Advertiser Disclosure: Many of the companies featured here provide compensation to us. This is how we maintain our free service for consumers. Compensation, along with hours of in-depth editorial research, determines where & how companies appear below.
Big Picture Loans Offer Personal Loans
When you’re in a tough financial situation, it can be hard to know where to turn. You might be considering taking out a loan from Big Picture Loans, but you’re not sure if it’s a scam or if it’s legit. In this Big Picture Loans review, we’ll take a look at the company and see what its loans are all about. We’ll also discuss whether or not Big Picture Loans is a scam, and help you decide if this is the right option for you.
Big Picture Loans is a tribal lending institution, which means that it’s not subject to the same regulations as other lenders. This can be good or bad, depending on how you look at it. On the one hand, it means that the company can offer loans with higher interest rates and less favorable terms.
On the other hand, it also means that the company isn’t bound by some of the same rules and regulations that other lenders are. This can make it difficult to know what to expect when you take out a loan from Big Picture Loans.
One thing we can say for sure is that you should be very careful before taking out a loan from this company. The interest rates are high, and if you’re not able to repay the loan, you could end up in a lot of debt. We advise you to explore all of your options before deciding to take out a loan from Big Picture Loans.
1.0 out of 5.0 stars1.0
Big Picture Loans Pros and Cons
If you’re considering taking out a personal loan, you might want to steer clear of Big Picture Loans. While they may advertise themselves as a good option, the reality is that they have more cons than pros.
One of the biggest complaints against Big Picture Loans is that they bait and switch their customers. They often advertise low rates, only to switch the terms and conditions at the last minute. This can leave borrowers feeling frustrated and misled.
Another issue is that there are a lot of negative reviews about Big Picture Loans online. Many customers report being charged hidden fees, or not receiving the loan amount they were promised. If you read through these reviews, it’s clear that this company isn’t living up to its promises.
All in all, it’s best to avoid Big Picture Loans. There are plenty of other personal loan options out there that don’t have such a bad reputation. Do your research and choose a lender that you can trust.
What is Big Picture Loans?
It’s a personal loan provider that offers high-interest loans to consumers with bad credit. The company has been accused of predatory lending practices, and its loans have been criticized for having extremely high-interest rates and fees.
If you’re considering taking out a loan from Big Picture Loans, be sure to do your research and understand the terms of the loan before you sign anything. You may be better off finding another lender who can offer you a more affordable loan. Remember, always shop around for the best deal before committing to any financial agreement.
Here are some things to consider if you’re thinking about taking out a Big Picture Loan:
- The company has been accused of predatory lending practices
- The loans have extremely high-interest rates and fees
What are personal loans?
Personal loans are high-interest, short-term loans that can put you in a cycle of debt. They’re often used to pay for unexpected expenses, like medical bills or car repairs. Personal loans typically have higher interest rates than other types of loans, like credit cards or mortgages. That means you’ll end up paying more in interest over the life of the loan. Personal loans can also affect your credit score, making it harder to get approved for other types of financing in the future.
If you’re considering taking out a personal loan, make sure you understand all the risks involved. Personal loans can be helpful if used responsibly, but they can also put you in a difficult financial situation if you’re not careful. Weigh all your options before deciding on a personal loan, and make sure you can afford the monthly payments.
How do Big Picture Loans work?
Big Picture Loans is a personal loan company that lures customers in with direct mail. Once the customer responds to the offer, they are then baited and switched to a much higher interest rate loan.
This company is not to be trusted! Personal loans can be helpful if you’re in a bind, but make sure you do your research before signing on the dotted line. There are plenty of other companies out there that will give you a fair deal.
Who owns Big Picture Loans?
The owner of Big Picture Loans is The Lac Vieux Desert Band of Lake Superior Chippewa Indians. The tribe owns and operates the lending company through its economic development arm, LendingArch.
The Lac Vieux Desert Band of Lake Superior Chippewa Indians is a federally recognized Indian tribe located in Michigan’s Upper Peninsula.
The tribe has a long history of financial exploitation, dating back to the 1800s when they were forced to sign over their land for pennies on the dollar. In more recent years, the tribe has been involved in a number of predatory lending schemes that have taken advantage of desperate borrowers.
If you’re considering taking out a loan with Big Picture Loans, you should be aware that you’re dealing with a company that has a history of exploiting its customers. You might be better off finding a different lender.
