Big Picture Loans review
If you've been searching for a flexible short-term loan, this tribal lender may have what you need.
When money is tight, a short-term loan could be the difference between having a little wiggle room in your budget and going without basic necessities. Big Picture Loans is a tribal lender that offers installment loans that can be used to cover just about any expense, but like all short-term loans, you’ll be paying back much more than you borrow because of the high APR. And unlike many other lenders, Big Picture Loans follows the laws of its tribe, not the US government, when it comes to your loan terms.
Big Picture Loans formerly operated as Castle Payday.
What is Big Picture Loans?
Big Picture Loans is a short-term lender that is completely owned and operated entity of the Lac Vieux Desert Band of Lake Superior Chippewa Indians. This tribally-owned lender is registered with the tribe’s reservation in Watersmeet, Michigan.
Borrowing through Big Picture Loans works the same way as with other lenders. To qualify, you have to meet basic eligibility criteria. You can apply for a loan from $200 to $1,500, and your APR will depend on how often your payments are scheduled and the duration of the loan in addition to your current financial situation.
If Big Picture Loans receives all the required information through your application before 5 p.m. CT Monday to Friday, it can verify your details on the same day, and you may be able to receive your approved funds in your bank account electronically by the next business day. If not, your loan may take a few business days to fund.
What are the benefits of using Big Picture Loans?
- Bad credit is OK. As long as you have a regular source of income and meet a few other eligibility requirements, you may be eligible for a short-term loan from Big Picture Loans.
- Quick and easy process. Completing the online application takes no more than a few minutes, and if you apply during business hours, a Big Picture Loans representative will call you in as little as 15 minutes.
- No prepayment penalties. Big Picture Loans lets you repay the entire loan amount ahead of schedule without charging any penalties, which can save you money in the long run.
- Easy-to-access info on financial wellness. Big Picture Loans has a handy list of resources that can help you tackle your finances and learn more about the risks of borrowing.
What to watch out for
- Costly loans. Like all short-term loans, an installment loan from Big Picture Loans can have a high APR — up to 699%.
- Under tribal law. Because Big Picture Loans is a tribal lender, you’ll have to challenge any mistaken charges or tackle any problems with your loan through a tribal dispute process.
- Minimum monthly income. While some lenders don’t list a minimum monthly income, Big Picture Loans requires you to make at least $700 a month in order to qualify for a loan.
Compare Big Picture Loans to other short-term loan providers
Is it safe to apply with Big Picture Loans?
What does the Internet say about Big Picture Loans?
Reviews for Big Picture Loans are mixed. It isn’t accredited by the Better Business Bureau (BBB) and receives a rating of F. With almost 100 negative customer reviews and over 200 complaints, many of the users on the BBB have had problems with Big Picture Loans. Comments include mention of poor customer service and the extremely high interest rate attached to the loans.
Big Picture Loans fairs far better on Trustpilot. There are almost 5,000 customer reviews, and Big Picture Loans has a solid rating of 9.2 out of 10. Just like with the BBB, negative reviewers left comments about the lackluster customer service and high rates. However, the positive comments don’t say much. Many are only a quick comment that mention basic features.
As with all short-term loans, conduct careful research before you decide on a lender. Big Picture Loans has mixed reviews, so it’s best to contact customer support yourself and figure out if this is a company you want to work with.
Am I eligible?
- Earn a minimum of $700 per month
- Have an operational bank account
- Be a US citizen or a permanent resident
- Be at least 18 years old
How do I apply?
In order to apply for an installment loan, you’ll need to provide Big Picture Loans with the following information:
- Your name, contact information, Social Security number and date of birth
- Your driver’s license or state ID number
- Your annual individual income and pay schedule
- Your employer’s name and contact details
Are payday loans permitted in your state?
Hover over your state of residence (or click on your state if you’re using a mobile device) to find out if payday loans are legal in your state.
Big Picture Loans could be helpful when you’re face with a large expense a payday loan just won’t cover, but you’ll still need to be cautious. Because it’s a tribal lender, you may be required to pay far more than you would with a US-based lender. And with so many mixed reviews, you’ll have to do your own research and compare your other installment loan options before agreeing to a loan contract.