Loans like big picture loans

If you are thinking about a loan for an emergency expense, you are not alone; many Americans use a loan for emergency expenses. In 2023, 81% of Americans said they did not add to their savings accounts, which may mean having to take out a loan to pay for an emergency.1 If you are looking for a loan for your emergency, specifically a personal loan, you may come across Big Picture Loans. Big Picture Loans is an online lender that offers online installment loans. Big Picture Loans is just one lender out there; there are many options available. Continue reading to learn more about Big Picture Loans and personal loans in general. 

Finding the Right Personal Loan 

Before deciding on the lender you want to work with, it will be helpful to figure out whether a personal loan is even the right option for you and what factors you need to pay attention to when trying to figure out whether a personal loan (or any loan—these factors can be used to compare most loan options) is the best option for you. Here are some important factors to pay attention to with a loan:

  • The Interest Rate — Interest isn’t the only thing you should consider, but it is extremely important. Most lenders provide a range of interest; however, you’ll usually find out your specific interest rate only after applying for a loan. Interest rate ranges are set by the lender; your credit score and credit history will determine specifics within that range. Generally, bad credit loans like payday loans tend to have higher interest rates, while loans offered to borrowers with good credit tend to have lower interest. This cost will likely be the most significant cost of your loan, so be sure to compare that with your loan offers. 
  • The APR — While interest is one cost associated with a loan, APR is the total cost of your loan (does not account for things like missed payments and such). So, while interest is one way to see some of the costs of your loan, there are some additional costs that should be factored into your decision, and APR will give you a big-picture view of what that total cost will be. 
  • The Loan Amount — The loan amount is another thing to consider. Ideally, you’ll want to be able to borrow the amount you need from a single loan rather than having to juggle multiple loan options. Loan amount ranges, similar to interest rates, are set by lenders, and the specific amount you may get will be dependent largely on your credit score/history, as well as your income. 
  • The Speed of the Process — Depending on exactly how soon you need the funding, speed is also another important factor to consider. The good news is that many lenders offer a pretty fast process, so they may be a much faster option than traditional lenders such as banks or credit unions. Something to keep in mind if you are looking for funding within a week!
  • The Repayment Terms — Repayment terms encompass several different factors, such as how long your loan is, late payments, grace periods, the ability to make repayments, minimum payment amounts, etc. 
  • Whether Collateral Is Involved — Most personal loans are unsecured; however, there are some secured options. Having collateral with a loan may make it easier for approval; however, there is the risk of losing the asset if you cannot repay the loan on time.
  • The Lender — The lender is another important factor that you should consider with a loan. Your lender will be a huge part of your loan; however, you may not think about this factor until it’s time to repay your loan. Make sure to do research on the lender before deciding on them for a loan. 

What Can the Funds From a Personal Loan Be Used For?

The flexible thing about personal loans is that they can be used for all kinds of expenses. Here are some examples of the different uses for a personal loan:

Expense TypeDescription
Medical BillsCovering healthcare expenses, including surgeries, treatments, and medications that may not be fully covered by insurance. Can also aid in consolidating existing medical debts.
Everyday ExpensesAddressing day-to-day costs like groceries, utility bills, and transportation during temporary financial challenges or unexpected events impacting income.
Car RepairProviding funds for unexpected vehicle repairs, whether routine maintenance or fixing mechanical failures or accidents. A convenient alternative to high-interest options like credit cards or payday loans.
Home RepairFinancing planned or emergency home repairs, such as fixing a leaky roof, updating HVAC systems, or addressing plumbing issues. Can also be used for home improvement projects.
Monthly BillsCovering regular monthly expenses like rent, mortgage payments, utilities, or credit card bills during times of financial strain, helping to avoid late fees or penalties.

