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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.
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.
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 customer reviews
1.38 out of 5 stars, based on 65 customer reviews
BBB customer complaints
4.6 out of 5, based on 10,757 customer reviews
Customer reviews verified as of
16 October 2020
While Big Picture Loans receives a high volume of positive reviews on Trustpilot, customers on its BBB page reported problems with payments and high interest rates. Because complaint details are unavailable, it’s difficult to say if there is a trend to these problems. Before you borrow, you should ensure you understand the full cost and that you’ll be able to repay your loan funds.
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?
Frequently asked questions
Yes, you can view the Lac Vieux Desert Band of Lake Superior Chippewa Indians Tribal Consumer Financial Services Regulatory Code online.
Yes. If you call before 5 p.m CT on the day you apply, you can cancel your loan application.
It might. Big Picture Loans doesn’t specifically state whether it reports to any of the major credit bureaus, but if you’re late or miss a payment, it may choose to report to a secondary bureau, which could result in a hit to your credit score.
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.
Big Picture Loans is not currently available on Finder
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