Taking out a Quick Cash Loan could help consumers get the financial assistance they need to take care of unexpected expenses. When your car needs new tires, or your pet needs veterinary care, a loan could help you quickly overcome the financial hurdle. You may have heard about Big Picture Loans, but are there alternative companies?
In this informative article, you will learn how Big Picture Loans work and about alternative loan options to consider.
Finding the Right Personal Loan
A personal loan, or personal installment loan, provides lump sums to borrowers. The loan is repaid on a monthly schedule for a specific length of time. Personal loans are very versatile, and terms can be personalized to fit your unique financial needs.
Finding the right personal loan is about knowing what works best for you. Before applying for a personal loan, you must know how much you need, how much time you want for repayment, and how much you can afford to pay monthly. The answer to these questions will help you obtain the best loan agreement to deal with an unexpected expense.
Personal loans typically offer small and large loan amounts, so borrowers can apply for a few hundred dollars or several thousand. But remember that every lender has a unique minimum and maximum loan amount. Personal lenders also offer different repayment terms, which generally last a few months up to a couple of years.
The eligibility requirements vary per financial institution, but you can expect a lender to analyze your income and credit score. If you have bad credit, you may worry about your eligibility for a loan. However, there are bad credit loans you can apply for. A bad credit loan is a loan option meant for low-credit borrowers. But keep in mind that financial institutions that advertise bad credit loans typically offer high-interest rates that significantly increase the overall cost of the loan.
Finding the right personal loan or short term loan is all about doing research and making comparisons. Remember that settling for the first loan offer you receive may prevent you from finding the best fit for your financial situation. Keep reading to learn about the different loan terms you should consider before starting your loan search.
Soft vs. Hard Credit Checks
Understanding the different types of credit check processes is essential before applying for a personal loan. There are two types of credit checks lenders use:
- Soft credit inquiry.
- Hard credit inquiry.
A soft credit check, or soft inquiry, is typically done when you request a pre-approval decision. Soft credit checks provide the same information as hard credit checks. However, they do not negatively affect your credit score. In certain instances, the major credit bureaus may record the soft inquiry on your credit reports.
A hard credit check is only done when you officially submit a loan application. Unlike soft credit inquiries, hard credit inquiries decrease your score by a few points. For this reason, financial experts advise consumers to avoid applying for too many loans within a short period. Multiple hard credit checks on your credit reports may indicate to lenders that you are a credit risk.
Remember that credit score decreases due to credit checks are temporary. By repaying your personal loan on time every month, you may slowly start to see an improvement in your credit score.
Online Lender vs. In Person Lender
When you want a personal loan, you have the choice between working with an online or in-person lender. Unsure about the difference between applying for a loan online vs. in person? Both options are beneficial but offer a different loan approval process.
A traditional lender will have a store location you can visit in person. Interested borrowers can make an appointment or walk in to apply for a loan. Some traditional financial institutions may allow pre-approvals online but still require the applicant to finish the process in person. You will need to provide your required documentation to a loan specialist for verification.
Online lenders typically do not have brick mortars, although some do. An online installment loan works the same as a traditional loan, but the process may be more convenient. Applicants do not have to wait for a store location to open; they can start the online approval process anytime. Getting pre-approved may take less time, as many online lenders offer instant approval decisions.
When it’s time to get your money, many in-person lenders provide a check. But you may expect an electronic deposit sent straight to your bank account when you apply for online installment loans. Consider how you would prefer to complete a loan approval process to determine whether an in-person or online loan is right for you.
Fixed vs. Variable Interest Rates
There are two basic types of interest rates on personal loans: fixed and variable. Knowing the difference is critical so you can choose the best loan term for your existing budget and income.
A fixed interest rate is a rate that remains constant throughout the repayment process. Fixed rates result in equal monthly payments that allow you to accurately determine how much you need to pay. Fixed interest rates are the best choice for people that want a predictable payment schedule.
A variable rate, also known as an adjustable or floating rate, is an interest rate that changes unpredictably based on market conditions. Variable rates depend on a benchmark or index that changes monthly, quarterly, or annually. If you have financial flexibility, you can obtain a variable rate to potentially save money. If the rate decreases, you can save more on interest fees than you would if you got a fixed rate. However, keep in mind that rates can also increase unexpectedly. Variable interest rates are financially risky, which is why you should carefully consider the maximum you can afford to pay each month and what you will do if you cannot afford a loan payment.
