Consumer complaint received 2017-07-25
Company: Big Picture Loans, LLC
State: FL
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Charged fees or interest you didn't expect

Complaint:
I received an offer of pre-approval for {$600.00}, so I filled out a very brief application. I received an approval e-mail ; however, I did n't feel right in providing additional information to actually secure the loan. A few moments after the approval, I received a phone call. The CSR from Big Picture Loans assured me that the funds would be available, and that it would be no problem in making monthly payments. I was told the approximate payoff amount would be around {$900.00}. While this seemed high, it was within reason, particularly after the CSR assured me that there would be no issues in repayment and that the amount of payoff was what I would pay. NEVER did they mention that the loan was from an institution outside of the US. They said they were in XXXX, which, last I checked, was a state. They never disclosed the insane rate of interest, the potential added fees, the lack of appeal to state consumer protection boards, or that they constitute all business to happen outside of US owned territories. First, I never left my apartment in XXXX. My business was conducted there, as a US citizen acting in a US state of residence. Second, their acceptance e-mail, their website FAQ, and the Customer Service Rep all withheld information that would have caused me to decline the offer. They made every attempt to obfuscate the actual loan details, and they intentionally used deceptive practices. They also never disclosed that they would attempt ACH transfers from my bank account. ( I have contacted my bank, putting a stop payment on any and all requests for funds from this group. Attached below is my pre-approval e-mail : Big Picture Loans Congratulations! Your loan is on the way! Dear " Redacted '', Your loan application for XXXX has been approved and your funds are on the way. We 're happy to have you as a customer and appreciate your business. Please let us know if we can be of any assistance. Call us at XXXX, or visit our Frequently Asked Questions page. About your Loan : 1. First Payment. Your first payment is due on XXXX XXXX 2017. 2. Pay Early and Save. There are no prepayment penalties. So if your budget allows, we encourage you to pay off your loan as early as possible. Making payments in addition to scheduled payments may reduce the duration of your loan and save you money on finance charges. Additional payments must be a minimum of {$5.00}. If you want to pay off your loan early or make additional payments, you must contact us by phone at XXXX, by email at XXXX or log onto My Account and select the payment option that works best for you. 3. Emails. We will send you a reminder email prior to your due dates. We will also send you an Account Statement email after each installment period. Add us to your contacts to ensure your receipt of important notifications in your inbox. 4. Loan Status. To view your loan status and payment history, log on to My Account. Questions. If you have questions, call us toll-free at XXXX Thank you from the Big Picture Loans , LLC Team Customer Support XXXX XXXX If you 'd like to unsubscribe and stop receiving these emails click here. Prior to the creation of the account, and issuing of funds, nowhere do they disclose any attempt at auto-payment, in fact, in their letter, they even mention reminder e-mails to make payments. Also, the only fee stated in their documentation is that minimum payments must be {$5.00}, and lastly, they do not disclose actual interest. The only amount discussed with me was a payoff amount of just over {$900.00}, which was supposed to be broken into nine payments, at least, that is how the CSR worded the offer. I did not have any account access until well after the funds had been disbursed, which by then was too late to cancel the loan, and too late to understand that I could have received a more fair offer from a loan shark. They made every attempt to lead me to believe that they were an established lending institution operating within the United States and under federal guidelines of fair practices ; however, under state and federal guidelines, they are practicing usury.

Company response to consumer: Closed with explanation