Big Picture Loans: What You Need to Know 

Big Picture Loans, as mentioned above, is an online lender that offers online installment loans. One thing that makes Big Picture Loans unique is that they are a tribal lender. If you aren’t aware,  tribal lenders are lenders that operate on Native American tribal lands. They may be exempt from certain laws and regulations that traditional lenders are not. And so when working with tribal lenders, it is essential that you pay close attention to the loan terms and details. 

How Does the Application Process Work With Big Picture Loans?

The application process with Big Picture Loans will involve the following process:

  • Apply for a Loan
  • Add the Loan Amount You Need 
  • Find Out About Approval 
  • Once Approved, Get Funding 

What Are the Requirments for Big Picture Loans?

There are a few requirements that Big Picture Loans has for applicants:

  • Bank account — Applicants must have a valid bank account. 
  • A phone number — Applicants must have a working phone number. 
  • Email address — Applicants must have a valid email address.
  • Age requirement — Applicants must be at least 18 years old. 

What Will Repayment Look Like With Big Picture Loans 

Big Picture Loans offers installment loans, which means that they are repaid in equal monthly payments until the loan is repaid in full. This can be pretty convenient when compared to single-payment loans like payday loans. Your specific minimum payment amount will be given to you at the time of your application. 

FAQS: Loans Like Big Picture Loans

What are the key differences between payday loans and installment loans?

Payday loans are typically small, short-term loans intended to cover a borrower’s expenses until their next payday. They often have high-interest rates and are due in a single lump sum. Installment loans, on the other hand, allow borrowers to repay the loan in scheduled payments over a set period. The interest rates for installment loans are generally lower compared to payday loans, and they offer a more extended repayment period.

Can I apply for online payday loans if I have a low credit score?

Yes, it’s possible to apply for payday loans with a low credit score. Many payday lenders focus more on your current financial situation and ability to repay the loan rather than your credit history. However, the interest rates may be higher, and the loan amounts might be smaller due to the perceived higher risk.

How do personal loans compare to online installment loans in terms of flexibility and usage?

Personal lending options and online installment loans are quite similar in that they both offer structured repayment plans. Personal loans, however, tend to offer more flexibility in terms of usage; they can be used for a wide range of purposes, from debt consolidation to funding major purchases. Online installment loans might have more specific usage based on the lender’s terms.

Are payday loans a viable option for emergency expenses compared to personal loan options?

Payday loans can be a viable option for emergency expenses due to their quick approval and disbursement times. However, they typically come with much higher interest rates and shorter repayment terms than personal loan options. Personal lending is generally more suitable for larger or less urgent expenses, offering lower interest rates and longer repayment periods.

What are the implications of taking out an online installment loan on my credit report with major credit bureaus?

Taking out an online installment loan can impact your credit report. Regular, on-time payments can positively affect your credit score. Conversely, late or missed payments can negatively impact your score. Lenders usually report your payment history to the major credit bureaus, so it’s important to manage these loans responsibly.

Can I qualify for bad credit installment loans if I’ve been rejected by traditional lenders?

Yes, it’s possible to qualify for bad credit installment loans even if you’ve been rejected by traditional lenders. These loans are specifically designed for individuals with less-than-ideal credit histories. The terms might include higher interest rates to offset the risk to the lender, but they provide an option for those who might not qualify for conventional loans.

How do tribal loans differ from other bad credit personal loans in terms of regulations and terms?

Tribal loans are offered by lenders based on Native American reservations and are subject to tribal and federal laws rather than state regulations. This can sometimes mean higher interest rates and different loan terms compared to other bad credit personal loans. It’s important to read the terms carefully and understand the regulatory framework before taking a tribal loan.

Is there a minimum credit score requirement for securing bad credit loans?

The minimum credit score requirement for bad credit personal loans varies by lender. Some lenders may not have a specific minimum score and instead consider other factors like income and employment. However, generally, a higher credit score can result in more favorable loan terms, such as lower interest rates and higher loan amounts.

What are tribal installment loans, and how do they differ from traditional installment loans?

