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Why Borrowing Online is So Convenient

Looking for fast cash? Perhaps you need money to consolidate your debt, pay off your car, or pay off an emergency expense. Maybe it is time to consider an online loan. Why? An online loan can potentially offer you several surprising advantages. If you have never taken out a personal loan before, you may not be aware of its potential advantages. Here is a look at some of the top reasons why you would want to consider borrowing online.

Why Borrowing Online is So Convenient

Reason to Consider Borrowing Online

  1. Fast loan approvals and disbursements
    Online loan companies are generally more streamlined than traditional lending institutions. Because of this, you may typically get faster loan approvals and the disbursement of your money. So how fast can you be approved? In some cases, you could be approved the same day, and you could receive the money the next day. If you are in a cash crunch, an online loan may be one of the fastest ways for you to get the money you need. When your loan is funded, it’s generally done via an electronic deposit into your bank account.
  2. Easier to complete the loan process
    No one enjoys the process of applying for a loan. If you don’t like the idea of getting dressed up to go to a bank and applying for a loan, then applying online could make much more sense. There is no waiting in the lobby to see the loan officer, no sitting around as the loan officer processes the paperwork, and no uncomfortable moments in the loan officer’s office.

    Also, if you have a busy schedule, applying for a loan online simply makes more sense. You can apply for your loan at home or at your office, or wherever is comfortable for you. Usually, the loan application itself takes a few minutes.
  3. Targeted loans
    Many online lending companies specialize in specific types of loans. For instance, you may have online lending companies specializing in home mortgages while others specialize in personal loans. Dealing with an online lending company specializing in one type of loan may potentially make things easier for you.
  4. Less Cross-Selling
    Just about every type of bank or brick and mortar lending institution may try to cross-sell you on other loans. That’s the last thing you want to deal with. You came into the bank to get an auto loan; do you really want to be asked to apply for a credit card, too? When you apply for a loan online, you are usually in control. You can decide to leave the online lending site at any time. However, it’s a little hard to walk out of a bank once you are in the loan officer’s office with all your paperwork on the table.

Frequently Asked Questions About Online Loans

If you are interested in applying for an online loan, then you may have questions. Here’s a look at some of the most commonly asked questions about applying for a loan online.

How fast can I get a loan online?
There are some cases where you may get your money the next day after approval. Online lending companies tend to have a process in place to process loans quickly. Once your loan is approved, your money is transferred to your bank account.

Can I get an online loan with bad credit?
Some online lending companies may offer loans to borrowers with a credit score below 670. Know that the interest rate you pay correlates to your credit score. The lower your credit score, the higher APR you can expect to pay. 

How safe are online loans?
When you use a reputable online lending company, safeguards will be in place to protect your personal data and online activity. To ensure that you are dealing with a legitimate online lender, look for the following information:

  • Check if and where the lender is licensed to do business in your jurisdiction.
  • Make sure that the lender’s website is secure before inputting your personal information. To check if it’s secure, the URL should begin with: https://. The “S” in “https” signifies the site is “secure”. The lender should also post how they protect your data, including a privacy notice; this details how your data is used and by whom.

What documents are needed for an online personal loan?
Many online lenders may want to verify the following information when it comes to applying for an online loan:

  • Proof of steady income - You will need to verify that you have a steady income.
  • Proof of age - You must be 18 years or older to qualify for an online loan.
  • Open a bank account – You must have an open bank account that is in good standing.
  • Phone – You must be reachable by phone.

What is a personal loan used for?
Personal loans can be used for just about anything, from paying off your credit cards to buying a vehicle or capitalizing on your business. Typically, personal loans will come with a higher interest rate versus other loans.

Taking advantage of online loans

You don’t have to spend the afternoon at the bank to get your next loan. Online loans could be a faster and smarter way for you to get the money that you need. Be sure to check the background of any online lender before you apply.

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Consumer Notice: Our loans should be used for short-term financial needs only, not as a long-term financial solution. Individuals with credit difficulties should seek credit counseling. For more information, please see our Financial Wellness Page.

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IMPORTANT INFORMATION ABOUT PROCEDURES FOR APPLYING FOR A LOAN - To help fight the funding of terrorism and money laundering activities and to comply with Tribal law and the spirit of federal law requiring all financial institutions to obtain, verify and record information that identifies each person who applies for a loan, we will ask for your name, address, date of birth, and other information that will allow us to identify you. we may ask for your driver's license or other identifying documents.


*Big Picture Loans reviews and approves all loans on Tribal land at its office located at E23970 Pow Wow Trail, Watersmeet, MI 49969. If your application is verified and approved we will attempt to send your funds using Real-Time Finding, which can provide instant funding, including on weekends. The exact time your funds appear in your account may vary depending on your bank’s processing times. If your bank does not accept Real-Time Funding, we will automatically send your funds by ACH, which usually posts the next business day (Monday through Friday excluding all federal banking holidays). Big Picture Loans does not charge a fee for Real-Time Funding; check with your banking institution regarding any fees they may charge. Although we work to process applications as quickly as possible, unavoidable delays may occur.


Loan approval and amounts are based on minimum income amounts, other credit criteria, and verification of the information provided during the application process. The Annual Percentage Rate ("APR") may vary based on when your first payment is scheduled, pay frequency, total loan duration, and the amount of your loan. Big Picture Loans, LLC (“Big Picture Loans ®”) will run credit checks on all applications and may review credit information from specialized credit bureaus. Please note submitting a loan application does not mean it was fully approved. If you choose to re-apply for a loan and your circumstances have changed, you may not be approved for the same loan amount.


Big Picture Loans is a wholly owned subsidiary of Tribal Economic Development Holdings, LLC, a wholly owned and operated economic arm and instrumentality of the Lac Vieux Desert Band of Lake Superior Chippewa Indians (“Tribe”), a federally recognized Indian tribe, created for the benefit of the Tribe and operating pursuant to Tribal law. Big Picture Loans is a duly licensed Financial Services Licensee of the Lac Vieux Desert Tribal Financial Services Regulatory Authority, an independent regulatory body of the Tribe, and operates in accordance with the Lac Vieux Desert Band of Lake Superior Chippewa Indians Tribal Consumer Financial Services Regulatory Code, which can be found here: Tribal Consumer Financial Services Regulatory Code.


You can an contact us at support@bigpictureLoans.com or at PO Box 704, Watersmeet, MI 49969-0704. All communications with Big Picture Loans are deemed confidential. Any unauthorized reproduction, distribution, or disclosure is prohibited without Big Picture Loans’ express written consent.


Consumer Notice: Big Picture Loans should be used for short-term financial needs only, not as a long-term financial solution. Individuals with credit difficulties should seek credit counseling. For more information, please see our Financial Wellness page.


If Big Picture Loans approves your loan, it will be governed by Tribal law, applicable federal law and your loan agreement. The laws of your resident state may have interest rate limits and other protective laws that are more favorable. If you wish to have your resident state’s law apply, you should consider taking a loan from a licensed lender in your state. Availability of installment loans are subject to change from time to time as determined by Big Picture Loans. If you have concerns or complaints about your loan, please visit our Tribal Dispute Resolution Procedure page.

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