Who owns big picture loans?
The company is owned by the Lac Vieux Desert Band of Lake Superior Chippewa Indians Tribe, which operates out of the tribe’s reservation in Watersmeet, Mich. The company has been in business for eight years.
Is Big Picture loans a direct lender?
Big Picture Loans (formerly known as CastlePayday Loans) is a direct lender specializing in installment loans, or personal loans. The company’s goal is to help borrowers find an easily accessible short-term solution without worrying about hidden fees and regulations.
Can Big Picture Loans sue me?
Short answer is yes, a payday loan company can sue you in court if you default on your debt. In order for them to take you to court, you must be delinquent on your payments and in violation of your loan agreement.
Is Big Picture Loans a Tribal Loan?
Big Picture Loans is a tribal lender that offers personal loans up to $3,500. You may be able to qualify with less-than-perfect credit and get the money you need quickly. But Big Picture Loans charges very high interest rates, so you’ll probably want to explore other lenders or alternatives.
Does Big Picture loans report to credit bureau?
No, Big Picture Loans will not run your credit with the three national credit reporting agencies (Equifax, Experian, and TransUnion). However, they may look at other databases to check your payment history.
Are tribal loans safe?
Taking out tribal loans carries risks. If you apply for a loan with very high interest rates and you have a low income, an unpredictable income stream, or substantial existing debt, there are risks to consider, including: Late payment charges and penalties. Losing your collateral.
Can I go to jail for not paying online loans?
2. Can you be arrested and sent to jail if you fail to pay your debt? Many borrowers default on a loan every day, and the common question they ask is whether nonpayment of the loan will result in imprisonment. The answer is no.
Can a loan company take you to court?
Your creditors can take you to court (make a claim) if you don’t repay your loan or honour any other terms of your repayment agreement. You shouldn’t ignore such a situation. In fact, you should know how to respond in advance. Taking action swiftly will stop the situation from escalating.
What happens if I dont pay my tribal loan?
If you don’t repay your loan, the debt collector or payday lender may try to take you to court and force you to pay. If the ruling falls in their favor, or you don’t dispute the claim or lawsuit, the court will declare a judgment or order against you. The collector or lender will then be able to garnish your wages.
What happens if you don’t pay a tribal loan back?
Are tribal loans legal in Michigan?
Tribal lenders are technically legal in Michigan. There are no prohibitions on offering lending services out of a Native American reservation.