How to qualify for a Big Picture Loans’ personal loan?
Big Picture Loans has an online application that you can fill out. It also offers pre-qualification so that you can see what rates and terms you may be eligible for before you apply.
There are a few requirements that you must meet in order to be eligible for a personal loan with Big Picture Loans. First, you must be at least 18 years old and a legal resident of the United States. You will also need to have a steady source of income and a valid checking account. Finally, you must not have any outstanding payday loans or title loans.
If you meet all of these requirements, you should have no problem qualifying for a personal loan with Big Picture Loans.
What is the interest rate on Big Picture Loans?
Personal loans from Big Picture Loans can have interest rates as high as 35.99%. That’s more than three times the national average! If you’re considering a personal loan from Big Picture Loans, be sure to shop around for the best rate. There are plenty of other lenders out there with much better rates.
Personal loans should be used for emergencies only, not for everyday expenses. With such high-interest rates, you could end up paying back two or three times the amount you borrowed!
How do you pay back Big Picture Loans?
There are a few different options available to those who need to pay back their Big Picture Loans personal loan. The first option is to make payments through the company’s website. There are two ways to do this: either by setting up an automatic payment plan or making manual payments each month.
Autopay is when you grant permission for the lender to automatically deduct your monthly payment from your bank account on the date that you agree to.
The final option for repaying your personal loan from Big Picture Loans is through a personal check. You will need to include your account number on the check, as well as the amount you are looking to pay.
How soon do you have to pay back Big Picture Loans?
If you’re considering taking out a personal loan, one of the first questions you’ll probably ask is “How soon do I have to pay it back?” With most loans, the sooner you can pay it off, the better – but that’s not always the case. Depending on your needs and financial situation, there are some advantages to paying off your loan more slowly.
With Big Picture Loans, you have the flexibility to choose how long you want to take to repay your loan. They offer repayment terms of 24 to 60 months, so you can pick a timeline that works for you.
What happens if you don’t pay Big Picture Loans?
If you’re considering taking out a personal loan from Big Picture Loans, it’s important to understand what could happen if you’re unable to make your payments.
For starters, Big Picture Loans is a personal loan provider that offers loans to customers with bad or no credit.
If you default on your loan, meaning you miss two or more payments, the company will report this to the three major credit bureaus. This will likely result in your credit score taking a hit, which could make it more difficult and expensive to borrow money in the future.
Additionally, if you don’t pay back your loan, Big Picture Loans may take legal action against you. This could include wage garnishment, which is when the company would contact your employer and request a portion of your paycheck to go towards repaying the loan.
Of course, no one wants to default on their loan, but it’s important to understand what could happen if you’re unable to make your payments. Be sure to read the terms and conditions carefully and only borrow an amount that you know you can repay.
What kind of personal loans do Big Picture Loans offer?
The company offers both secured and unsecured personal loans, as well as loans for specific purposes such as debt consolidation, home improvement, and more.
Debt Consolidation loans are a great way to pay off multiple debts with a single monthly payment.
Home Improvement Loans can be used for things like home repairs, renovations, or even a new addition to your home.
Big Picture Loans also offers personal loans for other purposes such as starting a business, paying for an engagement ring, or anything else you may need.
How much do Big Picture Loans cost?
Personal loans from Big Picture Loans typically range from $500 to $35,000. The cost of your loan will depend on several factors, including the amount you borrow and the length of your repayment term.
Personal loans from Big Picture Loans typically have interest rates that range from 15% APR up to 50% APR. The cost of your loan will also depend on other factors, like the length of your repayment term (in months) and whether you choose to make weekly or bi-weekly payments.
*The Annual Percentage Rate (APR) is the cost of credit as a yearly rate and reflects both the interest rate and any fees charged by the lender. Your APR will be based on the specific characteristics of your credit application including, but not limited to, evaluation of credit history, amount of credit requested, and income verification.
What is the minimum credit score for a Big Picture Loans debt consolidation loan?
Big Picture Loans is a personal loan provider that offers debt consolidation loans to help borrowers with their finances. The minimum credit score for a Big Picture Loans debt consolidation loan is 640.
However, it’s important to remember that the interest rate on a debt consolidation loan will be based on your credit history and financial situation. If you have a higher credit score, you may be able to get a lower interest rate. If you have a lower credit score, you may still be able to get a debt consolidation loan, but the interest rate will be higher.