Most financial institutions provide loans with both types of interest rates, but some may only offer one variety. If you have a preference, ensure the lender you want to work with offers a specific interest rate.
Using a Cosigner To Get a Personal Loan
You may worry about meeting a loan’s minimum credit score requirement if you have a bad credit score. You may have heard that using a cosigner may help low-credit borrowers get approval, but what exactly does cosigning on a loan mean?
A cosigner is a person with a good to excellent credit history that shares financial responsibility for the loan. The cosigner signs the loan agreement and is responsible for the outstanding balance if the primary borrower cannot continue making payments. Using a cosigner may help an individual with a poor credit score qualify for a personal loan.
However, finding someone willing to cosign a loan with you may be challenging. Keep in mind that there are bad credit personal loans available! You do not have to use a cosigner to get quick emergency cash. Look for bad credit lenders that offer flexible qualification requirements.
Secured vs. Unsecured Personal Loans
There are secured and unsecured personal loans. Before you start looking for a lender to work with, it’s essential to know which type of personal loan you want to apply for. Learn the pros and cons of each option to make a fully informed decision.
A secured loan is a loan that requires collateral, which is a valuable item pledged as security for repayment. Lenders accept all types of items as collateral for secured funding, such as:
- Stocks or bonds.
- Money market accounts (M.M.A.).
- Cash in a savings account.
- Car or boat titles.
- Certificates of deposit (CDs).
Secured loans are typically easier to obtain because the lending risk is lower for the loan company. In the event a borrower cannot repay the outstanding balance, the lender can seize the item and use or sell it to recoup the unpaid debt.
Secured personal loans are also known as bad credit installment loans because individuals with bad credit typically use them to get fast emergency cash. A secured loan is generally easier for low-credit borrowers to obtain. Still, this type of loan is risky. Suppose you use your car to secure a personal loan. If you experience financial issues during the repayment process, you risk losing your vehicle. Financial experts generally advise consumers to avoid using collateral to get a personal loan.
An unsecured loan does not require any collateral, so the borrower does not risk losing possession of any assets in case of default. Since collateral is not necessary, the lender will analyze an applicant’s financial background. A person’s credit score is one of the main qualifying factors for unsecured funding. Low-credit borrowers may have difficulty getting approval for this type of loan because the lender has no financial safety net.
If you have a bad credit score, know that you may still be able to obtain a secured personal loan. Every lender has a minimum credit score they are willing to work with. You can find the right personal loan by inquiring with multiple lenders and comparing loan offers.
Loans Like Big Picture Loans: What You Need To Know
Big Picture Loans is a financial institution that offers tribal loans. The Lac Vieux Desert Band of Lake Superior Chippewa Indians, or “The Tribe,” formed Big Picture Loans to provide online installment loans to consumers and economic stability for tribe members.
The Lac Vieux Desert Band of Lake Superior Chippewa Indians dates back to the 1600s. In 1988, U.S. President Reagan signed the Lac Vieux Desert Band of Lake Superior Chippewa Indians Act 25 U.S.C. 1300(h). This Act officially makes The Tribe a federally recognized Indian tribe that is a separate sovereign nation apart from the Keweenaw Bay Indian Community.
The Tribe has been providing over 20 years of donations to its local community. Due to a treaty agreed upon by the Tribe, 2% of the income derived from Tribal businesses is given to local causes. In 2019, The Tribe presented nearly $140,000 to local townships and school districts.
Big Picture Loans have helped approximately over 400,000 people get the financial assistance they need. According to their website, “90% of accepted applications are approved.” Big Picture
Loans provide emergency financing to people across the nation. To find out if you can get funding from Big Picture Loans in your state of residence, call 800-584-4880 or inquire online.
How Do They Work?
Big Picture Loans offers online installment loans. Borrowers make a set number of scheduled payments every month. Their website states that Big Picture Loans are only for short-term financial needs. This type of loan should not be used as a long-term financial solution.
According to Big Picture Loans, they are an ideal option for borrowers that need money for:
- Vehicle repairs.
- Family emergencies.
- Major purchases.
- Short-term financial needs.
Since Big Picture Loans offer tribal loans, the laws of your state of residence do not impact the laws that govern your loan agreement. Suppose you enter into a financial contract with Big Picture Loans. In that case, you agree that your loan will be governed by and construed in accordance with the laws of the Lac Vieux Desert Band of Lake Superior Chippewa Indians. Your state laws don’t apply because, generally, Indian tribes are sovereign nations with the legal right to enact laws related to commercial activity. One exception is when Congress authorizes federal law.
