Big Picture Loans Review

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;

Installment Loans

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.

Head to their website and click on the “Apply Now” button. From there, you will be asked to fill out an online application that states your personal information, amount of loan, and terms and agreements for repayment schedules.

After you provide the necessary documentation, you will be able to wait for the approval. Once approved, you can read over the contract’s terms and conditions and sign. You can expect the funds to be deposited into your checking account by the next business day.

The Requirements to Apply to Big Picture Loans

Big Picture Loans has a few requirements that you need to meet before you can even apply for a loan. These qualifications are to ensure that you can pay back what you’ve borrowed and the interest. Here are the other following requirements that you must meet;

Steady income – To get a loan, you must have a steady income. This income needs to be a minimum of $700 a month. Any income listed needs to be verifiable. This is to ensure that you can pay back the loan.

• Bank Account – To get funds, you also must have a bank account. This includes the account and routing numbers. Once you’ve given these details to Big Picture Loans, they can deposit the funds directly into your bank account.
• Phone Number – As such a company, it needs to be able to contact you. Besides providing a mailing address and email, you will also need to provide an active phone number.
• 18 Years Old – Each state has its own legal laws on how old someone must be to get a loan. Check with your local state laws to see if you’re eligible. Most states require that you be at least 18 years of age. However, there are some that state 19 or older.

What States Are Eligible for a Loan?

Big Picture Loans doesn’t list the available states listed on their website. To get a better idea, if you’re eligible or not, that means you may not be able to get a loan. The best way to determine which states are eligible is to apply or contact the company to see if you qualify.

Head to the website so that you can apply for their online application. They have a secure application process that only takes 30 minutes to fill out. Here are the steps you’ll need to take to get approved:

1) Click the “apply now” button, and you’ll be redirected to their application. Fill out all the personal information and head through steps 1-4.

2) Once you submit your application, you can wait to see if you’ll get same-day approval. If not, then it may take up to two business days to get your funds.

3) After you’re approved, you just need to wait for the money. Read through the terms of their contract and see that you understand the payment schedule. If not, you can choose to deny or negotiate with them.

Walk-In Application Process Tutorial

Unfortunately, Big Picture Loans only has online applications. If you’re unsure about using their online application, then you should know that their website is secured. Although, you may have to contact them about opting out of their marketing emails.

Contact Information and Hours of Operation

Since this company functions exclusively online, it means that they are available seven days a week. If you need to contact them, you can do so through either their customer support or through the phone.

For their hours of operations, they are available 24 hours a day. This allows you to contact a representative instantly. However, we have gotten reports that they may not pick-up and are hard to reach by phone.

In Conclusion

In conclusion, we think that Big Picture Loans is an excellent company to borrow from. They have minimal requirements and work with people if they have bad credit. As long as your income exceeds $700, you won’t have much to worry about. However, you should still consider how much you can afford to pay back in loans each month.

The only downside we’ve found is that they have high-interest rates. The interest rates are similar to other lenders. But, we’ve found that this company still expects a lot at the end of the day. As long as you don’t miss a payment, there isn’t too much to worry about.

That being said, you should only take out a loan for the minimum funds you need. If you don’t need to take one out on the maximum amount, then skip it. With the extended repayment plan, you can easily pay off the loan once and for all. Just be sure to contact their customer support if you think you may miss a payment.