Big Picture Loans

• Offers Installment Loans
• One-Day Loan Approval
• Customer Support Options

Offers Installment Loans 

Big Picture Loans offers payday installment loans, meaning that loan payments are due every payday over a longer period of time rather than in full on the next payday. Typically, borrowers with BPL have 6 to 22 months to repay the loan, so the loan functions more as a short-term loan. 

Big Picture does not require an applicant's credit score for an installment loan, or personal loan, and because it does not require that credit score, BPL's payday lenders can potentially approve a personal loan to even those with bad credit history.  

One-Day Loan Approval

Big Picture Loans boasts a quick payday loan approval, getting money to a consumer's bank account within 24 hours. It can give a quick payday loan because of its relatively simple loan approval process.

The minimum requirements that consumers must meet to receive a Big Picture payday loan are: 

• A steady and verifiable source of income of at least $700 per month
• An open bank account in good standing
• A reachable phone number
• Be at least 18 years old
• Be a U.S. resident 

Applicants can expect to hear back from Big Picture lenders generally within one business day of submitting a loan application to verify information. 

The loan amount that applicants are approved for depends on several criteria points, including income level. Most lenders ask for more information than does BPL, requiring information such as credit card history, credit score, personal debt amount, and debt-to-income ratio. 

At BPL, most first-time applicants are usually approved for loans from $200 to $1,000. Because payday lending and short-term lending can be risky, annual interest rates typically range from 780.03% to 788.62% APR but the annual percentage rate varies according to the loan amount, pay frequency, and total loan duration. 

Because BPL offers installment loans, payments are stretched out over anywhere from 12 to 44 payments. The high interest rate and stretched out repayment schedule mean that borrowers often end up paying quite a bit more than the original loan amount. 

Customer Support Options

The customer support department provides a phone number, fax number, email address, physical address, and mailing address for contacting company representatives.

Emails are generally responded to within a few hours and the phone number connects directly to an available representative. 

• Negative Reviews
• Misleading Fees and Information
• Availability Subject to Change

Negative Reviews

This payday lender's reviews are overwhelmingly negative. These complaints generally fall into several consistent categories: 

• Misleading information about due dates, fees, and total loan repayment amounts
• Incorrectly stating or implying that the finance fee was a one-time charge instead of an ongoing interest rate charge
• Initial payment amounts customers were promised were later changed without warning
• Applicants' information was reportedly sold to other lending companies

Because of these negative reviews, many potential borrowers looking for a payday lender may go elsewhere to borrow money. 

Misleading Fees and Information

Many frustrated customers have expressed that, because of misleading or false information, they ended up owing much more than the original loan amount or that was originally communicated to them in their loan agreement.

Also, when the due dates were incorrectly conveyed, customers often had to pay insufficient funds fees. Although BPL states that there are no early payoff fees, it appears that the company makes it difficult to repay the whole loan early. 

While there are also positive reviews, they make up a small portion of the total number of online reports about Big Picture's services. The positive feedback focused mainly on the ease of applying and the speed of receiving funds, rather than on the repayment portion of the loan process. 

Availability Subject to Change

BPL's services are not available in all states and the number of states serviced may change from time to time or without notice, making BPL a nerve-wracking payday lender for some individuals.

However, all transactions with Big Picture are considered to have occurred on Tribal land, so the laws of the applicant's state of residence do not apply. This means that Big Picture Loans does not have to comply with the regulations set forth by an individual state in order to issue a loan. 

Potential customers should be aware that if any problems or issues arise with their payday lenders at BPL, they will not be able to report the problem to their state's regulatory departments, but they can still go to the Consumer Financial Protection Bureau.