Minimum and maximum loan amount information is not available on the website. According to Big Picture Loans, loan amounts depend on income amounts, credit score criteria, and an applicant’s information verification during approval.
Big Picture Loans do not have hidden fees or prepayment penalties. Some lenders charge a prepayment penalty fee for early loan repayment. But you can repay Big Picture Loans early without fear of a financial penalty.
Eligible applicants can generally expect to receive their loan proceeds by the next business day if the application gets verified and approved by 5:00 p.m. C.S.T. The money is sent to your checking account through an A.C.H. deposit.
What Are the Qualification Requirements?
Big Picture Loans have a few minimum requirements an applicant must meet to qualify for personal loans. If you are considering applying, you should be at least eighteen years of age and a U.S. resident.
You must also have the following:
- An active bank account in good standing.
- A valid email address.
- A phone number.
- A Social Security Number (SSN).
- A valid driver’s license or state identification card.
If you have a bad credit score, you may have concerns about being eligible for a personal loan. However, on its website, Big Picture Loans states that past bankruptcy, bounced checks, charge-offs, and other credit problems may not prevent applicants from qualifying for personal loans. But you will still have to meet other criteria.
How Will the Application Process Work?
The application process for Big Picture Loans takes three steps, and eligible consumers could qualify in minutes. Interested borrowers can start the approval process online through the website by filling out the secure online form.
The application form will ask for basic personal information, such as your name, date of birth, and contact details. In addition, you will have to provide your SSN and a driver’s license or state I.D. number. Big Picture Loans emphasizes that they use industry-standard security measures. After reading the Consent to Electronic Communications and Privacy Notice, you can confirm your information and submit your application.
You will have to pick your desired loan amount after providing your identifying information. If you are deemed eligible for a personal loan, Big Picture Loans will contact you with a loan offer. Carefully review and electronically sign the proposed contract if you agree to the loan terms.
As part of the approval process, you will also have to verify your bank information after getting approved. The bank verification process will require your bank username and password. This information will allow Big Picture Loans to verify your identity and income through a secure read-only copy of your bank statement. A bank statement is required to complete the application process.
Funding is typically given within one business day as long as the applicant gets approved before 5:00 p.m. C.S.T. Customers that experience financial trouble during the repayment period are encouraged to call or email a loan agent.
Can I Cancel My Application?
Consumers apply for loans when they need fast funding, but sometimes they acquire money through other means. Big Picture Loans allow applicants to cancel their applications. To successfully cancel your application, call Big Picture Loans by 5:00 p.m. CST the same day you submit the loan application.
Prepare to provide an agent with your loan or application number and personal information. If an applicant misses the deadline and gets funded, they may still be able to cancel their personal loan. Big Picture Loans offers a rescission period, which is a period within which a person can cancel a contract. Customers can review their loan agreement for further details.
What if I Have a Dispute or Complaint?
If a customer has a complaint or dispute, know that Big Picture Loans have a Tribal Dispute Resolution Procedure to address issues. You can view the procedure in Section 9 of the Lac Vieux Desert Band of Lake Superior Chippewa Indians Tribal Consumer Financial Services Regulatory Code.
If a customer has taken steps to resolve issues with the business but is still unsatisfied, they can request an administrative review by the Lac Vieux Desert Tribal Financial Services Regulatory Authority. The request must be written to the Authority in Watersmeet, MI.
CreditNinja: How Does It Compare?
CreditNinja is a direct lender that specializes in offering personal installment loans. Since our start back in 2018, we have helped over 275,000 consumers get fast emergency cash to handle all types of unforeseen emergencies.
We offer a completely online process for your convenience. You do not have to travel to a store location or speak to anyone to get a qualifying decision. The hassle-free application process only has three steps, and you can start it anytime on a computer, tablet, or smartphone.
- Apply Online — The first step is to submit an application form through our secure website. Rest easy knowing we only ask for necessary information, and your data is encrypted. All you have to do is provide basic details about yourself, such as your name, date of birth, SSN, etc. Our approval process does not require you to upload any documentation, which speeds up the process.
- Review Your Loan Offer — If you are eligible for a personal loan, you will receive a personalized loan offer tailored to your unique financial needs and budget. Look carefully at the amount, interest rate, and repayment length details to fully understand your potential loan terms.
