Table of Contents
What do you need to apply for an installment loan?
What is an Installment Loan?
Uses for Installment Loans
Big Picture Loans Online Installment Loans
Benefits of Installment Loans
Installment Loan FAQ's
Big Picture Loans Installment Loan Customer Reviews
Installment Loan Payment FAQ's
About Big Picture Loans
|Personal Information - name, address, phone number, date of birth, social security number, driver's license, email address.|
|Income Details - income source, pay frequency, pay method, monthly income|
|Bank Specifics - bank name, account type, bank account, and routing numbers, bank user ID, and password|
An installment loan is a type of personal loan where a set amount of money is borrowed, also known as the loan amount. The loan is then repaid over a fixed number of equal payments, called installments. Installment loans typically have fixed payment amounts, meaning the amount generally doesn't change over the life of the loan, although returned payments, late payments, and non-payments may result in additional fees or charges that may impact your final payment. A reputable company will disclose all the payment terms including amounts and dates before you sign the loan agreement. Compared to payday loans, installment loans generally offer more time to repay, typically ranging from 3 to 24 months.
Versatility is one of the main attractive features of an installment loan. You can get an online installment loan to pay for various things like an emergency purchase, such as a vehicle repair, a new set of tires or to help pay off bills. A personal loan, also known as a type of installment loan, could be used for a variety of purchases. For example, they can be used to pay for:
|Short-Term Financial Needs - Always expect the unexpected. Then, when it happens, have a plan to get your short-term financial needs met.|
|Vehicle Repairs - When auto troubles strike, get the money you need for repairs fast.*|
|Family Emergencies - Your family depends on you. Depend on us when you need it most.|
|Major Purchases - Need to make a major purchase? You could get the funds you need as soon as tomorrow.*|
Big Picture Loans offers no hassle, bad credit, or fair credit, online installment loans between $200 and $5,000. With valid contact information and a valid bank account, your application can be quickly processed, with money deposited into your account as soon as the next business day* for installment loan applications approved before 5:00 pm CST. Plus, timely repayment of your personal loan can reduce the interest amount paid on any future loans. So don't settle for a typical cash advance or payday loan, apply for a Big Picture Loans Installment Loan today!
One benefit of installment loans, in many cases, is that they come with fixed payments. The core components of the fixed payments of a fixed interest rate loan will typically remain the same every month until you pay off your loan. However, in some cases, the last payment may differ based on payment history.
A fixed payment amount along with a fixed scheduled payment make it easier to budget for your loan payment each month. This could help avoid missing a payment since it is an expected expense.
Another benefit of installment loans is the comfort of knowing your loan debt will be paid off by a specified date or possibly sooner if you make additional principal payments. After you're done paying the number of installments as required in your loan agreement, your loan should be paid off in full.
The way online installment loans work is that the prospective borrower applies for a loan online via a web-enabled computer, tablet, or mobile phone. If the lender approves the application, the lender gives a lump sum of money to the borrower through a bank transfer. The borrower uses that money for any purpose and then must repay the installment loan over time, usually through equal weekly, semi-monthly, or monthly installments.
Big Picture Loans offers consumer installment loans, which are also known as personal loans. Big Picture Loans’ personal loans are generally designed for those with less than good credit.
You can apply for an installment loan online by entering www.bigpictureloans.com into your web browser and clicking on the Apply Now link on the website. If you’ve previously had a loan with Big Picture Loans you can simply log into your account and apply from the “My Account” page. Online installment loans can be completed from the comfort of your own home or anywhere you have access to the internet.
Installment loans get you the money you need quickly, with the ability to make scheduled fixed payments over time based on your pay cycle. In addition, the application process is fast and easy and can be completed from the comfort of your own home.
This is a question that many people ask themselves when considering getting a loan to help them consolidate their debt. It’s probably best that you do some research on installment loans and debt consolidation before taking out a loan for this purpose.
Debt consolidation is a "refinance" process that takes several debts and consolidates them into one single debt. One main advantage of debt consolidation is having only one payment versus multiple payments.
The minimum and maximum loan amount available to you with installment loans vary by lender. Big Pictures Loans offers installment loans from $200 to $5,000.
Traditional lenders require a minimum credit score, but each lender has different requirements. At Big Picture Loans, there is no minimum credit score needed to apply. Loan approval is based on other credit criteria and verification requirements.
