Big Picture Loans Review

Big Picture Loans is a tribal lender owned by the Lac Vieux Desert Band of Lake Superior Chippewa Indians. According to the tribe they have made loans to over 125,000 people totaling over $400 million funded loans.

Loans range from $200 to $3,000 with APRs from 350% to 699% and loan terms from 4- 18 months. Eligible repeat customers that meet the company's credit parameters may get APRs as low as 35%. The actual rate you are offered will depend on your credit profile, income, and other information provided in your application process (including the ability to verify the information provided).

We called in to Big Picture Loans to ask some questions about their loans and we found the customer service to be extremely competent, transparent, and informative. We waited less than 10 seconds to speak with someone. We were very impressed.

Product

Big Picture Loans only offers installment loans from $200 to $3,000 with APRs from 35% to 699%. Installment loans are loans that are repaid over a set number of scheduled payments. In the case of Big Picture Loans, these payments will last from 4-18 months depending on the loan you are offered. Only returning customers may be eligible for the lowers APR. The lowers APR for new customers is 350%. If a payment is late more than ten they may charge a $20 late fee per occurrence.

So an example loan might look like this. You borrower $1,000 that is repayable in 13 bi-weekly installments with an APR of 350% and 12 payments of $174.81, and a final payment of $174.80 if each of the payments are made on time. This is just an example your actual loan will may differ.

If you are approved the full details should be provided to you. If you don't understand the terms or they are not provided to you then it is best not to accept the loan.

Eligibility and Minimum Requirements

To qualify applicants need to meet the following minimum requirements:

1. Have steady income of at least $700.00 per month from a verifiable source
2. Have an open bank account in good standing
3. Be reachable by phone
4. Be at least 18 years old and a permanent U.S. resident, and
5. Have a valid email address.

They do not offer loans in all states. Currently, they do not offer first-time loans to residents of Arkansas, Colorado, Connecticut, New Hampshire, New Jersey, New York, Pennsylvania, Vermont, and Wyoming. They do offer loans to returning customers who are residents of Connecticut, New Hampshire, and New Jersey. The eligibility requirements and available states may change so do contact them for the latest updates.

All credit types are eligible including those with bad credit, bankruptcy, bounced checks, charged-off loans, and other credit problems. Loan approval, and amounts are based on minimum income amounts, other credit criteria, and verification of the information provided during your application process. They will run credit checks on all applicants and may review credit information from specialized credit bureaus as part of the application process.

You can only have one installment loan open at a time with Big Picture Loans. After paying your loan in full, you may apply for a new loan. New loans will only be issued once your previous loans final payment has cleared their bank which they state usually takes 3-5 business days. For returning customers in good standing, may received a reduced APR on their new loan.

Approval and Funding

Once you complete your submit your application you should expect to hear from Big Picture Loans within 15 minutes to one business day. They will contact you either by phone or email if they need additional information. They say to speed up the process feel free to call them at 1(800)584-4880. They will contact you via phone or email with their final loan decision. If your application is verified and approved by 5:00 p.m. CST, they will generally be able to get an ACH deposit into your account the next business day. Business days are Monday through Fridays excluding all federal banking holidays.

The loan documents, authorizations, and loan agreement are time-sensitive factors. Big Picture Loans says that if they are unable to verify your information within two business days after you submit your application they may need to modify and update all the documents to reflect any time-sensitive modifications. In this case you will need to review and re-submit new documents with these modifications. In other words, once you submit your application expect to be contacted pretty quickly afterwards.

Tribal Loans

Big Picture Loans is a tribal entity. This generally means all of their terms, regulations, and enforcement are based on their tribe's rules. They do need to follow US Federal laws but do not always comply with local and state laws. Big Picture Loans is very transparent about this and provides their codes and regulations. We have seen other tribes beginning to offer these codes as well and they are very similar. We provide a link below to these codes. At the end of the day, when you borrow from a tribe you are agreeing to their terms and enforcement.

Another aspect of tribal loans is that these lending business help support the finances of the tribe. Big Picture Loans is an entity ultimately owned and operated by the Lac Vieux Desert Band of Lake Superior Chippewa Indians. The reservation for this tribe is in Michigan. The tribe achieved recognition through a Congressional bill on September 8, 1988.

In addition to Big Picture Loans, the tribe operates a casino resort. The tribe has an agreement with the surrounding community to contribute 2% of income from slot machines to the local causes. In 2019, the tribe presented a check for about $140,000 to local townships and school districts.

The tribe also operates a health center on the reservation that serves both tribal members and the general public. It offers family practice, dental, optometry, behavioral health, and other services.

We generally prefer state licensed lenders but recently, after a generally decline in tribal lenders, we've seen a significant uptick in the number of tribal lender with transparent offerings and solid customer service. Based on this it may make sense for you consider loans from a tribal entity. In addition, many times tribal lenders may be your only option in your state. Do remember that these entities are not regulated by your state and when agreeing to borrow money from them all terms and enforcement will be based on the tribe's rules and regulations.