Big Picture Loans Review: An Honest Analysis of the Lender
Big Picture Loans is a tribal lender operating in accordance with tribal laws. The owner company, Big Picture Loans, LLC, is a subsidiary of Tribal Economic Development Holdings, LLC.
This detailed Big Picture Loans review will help you understand how these laws are applied and what you can expect from the lender. We will cover everything, from exceptionally high fees to hidden terms. Read carefully.
|Big Picture Loans Website||Bigpictureloans.com|
|Loan Terms||12 months|
|Immigration Status Considered||Yes|
|Employment Statuses Considered||Yes|
|Credit Score Range||Any Score|
|Intended Use||Personal use|
|Joint Loan Applications Accepted||No|
|Verification Documents Required||Yes|
|Late Fee||$20 per 10 days|
|Minimum Credit Score||No minimum|
|Loan Purpose||Short-term financing|
|Supported Income Types||Any type of income|
|Time to Receive Loan Money||1 business day|
|Other Requirements||Personal bank account, 18 years of age, valid email address|
Is Big Picture Loans Legit or Scam? Regulation and Security
Technically speaking, Big Picture Loans, LLC is regulated. However, their license comes from the Financial Services Regulatory Authority of the Lac Vieux Desert Band of the Lake Superior Chippewa Indian Tribe.
Here, we have to pause and explain this license’s meaning and impact. The said tribe is federally recognized but doesn’t need to abide by state laws. Simply said, they don’t need to limit their interest rate or any other fees in accordance with state limits.
Hence, if you deal with the firm and you’re overcharged based on the laws in your state, you won’t be able to complain.
For instance, the state’s maximum APR is 390%, but Big Picture Loans charges up to 699%. And there’s nothing you can do except take it or leave it. This is higher even than an average payday loan with an APR of 391%. And we all know that payday loans are the worst choice for those who literally have no other option.
Thus, if you ask is Big Picture Loans legit, it technically is, but not in your state.You can contact our loan specialists for the offer of legitimate online lenders operating under state laws.
Big Picture Loans Pros & Cons
Any loan has its pros and cons, and so do lenders. If you choose traditional lenders, such as banks and credit unions, you may wait for longer and go through a rigorous check, but at least you’ll be sure that the terms set in the agreement are the terms for the life of the loan.
On the other hand, websites like Big Picture Loans and similar may have looser demands, but they give less security.
Let’s look at the pros and cons of this particular lender so that you can make an informed decision.
- Available in all 50 states
- Accepts even those with low credit scores
- No prepayment fees
- Approval within one business day.
- Operates according to tribal laws, not state laws
- Charges late fees
- Has a high APR, up to 699%
- Has many negative reviews.
Now that all is in front of you, you can decide whether or not you are ready to sign an agreement in accordance with tribal laws.
What Fees Does Big Picture Loans Charge?
Big Picture Loans charges APR or annual percentage rate, ranging from 250-699%. This is quite a high rate, especially compared to traditional lenders. The lowest APR for returning customers is 160%, which is still quite high.
The firm offers installment loans, meaning you will repay the sum in installments for up to 12 months, with an added APR. In case you’re late with payments, they can charge you up to $20 for every ten days you’re late.
Remember, if you’re late with repayments, lenders must file a report to the credit bureau, which will significantly impact your credit score later.
Does Big Picture Loans Charge an Origination Fee?
The origination fee is a fee to cover administrative work and loan processing costs. According to the website, Big Picture Loans doesn’t charge this fee. The process has been done online, and there’s not a lot of administrative work.
Additionally, you will need to submit eligibility documents, including proof of residence, age, and income, and provide a valid phone number.
Once everything is set, you can create your username and password on the lender’s site and provide your financial and banking details. In the end, you will submit the application and wait. Typically, loans are approved within 24 hours.
Does Big Picture Loans Charge a Late Fee?
You will be charged a late fee if you’re late with any of the installments. According to an example on the web page, the amount cannot exceed $20 for being late more than ten days. Customers will be charged each time they’re late, meaning for each installment separately.
While it’s not unusual for lenders to charge this fee, we want you to consider whether or not this website is good for you. With all other inconsistencies, there may be better places.
Does Big Picture Loans Charge Prepayment Fees?
Based on the FAQ section, we can conclude that Big Picture Loans doesn’t charge a prepayment fee. Simply put, you can repay the total amount at any time during the life of the loan, and you won’t pay any penalties for it.
Typically, lenders charge this fee as they lose all interest due between the date of repayment and the end of the contract. Considering the huge APR Big Picture Loans charges, it’s only fair not to charge any early payoff fees.
Is Big Picture Loans Reputable?
We’ve checked Big Picture Loans reviews with BBB and other sites. First, it’s worth mentioning that the business is not BBB accredited, meaning there’s no consumer protection.
Additionally, the score at the time of writing was 1.31/5 based on an average of 26 reviews. This is quite a low score indicating that consumers are not happy. According to the comments, many of them were overcharged and ended up repaying 4x the amount they borrowed. On top, some were charged before the due date, causing an overdraft on their bank account.
Such reviews show that the business is not reputable and that you should find a better-rated lender. We’re sure there are plenty of those.If you need help finding them, we’re here to assist.If you need help finding them, we’re here to assist.
The company offers services in all 50 states, including the District of Columbia. While this may seem favorable, let’s remember that it’s easy for them to do so. As the lender doesn’t comply with any state laws, it can easily offer money to anyone in need, knowing that the only rules that apply are tribal rules.
This can be unfavorable for clients, as we already saw. With immense APR and other high fees, there’s nowhere you could complain about fairness.
Big Picture Loans Summary
After this comprehensive review, let’s summarize what we know.
- Big Picture Loans offers money in accordance with tribal, not state laws.
- The APR is too high, ranging from 250-699%.
- The firm charges late fees.
- There are many negative reviews about the business.
- Big Picture Loans is not BBB accredited.
With everything being said, we advise you to avoid this potential scam and find your cash elsewhere. While traditional lenders may have stricter requirements, at least you can be sure that you got what you agreed upon.
You can always ask your friends or family for assistance if that’s not an option. Whatever the terms, it will be better than with Big Picture Loans.For the best rates out there, contact us for help with market research and comparisons with various lenders. Our experts will gladly evaluate your situation and find a way to help you with your choice.For the best rates out there, contact us for help with market research and comparisons with various lenders. Our experts will gladly evaluate your situation and find a way to help you with your choice.
Does Big Picture Loans report to the credit bureau?
Yes. If you’re late with payments, Big Picture Loans will inform the credit bureau about it.
Who is Big Picture Loans affiliated with?
Big Picture Loans, LLC is a subsidiary of Tribal Economic Development Holdings, LLC.
What is the most you can borrow from Big Picture Loans?
The company allows borrowing up to $5,000.