Big Picture Loans review
- Min. Amount
- $200
- Max. Amount
- $3,500
Our verdict
Flexible short-term loans — but higher than normal rates.
Big Picture Loans, formerly Castle Payday, is a tribal lender that offers installment loans that can be used to cover just about any expense. Unlike other lenders, Big Picture Loans follows the laws of its tribe to determine your loan terms. That means you may be stuck with an APR far above the legal limit in your state.
Big Picture Loans could be helpful when you’re face with a large expense a payday loan won’t cover, but you’ll still need to be cautious. With so many mixed reviews, you’ll have to do your own research and compare your other short-term loan options before you borrow.
Details
Product details
| Product Name | Big Picture Loans |
| Min. Amount | $200 |
| Max. Amount | $3,500 |
| Loan Term | 4 to 18 months |
| Requirements | Have an operational bank account, be a US citizen or a permanent resident, be at least 18 years old and earn a minimum of $700 per month |
Big Picture Loans rates, fees and terms
Big Picture Loans is upfront about its rates — and it isn’t cheap. First-time borrowers can expect an APR between 350% to 699%, which is much higher than many states allow. And while Big Picture Loans lowers rates for repeat borrowers, it never drops below a high 35%.
You can borrow between $200 to $3,500 for a term of 4 to 18 months. The exact APR you receive, as well as your repayment schedule, will depend on how frequenly you get paid and how much you can afford.
Beware of high costs
More than other short-term lenders, tribal lenders aren’t required to follow any state or federal usury laws. That means you may be on the hook for paying double or triple — or more — for the amount you borrow. Always read your loan contract carefully and consider alternatives or state-based lenders before you borrow.
Compare alternatives to Big Picture Loans
To browse providers based in the US, select your state and click Show me my options.
How to qualify
In order to apply for an installment loan, you’ll need to meet a few basic requirements:
- Minimum monthly income of $700+
- Operational bank account
- US citizen or a permanent resident
- At least 18 years old
Big Picture Loans reviews and complaints
| BBB accredited | No |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 1.38 out of 5 stars, based on 65 customer reviews |
| BBB customer complaints | 268 |
| Trustpilot score | 4.6 out of 5, based on 10,757 customer reviews |
| Customer reviews verified as of | 16 October 2020 |
How the application works
Big Picture Loans only accepts online applications. You will need to provide basic information about yourself and your income, including your current employer. It should take around 15 minutes to fill out.
Should I verify my bank account?
Big Picture Loans asks you to verify your bank account by entering your username and password. Many lenders will ask for your bank’s routing number and your account number, but not your login info. While it claims the process is secure, it doesn’t state that it’s using a service like Plaid to keep your information safe. And when I selected skip and continue, Big Picture Loans denied the application without providing any specific details.
This may be a red flag — and could put your bank account at risk. While Big Picture Loans is a legit service, compare lenders with better defined application processes before you sign in to your account through a third party.
What sets it apart
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. While this means it can offer loans in many states short-term lending may otherwise be illegal, it also results in extraordinarily high APRs.
If Big Picture Loans receives all the required information through your application before 5 p.m. CT Monday to Friday, you may be able to receive your loan by the next business day. If not, it may take multiple business days to fund.
Is Big Picture Loans legit?
Yes. Big Picture Loans has a secure website and outlines its safety measures and privacy policy in the Terms of Use page. Your personal information is kept safe by a standard security certificate. If you have any questions, Big Picture Loans is easy to contact by mail, email or phone.
Big Picture Loans is an expensive choice. If payday loans are legal in your state, it may make more sense to compare US-based options to avoid extremely high APRs.
Frequently asked questions
Big Picture Loans is not currently available on Finder
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Your reviews
Aliyyah Finder
Contributor
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nikkiangco
December 17, 2018
Hi Denise,
Thanks for getting in touch! The release of funds will depend on Big Picture Loans and will be disclosed when you are approved. Hope this was helpful. Don’t hesitate to message us back if you have more questions.
Best,
Nikki
Jennifer
September 25, 2018
If your maximum loan amount is $1500.00, why did I get preapproved for up to $3000.00?
Jhezelyn Finder
September 25, 2018
Hello Jennifer,
Thank you for your comment.
Please note that pre-approved loan means that a lender has independently determined that you meet their requirements for a credit opportunity through a soft inquiry credit check. Pre-approved offers state that you may qualify for a certain amount. This can also mean that you may not qualify for the loan or credit card once your credit reports are reviewed. Hence, pre-approval still changes when a formal application is submitted.
Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.
Regards,
Jhezelyn
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Helen Conroy
March 28, 2018
How much would the interest be on a $1200 loan
Joshua Finder
March 28, 2018
Hi Helen,
Thanks for getting in touch with finder.
I may not be able to give you the exact interest rate for a $1,200 loan. The reason is that the interest rate will depend on how often your payments are scheduled and the duration of the loan as well as your current financial situation. The loan contract you receive lists all applicable charges so be sure to review these carefully before you sign.
If you want to get a quote, you might want to get in touch directly with the lender.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
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Fallon
January 24, 2018
How long do you have to pay the loan back?
Rench Finder
January 31, 2018
Hi Fallon,
Thanks for your inquiry.
With Big Picture Loans, you are offered with installment loans which you repay over time with a set number of scheduled payments. Though you can also pay off your installment loan early and no penalties charged to you when you do this. Your scheduled payments is outlined in your contract.
Meantime, in the Big Picture Loans website, you can find and use their personal loan calculator if you like to get an idea on what would be your repayment schedule will look like.
Hope this information helped.
Best regards,
Rench
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Kathyrn
January 11, 2018
I was,applying for loan and at the bottom it asked for my bank information like routing number is that lagit
Arnold
January 11, 2018
Hi Kathryn,
Thanks for your inquiry
That information is required by Big Picture loans so that you may be able to receive your approved funds in your bank account electronically. Please note that to qualify, you have to meet basic eligibility criteria. Please check them out before applying.
Hope this information helps
Cheers,
Arnold
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Denise
December 13, 2018
If approved on Friday mornin, will my loan be available on Saturday or Monday?