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Big picture loans?

Discussion in 'Payday loans' started by Smith Smithers, Feb 11, 2016.

  1. Smith Smithers

    Smith Smithers Member

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    This company is so new, yet I already don't like the products they offer.
    First off, they don't say how much you can apply for, as a first customer. Then, they say they offer a payday installment loan, which sounds great, but then they go ahead and charge a 35% bi-weekly rate.
    Is there any reason why you guys would sign up for a loan with Big Picture Loans? Yes, no and why not?
     
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  2. Lynn

    Lynn Guest

    Big Picture Loans is a predatory lender. I originally applied for a short term payday loan right before Christmas 2015 with Castle Payday. Nowhere on the advertisement did it state that they were a tribal company. Additionally, they told me the cost in interest on the loan would be $1250. Steep, but with the holidays looming, I needed the cash and took out the loan. After depositing the cash, Castle Payday took two payments and promptly became "Big Picture Loans" The terms changed and I could no longer access my account. $3000 later, I've just been provided my disclosures from Big Picture Loans only to find that they are charging me a whopping 927.7664% interest rate. Yes you read that right! $6,011.25 in interest alone. If and when I continue to pay off this pirated amount, I will have paid $6811.25 They misrepresented the terms, they changed my due dates (no longer coincide with paydays) and the amount changes every two weeks (I'm assuming to make it harder to stop payments to these crooks at your bank)....... STEER FAR from these crooks. I have reported them to the Federal Consumer Financial Protection Agency but don't have a response yet.
     
    Perry likes this.

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