There are other factors that will affect the interest rate as well, such as your income and employment history.
How do Big Picture Loans affect your credit?
Big Picture Loans offers loans to people with bad credit. The interest rates on these loans are typically high, and the loans can have a negative impact on your credit score.
If you have bad credit, a Big Picture Loan may be one of the few options available to you. However, these loans come with high-interest rates and can damage your credit score if you’re not careful. Make sure you understand all the terms and conditions of the loan before signing anything and only borrow what you can afford to repay.
How to cancel Big Picture Loans?
If you have an outstanding balance with Big Picture Loans, you may be wondering how to cancel your loan. Here are a few things to keep in mind if you’re considering canceling your personal loan with Big Picture Loans.
First and foremost, if you have an outstanding balance on your loan, you’ll need to pay that off before you can close your account. Once your balance is paid in full, you can then contact Big Picture Loans to close your account. Keep in mind that closing your account will not automatically cancel your personal loan – you will need to separately request this from the company.
If you’re not sure how much money you still owe on your personal loan, or if you have any questions about the process of canceling your loan, we recommend contacting Big Picture Loans directly. They will be able to give you the most accurate and up-to-date information regarding your personal loan account.
Who is Big Picture Loans affiliated with?
Big Picture Loans is affiliated with Duck Creek Tribal Financial, Red Rock Tribal Lending, LLC, PepperCash, and Castlepayday.com. All of these companies are personal loan lenders that offer high-interest loans to consumers with bad credit.
Many of these affiliations were accused to be bait and switch schemes, where consumers are promised a personal loan with low-interest rates, but then are instead offered a high-interest loan with terms and conditions that are not disclosed upfront.
In some cases, these personal loan lenders have been accused of predatory lending practices, and have been the subject of lawsuits.
Big Picture Loans lawsuits
Big Picture Loans lawsuits have been a big problem for the company. They have been accused of predatory lending practices and have been sued by the state of Michigan. The company is now facing a class-action lawsuit from borrowers who say they were misled about the terms of their loans.
The company has come under fire for its high-interest rates and fees, as well as its aggressive collection practices. Borrowers have complained that they were not told about the true cost of their loans and that they were harassed by collectors when they could not make their payments. If you are considering taking out a personal loan from Big Picture Loans, you should be aware of these lawsuits and consider other options first.
Big Picture Loans BBB Reviews
The Better Business Bureau (BBB) has given Big Picture Loans an A+ rating, but this business is not BBB accredited. Big Picture Loans has been in business for ten years and has closed 41 complaints in the last three years. However, 24 of those complaints were closed in the last twelve months.
BBB only gives them a 1-star rating because they have not responded to any of the complaints filed against them.
Some common complaints against Big Picture Loans include:
- They trap you in a cycle of debt
- The interest rates are too high
- Customer service is unhelpful and unprofessional
Here are some Big Picture Loans BBB reviews:
Review from Brenda A 05/23/20221.0 out of 5.0 stars1.0
This company is a total rip-off. I have missed one payment of $355.95 and they are charging me $692.96 in interest. This is ridiculous and they should not be allowed to do this. Do not loan from this company. I am opening a class action lawsuit. Totally discussed.
K 06/03/20211.0 out of 5.0 stars1.0
These people do not take no for an answer. They will call you 3 or 6 times a day. And trying to talk to them is unreal. They love to talk over you no matter what you’re trying to say. They are apparently hard up for money and will refuse to let you OR your spouse go no matter what is said.
Michael F 12/15/20201.0 out of 5.0 stars1.0
400% interest rate, that is absolutely insane. I am desperate to catch my bills up since I’ve been out of work for 8 weeks but not this desperate. Wow, I knew there were selfish and greedy people in the world but this is an entirely different level of greed!!
Is Big Picture Loans Legit or a Scam?
Big Picture Loans has been accused of bait and switch tactics, as well as being sued for it. There are a lot of negative reviews online from customers who feel they were misled or scammed by the company.
It’s hard to say for sure if Big Picture Loans is a legitimate company or a scam. However, there are certainly a lot of red flags that should make potential borrowers think twice before doing business with them. If you’re considering taking out a loan with Big Picture Loans, be sure to do your research and read the fine print carefully before signing anything.
Have you had a loan with Big Picture Loans? Tell us about your experience in the comments below.
Thank you for reading!