan early.
How much money can a person borrow from Big Picture Loans?
Big Picture loans’ installment loan amount ranges from $200 to $1,000. It would take six months to repay the $200 loan and in the end, you would end up paying a total amount of $856.25. If you require a larger sum as a personal loan, you should check out the OneMain Financial Reviews.
In which states does the Big Picture Loans operate?
Big Picture Loans has its offices in all the 50 states.
How to get a loan from Big Picture Loans?
The application process to apply for a loan at Big Picture Loans is pretty simple and fast. You can even apply for it online. The money will be deposited in your account by the next business day if your form is submitted by 2.00 pm CST. After verifying all the information provided by you, its loan officers will contact you through phone or email with the final decision.
You should meet the following criteria to qualify for the short-term loan:
- A person should have a steady and verifiable source of income of a minimum $700 a month.
- They need to have an active bank account.
- They must own a phone.
- The applicant must be at least 18 years old.
- They should be a permanent U.S. resident.
Big Picture Loans- Good or Bad?
Irrespective of your credit score, you will get a loan from Big Picture Loans up to $1,000. Its application process is fast and easy to complete. If lucky, you can access your loan amount the next business day. Even though the regular payment schedule can be extremely expensive, you can pay the loan in full or divide it into parts to avoid incurring prepayment penalties. There are other payday lenders that offer short-term loans. Check out LendUp Reviews to know more. At last, it all comes down to your decision!