With Big Picture Loans, you can apply for a personal loan even if you have a low credit score, there are many factors that impact the interest rate offered. At Big Picture Loans, we know that each applicant has a unique credit situation, so we analyze all of the information provided and the applicant’s credit data to assess if that applicant meets our minimum loan criteria. We use multiple underwriting techniques including a risk model method called “Risk-Based Pricing” which allows us to offer different interest rates and loan terms based on the individual consumer’s creditworthiness. Among other credit criteria, we may look at factors such as credit score, credit history, and income. We are an equal credit opportunity lender, so we do not consider factors such as race, color, national origin, religion, gender, marital status, or age. If you are offered terms less favorable than other borrowers, based on any part of your credit history, we will provide you a Risk-Based Pricing notice. We will not approve a loan application if we cannot establish that you meet certain credit criteria. For more information on Risk-Based Pricing, you can visit the Federal Trade Commission website at www.ftc.gov.
Not sure of your credit score? You can check your credit score and the financial information from your credit report for free at www.annualcreditscore.com.
Big Picture Loans accepts applications from U.S. residents over 18, with a valid U.S. bank account in good standing, a verifiable source of regular income, and finally, be reachable by phone in case any information needs to be verified.
The good news is that you can apply for an online installment loan anywhere you have an internet connection and a computer or mobile phone. You can now apply from wherever it’s convenient for you.
Most of the loans that people get are considered installment loans. The most common type of installment loans are auto loans, mortgage loans, personal loans, and student loans. Currently, Big Picture Loans does not offer loans other than personal installment loans.
It really depends on the personal loan lender. Big Picture Loans specializes in providing online installment loans to those people with less than favorable credit. Our loans should be used for short-term financial needs only, not as a long-term financial solution. If you’re experiencing credit difficulties, you should seek credit counseling.
Big Picture Loans does not charge a fee to apply for a loan, however, traditional lenders may charge a fee to apply for a personal installment loan. Applying for a loan that charges an application fee can be quite risky as it’s generally nonrefundable. Why risk an application fee when you can apply at Big Picture Loans for free!
To choose the right installment loans, you need to keep a few things in mind. Let's look at a few pros and cons of installment loans:
Having multiple installment loans is common. If you are paying both a mortgage and making car payments, that's two installment loans. You can only have one personal installment loan open at a time with Big Picture Loans. Once you've successfully repaid your loan and it is verified as paid in full, which can take 3 to 5 days, you can log in to "My Account" and apply for a new one.
The good news is collateral is not required for an installment loan with Big Picture Loans. If approved for an installment loan, all Big Picture Loan requires is your electronic signature.
We do not offer payday loans. Instead, we offer personal installment loans. You can apply for an installment loan online today!
At Big Picture Loans, we want to help those with less than favorable credit by providing affordable monthly payments and a loan term that fits within your budget. The actual interest rates depend on a variety of factors such as credit score, loan amount, loan term, credit history, debt to income ratio, credit usage history, and more.
Payments can be made monthly, bi-monthly or bi-weekly. Typically, installment loan payments are aligned with your pay dates. During the loan application, you will specify your payment dates.
Most customers choose to repay their installment loan via auto withdrawal from their bank or remote check capture. You also have the option to pay by check or money order.
Not all lenders may allow you to repay your loan early without a penalty. At Big Picture Loans, you can pay off your installment loan early. We do not charge any penalty for paying off a loan early. Paying off installment loans early, especially with higher interest rates, can decrease the overall cost of your loan because you will pay less interest.
If you are late or miss a payment on your loan, you will usually receive communication from the lender that a payment was late or missed and must still be paid. Additional interest and late payment charges may be incurred. Big Picture Loans does not charge late fees. If you miss multiple payments, you could default on your loan and the consequences can be more serious. Ordinarily, you should receive notification from the lender that you have defaulted on your loan and the actions you should take. Plus, the lender could report your missed payments to the credit bureaus, thus negatively impacting your credit history.
If you believe you are going to be late or miss a payment, it is best to contact the lender to let them know in advance. The lender may have options to help get you back on track-- you won’t know unless you try.
If you happen to have missed payments and default on an installment loan, your credit score could take a negative hit with the credit bureaus. When your credit score drops, lenders could see you as being a riskier borrower. If this happens, you might not qualify for the best possible rates and terms on future loans, or worse as you may not be able to qualify for another loan with any lender. In addition, if your installment loan is secured with any collateral, the lender might be able to seize the collateral you provided to secure the loan.
Now that you fully understand installment loans and your questions are answered, you're ready to borrow with confidence. Apply Now!
Big Picture Loans, LLC is a leading online tribal lender that helps consumers meet their emergency financial needs quickly and easily.
We offer a simple and safe online option with short-term installment loans to those with damaged or less than perfect credit. As a result, we have lent more than $500 million dollars to more than 400,000 people.
Many consumers across the United States experience financial trouble during their adult lives. Unfortunately, those financial troubles sometimes result in damaged credit. We strive to help those consumers with damaged credit by offering tribal loans to those often unable to obtain a loan through traditional lending institutions. Get an installment loan online Big Picture Loans Today!
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