We all have troubling times in our lives where we don’t have the money in the case of an emergency. Instant cash is convenient, but the only way you can get that is by either using your credit card and withdrawing funds or getting a bank loan. The issue with these methods is that credit cards can be maxed out, and monthly payments could be expensive. On the other hand, if you require a loan, low credit may get you denied by banks.
That’s why people want to choose this company as their lender. The only issue is that the company itself has a lot of red flags that you should consider before applying. We’re weighing the pros and cons so that you can decide if Big Picture Loans is suitable for you;
Big Picture Loans focuses on providing installment loans. They are the same as personal loans. The only difference is that you may have an extended payment time with lower payments.
With extended payments, the interest may be higher. Only take out a personal loan if you know you can afford to pay back the base of the loan and the interest that is charged as an APR.
What’s the Borrowing Process Like for Big Picture Loans?
This company is a personal loan lender, which means they operate similarly to other loan companies. They will require that you provide your personal information while filling out an application to see if you can get approved.
It’s common for people to be worried about getting denied because of a low credit score, but Big Picture Loans works on verifying income instead of checking credit.
You will be required to provide verifiable income to qualify. They will ask you to provide valid documentation for your income. This just ensures that you’ll be able to pay back what you borrow on loan.
Is There a Minimum or Maximum to How Much You Can Borrow with Big Picture?
Big Picture Loan provides installment loans. A benefit to these is that they usually have a higher amount compared to payday loans. Plus, you’ll get a flexible extended loan payment, although this will have higher APR rates than most other methods. So, in the long run, you will be paying back more money.
If the company approves your request, then you can get a maximum of $1,500. For a minimum loan, the amount would be $200. Of course, the loan amount is dependent upon a few factors.
First, if you are in a financial crisis, they may not loan you a considerable amount unless you have savings. Plus, you need to provide your income. If you have a higher income, you can expect to be approved for a large loan.
What Are the Associated Interest Rates and Fees with Big Picture?
Aside from the fact that this company does their best to have a quick approval process, they also have no hidden fees. Other lenders may have hidden fees that can add to the total of your loan. Big Picture Loan focuses on providing advances without any origination fees.
However, you need to remember that the loan’s annual interest rate will be a considerable amount. The problem with this is that it can mean you’re paying back way more than what you borrowed. Their APR rate depends on how much you take out in total. So, a higher advance will mean you’ll be paying back a higher APR rate.
Their APR rate on the lower end ranges at 400%. If you take out a maximum loan from them, you can expect the APR rate to be almost 699%. In our opinion, the interest rate is way too high. We only recommend taking out a small loan from them in case of an emergency.
What Happens If You Can’t Pay Your Big Picture Loan?
Non-payment and late payment will increase interest, additional fees, and a late-payment charge. For every late payment, you will be charged $20. If you’ve even missed one payment, the company will report you to credit agencies.
When this happens, you can expect your credit score to drop. To avoid this, always make sure that you can make payments on the signed schedule. If not, contact Big Picture Loans as soon as possible to see if they can help work out a schedule.
Is Big Picture Loans A Legitimate Loan Company?
To get a better idea of the company, we’ve checked with review websites. The truth is, we couldn’t find much on them being a legitimate company other than the fact that they do hand out loans. However, many borrowers have listed that it’s hard to communicate with them.
If you need to delay a payment, you will find it hard to contact anyone. Plus, the interest rates are so high that if you wait or extend your loan over to 12 monthly, you may be repaying up to 3x the amount. Carefully consider if the risk of non-payment is worth it to you or not.