Did you ever get a preapproved offer from Big Picture Loans? If you did, you know what they are about. If you did not, well, lucky you, read on and be shocked! Everyone in the US gets plenty of offers for personal loans, credit cards, refinance options, car loans, credit builder loans and cards and so on. Most of them are fair, some below average, which is usually due to a poor credit score, and there is the Big Picture Loan Scam.
The Enticing Offer
First thing you see when you open up the envelope is an ordinary letter, just like dozens of others. Simple pre-approval letter offering you to help you cover your need. Simple, just give us a call and give us the confirmation number and you’re good to go.
So, Where’s the Big Picture Loans Scam?
The one thing you will not find in the letter is the APR! For that, you have to search the web and discover the truth. Where legitimate lender end, Big Picture Loans Scam begins. While others have rates from 6% to 36%, Big Picture Loans start at 35%, but only for returning customers. Which means that they first rob you and then they offer you a “legitimate” high APR. This is what their website says:
† The lowest Annual Percentage Rate (APR) is applicable for eligible returning customers if they qualify with the company’s credit parameters. The APR Range for new customers is 350% – 699%.– BIG PICTURE LOAN – RATES
To put the numbers into perspective. You take a 12 month $1000 loan from this lender, and with an APR of say 500%, you’ll have to pay them back $5000! Now, that’s a sure way to get yourself in debt. Definitely not a solution to your problem. You can find out more in depth information at the Get Out Of Debt Guy site.
Stay away from this predatory, borderline illegal practice. There are lot better option out there for you. Even if your credit is bad, you can still get below 30% APR. Using services of Big Picture Loans will only make your financial situation worse. Don’t get caught in the trap! Let’s sit down together and run some long term planning numbers.