If you’re searching for a flexible short term loan, take a look at what Big Picture Loans has to offer.
Big Picture Loans formerly operated as Castle Payday.
It is a 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. It carries out all its operations on tribal land within the same region.
The geographically isolated tribe aims to stimulate economic growth on the reservation through online lending. As with other industries found within the tribe, the Big Picture Loans online lending platform is a legal enterprise. It allows Americans across the country apply for credit, even those who have a poor credit history.
How borrowing from Big Picture Loans works
Borrowing through Big Picture Loans works in the same basic manner as other financial institutions. To qualify, you have to meet basic eligibility criteria, including being 18 years old or older, having a bank account and earning at least $700 per month.
If Big Picture Loans receives all the required information through your application before 5p.m. CST 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.
It is important you read the loan contract and make all your payments on time. These payments are predetermined and done in installments, and you cannot renew your loan with Big Picture Loans.
Compare Big Picture Loans to other short term loan providers
Why should you consider taking out a Big Picture Loans loan?
- Apply with poor credit. You can apply for a loan even if you have poor or bad credit, provided you have a regular source of income.
- Use online calculator. The Big Picture Loans website gives you access to an online loan calculator. You can use this to see how finance charges add up for different loan amounts. It also provides an example of what your repayment schedule might look like. Use this to find out how much you can afford to borrow.
- Quick and easy process. Completing the online application takes no more than a few minutes. If you apply during business hours, you a Big Picture Loans representative will call you in as little as 15 minutes, though it may take up to one business day. Once you accept the loan contract, Big Picture Loans disburses the approved funds by the following business day.
- No prepayment penalties. Big Picture Loans lets you repay the entire loan amount ahead of schedule without charging any prepayment penalties.
How much will it cost you to borrow from Big Picture Loans?
The loan contract you get from Big Picture Loans gives you a clear list of all applicable fees and charges, and their website has a calculator so you can find out how much your loan might cost.
If you make late payments or if payments don’t go through because of non-sufficient funds you’ll have to pay additional fees, as determined by tribal law.
Late rent paymentSamantha has recently returned from a trip abroad and hasn’t gotten enough hours at her job. Unfortunately, her rent payment is due, and her normal scholarship money for the semester hasn’t been disbursed yet. She lives in a state where payday loans are illegal, but because she doesn’t have a credit history and needs the money soon, Samantha has no other way to pay her landlord.
She goes online and learns about Big Picture Loans, who she can borrow from because they aren’t governed by US law. The APR is quite high, but Samantha knows that she can work extra shifts to pay down her debt since the payments are done in installments rather than in one large chunk like a traditional payday loan.
Samantha uses the loan calculator and gets results for an initial term of 21 days, assuming she makes all subsequent payments every 14 days. According to this, if she borrows $200, she’ll have to pay a finance charge of around $70. For a loan amount of $500, the finance charge would be around $175.
The application process is relatively easy, and she is approved for funds that are delivered into her bank account the next day.
How can I apply for a payday loan from Big Picture Loans?
You have to visit the Big Picture Loans website to submit your application. Applying requires that you meet these eligibility criteria:
- You must be a US citizen, a permanent resident or in the US on possess a valid long-term visa
- You must be at least 18 years old
- You earn a minimum of $700 per month, through a verifiable source
- You must have a functional phone number
- You must have an operational bank account in good standing
To complete the application successfully, you have to provide some basic information:
- Your name, contact information, Social Security number and date of birth
- How much you want to borrow and the purpose of the loan
- Your driver’s license or state ID number
- Your annual individual income and pay schedule
- Your employer’s name and contact details
Frequently asked questions
Will missed or late payments affect my credit score?
If tribal lenders are legal in your state, then they may report missing or late payments to one of the big three credit bureaus. Always be sure you can repay a loan before signing a contract.
What is the maximum amount I can borrow through a loan from Big Picture Loans?
Do lending laws of the state I reside in apply to Big Picture Loans?
No. Only laws of the Lac Vieux Desert Band of Lake Superior Chippewa Indians govern your loan agreement. This is because sovereign Indian Tribes don’t have to adhere to state laws in the absence of congressional authorization.
Is there any way to see what tribal laws apply to Big Picture Loans?
Yes, you can view the Lac Vieux Desert Band of Lake Superior Chippewa Indians Tribal Consumer Financial Services Regulatory Code online.
Can I cancel my loan application?
Yes. If you call before 5 p.m CST on the day you apply, you can cancel your loan application.
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.