Big Picture Loans review: Personal loans with high interest rates

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In a Nutshell

Big Picture Loans is a tribal lender that offers personal loans up to $3,500. You may be able to qualify with less-than-perfect credit and get the money you need quickly. But Big Picture Loans charges very high interest rates, so you’ll probably want to explore other lenders or alternatives.
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  • May qualify with bad credit
  • Potentially fast funding


  • High interest rates
  • Late payment fee
  • Not available in all states

What you need to know about personal loans from Big Picture Loans

Big Picture Loans is a personal loan lender operated by the Lac Vieux Desert Band of Lake Superior Chippewa Indian Tribe in Michigan. It markets installment loans to people with bad credit. Loan amounts range from $200 to $3,500, and you can apply for a loan online.

In this Big Picture Loans review, we’ll take a look at what you need to know before you apply.

You may qualify with bad credit

If you have imperfect credit, it may be more difficult to find a personal loan lender. That’s where Big Picture Loans comes in. The company says it may consider people even if they have a history of bankruptcy, bounced checks or other credit problems. The lender will evaluate additional information, such as bank account history, to help determine if you qualify.

Big Picture Loans has high interest rates

If you’re thinking about taking out a personal loan, it’s important to consider the APR and how it may affect your repayment of the loan. Big Picture Loans’ lowest rates are reserved for returning customers who meet certain credit requirements. New customers will likely find interest rates that equate to triple digits, according to company data.

To put that in perspective, a typical payday loan — a short-term, high-cost loan — can come with borrowing costs that can equate to a nearly 400% APR — but Big Pictures Loans’ rates may be even higher. With such a high APR, you could end up paying back much more than you originally borrowed.

You could get your money quickly

If you need money to pay rent or cover the cost of a car repair, you might not have time to wait around. If you’re approved, Big Picture Loans may be able to issue loan funds as soon as the next business day. According to the company, “95% of accepted applications are approved and originated the next business day.”

A closer look at personal loans from Big Picture Loans

If you’re considering a loan from Big 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 high interest rates, personal loans from Big Picture Loans should be avoided if at all possible. The loans are expensive, and it could be difficult to dig your way out of debt.

But there may be times when you simply need to get cash fast. If that’s the case — and if you’ve exhausted other options, like asking friends or family for help or using an existing credit card — taking out a loan through Big Picture Loans may help you through a crisis when you don’t have other choices.

If you decide to apply for a loan with Big Picture Loans, make sure you’re aware of the interest rate on the loan and have a plan in place 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 also must have a valid bank account and email and be reachable by phone. And the lender says you’ll need a verifiable monthly income of at least $700.

If additional 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 amount, are looking for a lower interest 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 other 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.

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 … Read more.