Everything You Need to Know About Getting Pre-Approved with Big Picture Loans

Big Picture Loans offers personal installment loans to borrowers with less-than-perfect credit. One feature they provide is pre-approval for returning borrowers. But what exactly does it mean to get pre-approved for a Big Picture Loan? How does it work, and what are the benefits? This comprehensive guide will explain everything you need to know about getting pre-approved with Big Picture Loans.

What is Pre-Approval with Big Picture Loans?

Pre-approval is when Big Picture Loans reviews your information and pre-approves you for a loan up to a certain amount before you formally apply, This allows returning borrowers who meet certain criteria to see potential loan details ahead of time,

Specifically, pre-approval provides an estimated loan amount, interest rate, and repayment terms you may qualify for based on the lender’s initial review. It does not guarantee approval or specific loan terms. But it gives you a good idea of what to expect if you move forward with a full application.

Who is Eligible for Pre-Approval?

Pre-approval is only available to previous Big Picture Loans borrowers in good standing who meet the lender’s credit criteria New customers can’t get pre-approved

To qualify for pre-approval, you must:

• Have at least one previous loan paid in full through Big Picture Loans
• Be in good standing (no history of late or missed payments)
• Meet the minimum credit requirements based on your payment history

If you’re unsure whether you meet the requirements, you can contact Big Picture Loans customer support for assistance.

How Does the Pre-Approval Process Work?

Getting pre-approved with Big Picture Loans involves just a few simple steps:

1. Log into your account: First, log into your Big Picture Loans account online or through the mobile app.

2. Check your offers: Look under “My Account” for any pre-approved loan offers. This will show potential loan amounts, rates, and terms.

3. Accept the offer: If you see a pre-approval offer that works for you, accept it to move forward.

4. Complete full application: Accepting the pre-approval offer will prompt you to complete a full loan application.

5. Get final decision: Big Picture Loans will verify your information and make a final loan decision. If approved, you’ll receive your loan!

The pre-approval process allows you to preview potential loan details upfront, before having to complete the full application.

What are the Benefits of Pre-Approval?

There are a few advantages to getting pre-approved for a personal loan with Big Picture Loans:

• See loan offers: Pre-approval lets you view personalized loan offers tailored to your credit history with Big Picture Loans.

• Streamlined application: By accepting a pre-approval offer, you can skip right to the full application since initial screening is complete.

• Faster funding: In some cases, getting pre-approved may allow you to get access to funds more quickly once approved.

• Peace of mind: Pre-approval can give you confidence that you may qualify for a Big Picture Loan based on initial lender review.

While pre-approval doesn’t guarantee a loan or specific terms, it provides a general idea of what to expect from Big Picture Loans as a returning customer.

What Loan Amounts are Available with Pre-Approval?

If pre-approved, the loan amount you’re offered can range from $200 up to $3,500. The maximum will depend on your credit history with Big Picture Loans, income, and ability to repay.

Even if you qualify for the top pre-approval amount, you can choose to apply for a lesser loan amount that better suits your needs. The pre-approval offer simply shows the max you may qualify for.

What Interest Rates Come with Pre-Approval?

The interest rate you’re pre-approved for will be based on your previous repayment history with Big Picture Loans. Responsible borrowers may qualify for rates starting as low as 36% APR.

However, Big Picture Loans does charge high rates overall. New customers often see triple-digit interest rates. Even with pre-approval, expect rates much higher than with most lenders.

The pre-approval offer will show the estimated rate so you can decide if it works for your budget before applying.

How Long are Pre-Approval Offers Valid?

Any pre-approval offers are only valid for a certain window of time, usually 30 days. The expiration date will be specified in your offer details.

To take advantage of a pre-approval, be sure to accept the offer and complete the full application before it expires. Otherwise, you may need to go through pre-approval again to see updated offers.

What if I’m Not Pre-Approved?

If you don’t see any pre-approval offers, don’t worry. You can still submit a standard loan application without going through pre-approval first.

However, you may not qualify for the lowest rates or maximum loan amount since the lender hasn’t pre-screened you. The decision will be based on a full review of your current application and credit profile.

Pre-approval is not required to get a Big Picture Loan. But it does provide perks for eligible returning borrowers.

Next Steps After Getting Pre-Approved

If you accept a pre-approval offer from Big Picture Loans, make sure to follow through with the full application before it expires. Here are a few tips:

• Have required documents ready like paystubs, bank statements, government ID, etc.
• Double check that all information submitted is accurate and up-to-date.
• Carefully review loan terms and make sure you can afford repayment.
• If approved, sign loan documents right away so funds can be disbursed.

Pre-approval simply starts the loan process. You still need to complete all the standard steps required to get approved and receive your funds.

Weigh Your Options Carefully

While Big Picture Loans pre-approval offers a smoother application process for repeat borrowers, their loans come with sky-high rates. Make sure you explore all your options, like credit cards or loans from a credit union, before taking on an expensive personal loan.

And always borrow only what you can realistically budget for repayment, even if you qualify for larger loan amounts. Using Big Picture Loans pre-approval wisely can provide access to funds when you need them. But failing to repay will only worsen your credit situation.

The Bottom Line

Pre-approval allows eligible previous Big Picture Loans customers to view potential new loan offers upfront. If you meet the criteria, it can streamline the application and help give you an idea of the loan details you may qualify for. Just be sure to proceed with caution – while pre-approval has its perks, a Big Picture Loan is still a costly financing option.