Tribal installment loans are offered by lenders who operate under the sovereignty of Native American tribes. They often have different regulations compared to traditional loans, potentially including higher interest rates and different lending terms. They are not bound by state laws, which can lead to significant differences in loan terms and borrower protections.

What is the average amount and interest rate for an average payday loan?

The average payday loan amount typically ranges from $100 to $500, with the interest rate varying widely. These loans often have high APRs, sometimes exceeding 300% or more, depending on the state and lender.

How does a typical payday loan work, and what are its usual terms and conditions?

A typical payday loan is a short-term, high-cost loan that is usually due on the borrower’s next payday. The terms include high-interest rates and fees, with the full loan amount, including interest, typically required to be repaid in a single payment. Failure to repay on time can lead to additional fees and increased debt.

What should I look for in a loan company when considering a payday or installment loan?

When considering a loan company, look for transparency in terms and conditions, competitive interest rates, positive customer reviews, compliance with regulations, and clear communication about fees and repayment schedules.

How do tribal payday loans differ from standard payday loans?

Tribal payday loans are similar to standard payday loans but are offered by lenders based on tribal land and governed by tribal and federal laws rather than state laws. This can result in different regulations, which may include higher fees and interest rates not bound by state caps.

What are online tribal installment loans, and how do they operate?

Online tribal installment loans are loans offered by tribal lenders over the Internet. These loans are similar to traditional installment loans but are governed by the laws of the tribal community rather than state laws. They typically offer a convenient online application process and quick funding.

Are there specific advantages or risks associated with taking out online tribal installment loans?

Advantages include potentially faster approval and less stringent credit requirements. However, risks involve higher interest rates and less regulatory oversight, which can lead to less protection for borrowers in terms of fair lending practices and debt collection.

CreditNinja: How Does it Compare?

CreditNinja is also an online lender that offers personal installment loans. The great thing about CreditNinja is that we offer a completely online process that can make things convenient and fast. 

Here is what you can expect with the process when working with CreditNinja:

  1. Apply for a Loan Online — The first step is to apply for a loan online. We’ll ask you for some personal information about you and your finances. You will also have to go through bank verification at this point.  
  1. Find Out Whether You Qualify — Once you submit your application, you’ll know about approval. At this point, if you are approved, you will know more about the loan amount, the interest rate, and other repayment terms. 
  1. Go Over the Loan Agreement — The loan agreement will encompass everything about the loan, so it is extremely important that you understand all the details of the loan before making a decision. 
  1. Sign and Get Funding — If everything looks good, all that is left for you to do is sign and get funding! Once you have those funds, you can use them for whatever emergency expense you need. 

Do You Need Good Credit for a Loan With CreditNinja?

The convenient thing about working with an installment loan from CreditNinja is that we focus more than just on your credit score or credit history. This means that bad credit is okay to apply with, we’ve helped many people in the past with less-than-great credit history get funding. And so our loans are a great alternative to payday loans. 

Instead of focusing significantly on your credit we’ll take a close look at your income and ability to repay the loan, and your income which is why we have bank verification with the process. 

Do CreditNinja’s Loans Require Collateral?

No, the installment loans from CreditNinja do not require any collateral. This can be convenient for borrowers who do not want to involve an asset and take on the risk of losing it. Another thing to note is that loans that don’t have collateral tend to be faster than loans with. 

What Are Some Benefits of CreditNinja’s Installment Loans?

There are several benefits that come with working with CreditNinja:

  • An easy and fast process — The process when working with CreditNinja is extremely simple; everything can be done online, usually in less than an hour. 
  • Flexible repayment plans — We have an array of repayment plans that can be helpful with personalization. 
  • Flexibility with approval — As mentioned above, you don’t need to have great credit when inquiring for an installment loan with CreditNinja. 
  • Exceptional customer service — Our customer service team is always helpful and attentive throughout the loan process. 


  1. Only 19% of Americans increased their emergency savings in 2023 | CNBC
  2. Website | Big Picture Loans
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