- Get Your Money — If you are ready to start working with CreditNinja, you can electronically sign the loan agreement and get your money!
What Can I Use CreditNinja Loans For?
At CreditNinja, we offer versatile personal installment loans that can be used for all types of financial issues. People face different kinds of unforeseen emergencies, but some are more common than others. Take a look at some common reasons people take out personal loans.
Medical Costs
Medical care, supplies, and equipment are typically extremely expensive. While healthcare insurance can help cover a portion of the cost, you may still need upwards of a few hundred dollars to cover the remaining cost. A personal loan may help you get enough money for your monthly prescription, a new wheelchair, and other necessary medical items.
Funerals
Funerals are too often tragically unexpected. If you have recently lost a loved one, you may be unprepared to start financing the high cost of a funeral service. The cost of a funeral varies, but many people end up needing a significant amount to cover various expenses. While funeral homes have package options that include essential fees, you may still have to pay extra for a burial plot, headstone, and flowers. A personal loan could help you quickly get the money you need to lay your loved one to rest.
Child School Expenses
Sending a child to school is a hectic process, but it is also expensive. There are a lot of costs to consider, such as books, supplies, and clothes. But in addition to everyday items, you may need upfront money to pay for vaccinations, physical exams, and registration fees. Personal loans allow borrowers to take out small or large amounts, so you could cover the cost of your child’s school expenses.
Car Repairs
A vehicle is a necessary mode of transportation for almost everyone. But the repairs required can cost an arm and a leg. A malfunctioning car can prevent you from getting to work on time and running necessary errands. Unfortunately, many mechanics and repair shops do not offer payment plans, so you must provide upfront payment. You may be able to get enough money to quickly schedule a car repair with a personal loan.
Are CreditNinja’s Installment Loans a Good Payday Alternative?
A CreditNinja personal loan is an alternative payday loan option. Suppose you are debating between applying for online payday loans or installment loans. In that case, it’s a good idea to learn about the differences first.
A typical payday loan provides small-dollar loans that must be paid back within two weeks. As the name suggests, payday loans are meant to cover costs until your next payday. While payday loans are convenient, they are a controversial financing option in the loan industry. Many financial experts advise consumers against taking them out due to predatory lending practices that can result in vicious cycles of debt.
In contrast, a personal loan can provide an extended repayment length. If you work with a lender that does not charge prepayment penalties, you could choose to pay off the loan early.
How Does Creditninja Stand Out?
We offer a lot of incredible benefits to customers. Considering applying for one of our personal installment loans? Take a look at some of the perks we offer below:
Easy Application Process
The online application process is easy to complete for most people. There are three steps to follow, and we do not typically require you to upload documentation. All you have to do is provide basic personal information so we can make an approval decision. Most applicants are able to get an instant qualifying decision.
Spending Versatility
A personal loan is a versatile loan option that can help borrowers pay all types of emergency expenses. While some lenders limit what kind of expenses they cover, you can use a personal loan for any financial emergency. You do not have to provide proof of a car repair bill or doctor’s note.
Fast Funding
At CreditNinja, we understand that time is of the essence. Our customers need money as soon as they can get it to avoid late fees and further issues. Your rent may be due or require a car tire replacement to get to work. For that reason, we work diligently to provide money as soon as the same day.*
Repayment Flexibility
With a personal loan from CreditNinja, you can take advantage of a flexible repayment schedule. Borrowers can choose between a short or long repayment period to pay off their loans. Want to reduce your total loan cost? You have the ability to repay the loan early whenever it is convenient for you. We do not charge prepayment penalty fees for your convenience.
Flexible Requirements
Many people worry about their personal loan eligibility because the credit score is typically the most critical qualifying factor. However, at CreditNinja, we offer flexible requirements. You do not necessarily need a perfect credit score to qualify because we work with all types of financial backgrounds. We consider more than just your current credit rating when making approval decisions. Do you have a good payment history? Minimal existing debt? We take those factors into consideration.
Quality Customer Service
CreditNinja provides quality customer service because your satisfaction is vital. Customers can contact us via email, phone, or text. We can answer your questions and address any concerns. Need help during the approval process? We are available and more than happy to help.
*Applications approved before 10:30 a.m. CT Monday-Friday are generally funded the same business day. Applications approved after this time are generally funded the next business day. Some applications may require additional verification, in which case the loan, if approved, will be funded the business day after such additional verification is completed.References:About Us │Big Picture Loans
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