If you’re looking for a flexible personal or installment 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 lets Americans across the country apply for credit. It provides loans even to people who normally not qualify because of poor or bad creditworthiness.
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 some basic eligibility criteria, which you can read about further down the page.
If Big Picture Loans receives all the required information through your application before 5pm (CST) Monday to Friday, it can verify your details on the same day. In such a scenario, there’s a good chance you’ll receive the approved funds in your bank account electronically by the next business day.
By reading the loan contract you can find out when you have to make payments towards your loan. You repay the loan in installments according to a predetermined payment plan until you repay it completely. You cannot renew your Big Picture Loans personal loan.
Why should you consider taking out a Big Picture Loans loan?
- Apply with poor credit. Big Picture Loans understands that people with less-than-perfect credit require access to credit as much as anyone else. You can apply for a personal loan through this tribal lender with poor or bad creditworthiness, 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 indicative 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 get a call from a Big Picture Loans representative within 15 minutes. 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. By doing this, you can also save on finance charges.
How much will it cost you to borrow from Big Picture Loans?
The loan contract that you get from Big Picture Loans gives you a clear indication of all applicable fees and charges. The Big Picture Loans website lets you find out how much your loan might cost through an easy-to-use calculator.
The loan calculator provides results for an initial term of 21 days, assuming you make all subsequent payments every 14 days. According to this, if you borrow $200, you’ll have to pay a finance charge of around $70. For a loan amount of $1,000, the finance charge would be around $350.
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 allowed by tribal law.
How you can 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’re at least 18 years of age
- You are an American citizen or a permanent resident of the US
- You earn a minimum of $700 per month, through a verifiable source
- You have a functional phone number
- You have an operational bank account in good standing
To complete the application successfully, you have to provide some basic information:
- Your name, phone number, home address and email address
- Your social security number and date of birth
- Your driver’s license or state ID number
- Your employer’s name and contact details
- Details about your income and pay schedule
Frequently asked questions
What is the maximum amount I can borrow through a loan from Big Picture Loans?
This depends on factors such as your existing financial situation and ability to repay. First time borrowers typically qualify for amounts from $200 to $1,000.
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.