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|May qualify with bad credit||High interest rates|
|Potentially fast funding||Late-payment fee|
|Not available in all states|
Check your Approval Odds for a loan
What you need to know about personal loans from Big Picture Loans
big picture Loans is a personal lend lender operated by the Lac Vieux Desert Band of Lake Superior Chippewa Indian Tribe in Michigan. It markets installation loans to people with bad credit. loan amounts range from $ 200 to $ 3,500, and you can apply for a loan on-line .
In this big mental picture Loans recapitulation, we ’ ll take a search at what you need to know before you apply .
You may qualify with bad credit
If you have imperfect credit, it may be more unmanageable to find a personal lend lender. That ’ s where boastful movie Loans comes in. The company says it may consider people even if they have a history of bankruptcy, bounced checks or early credit rating problems. The lender will evaluate extra information, such as trust account history, to help determine if you qualify .
Big Picture Loans has high interest rates
If you ’ re thinking about taking out a personal lend, it ’ second significant to consider the APR and how it may affect your refund of the lend. boastful mental picture Loans ’ lowest rates are reserved for returning customers who meet certain credit requirements. New customers will likely find matter to rates that equate to triple digits, according to company data .
To put that in perspective, a distinctive payday loan — a short-run, high-cost loanword — can come with borrowing costs that can equate to a closely 400 % APR — but Big Pictures Loans ’ rates may be even higher. With such a high APR, you could end up paying back a lot more than you in the first place borrowed.
You could get your money quickly
If you need money to pay lease or cover the cost of a car repair, you might not have time to wait about. If you ’ ra approved, boastfully picture Loans may be able to issue loanword funds equally soon as the following business day. According to the company, “ 95 % of accept applications are approved and originated the next business day. ”
A closer look at personal loans from Big Picture Loans
If you ’ re considering a lend from boastfully picture Loans, here are some other details to know .
- Repayment terms: Your loan term could range from four months to 18 months. While that’s longer than a typical payday loan, it’s shorter than some other personal loan terms.
- Late fee: If a scheduled payment is late by more than 10 days after its due date, you may be charged a late fee of up to $20 per occurrence.
- Not available in all states: Big Picture Loans offers loans only to people in select states. That list can change without notice.
- No prepayment penalty: If you want to pay off your loan early to avoid hefty interest charges, you can do so without worrying about any prepayment penalties.
- Loan uses: You can use your loan to pay for any expense you might face, including car repairs, family emergencies, utility bills or major purchases.
Who a Big Picture Loans personal loan is good for
With its gamey interest rates, personal loans from big picture Loans should be avoided if at all potential. The loans are expensive, and it could be unmanageable to dig your way out of debt .
But there may be times when you simply need to get cash fast. If that ’ s the lawsuit — and if you ’ ve exhausted other options, like asking friends or family for assistant or using an existing accredit wag — taking out a lend through big word picture Loans may help you through a crisis when you don ’ t have other choices .
If you decide to apply for a loanword with big movie Loans, make certain you ’ ra mindful of the interest rate on the lend and have a design in space to repay it .
How to apply with Big Picture Loans
To qualify for a loan with big picture Loans, you must be at least 18 years old and a permanent U.S. resident. You besides must have a valid depository financial institution account and e-mail and be approachable by phone. And the lender says you ’ ll need a verifiable monthly income of at least $ 700 .
If extra information is required after filling out your application, a customer support rep will call or email you.
Not sure if Big Picture Loans is right for you? Consider these alternatives.
If you need to borrow a small come, are looking for a lower sake rate, or want a lender that offers the ability to apply for prequalification, you ’ re likely better off working with a different lender. here are a couple of early lenders to consider .
- CashNetUSA: If you just need a small loan to tide you over until payday, you can borrow with CashNetUSA and sometimes get funding the same day you apply.
- Rocket Loans: With Rocket Loans, you can check to see if you prequalify for a loan and preview what interest rate you might qualify for.
Check your Approval Odds for a lend
About the author: Kat Tretina is a personal finance writer with a master’s degree in communication studies from West Chester University of Pennsylvania. Obsessed with her many side hustles, she focuses on helping people pay down their … Kat Tretina is a personal finance writer with a dominate ’ s academic degree in communication studies from West Chester University of Pennsylvania. Obsessed with her many english hustles, she focuses on helping people pay down their … Read more.