Big Picture Loans, LLC Payday Loan Complaint

Payday loan Charged fees or interest I didn't expect charged fees or interest i didn't expect

Big Picture Loans, LLC Payday loan department,

Payday loan Charged fees or interest I didn't expect Charged fees or interest I didn't expect Ohio

Applied and approved for a loan from Big Picture Loans in the amount of $800.00. When signing the finance agreement, It only mentioned a single finance charge of $280.00 which was acceptable which is about 35 % Interest. Through a bate and switch, I discovered that I would have to pay 5 payments of $280.00 which the lender calls a finance charge which has little to no impact on the principal. The truth in lending that was not present at the time of signing shows a 989 % APR with $6000.00 in finance charges and a $6800.00 in total payments. I 've called the lender 5 times to resolve this issue and each time received numerous runarounds and call disconnects.

Big Picture Loans, LLC customer in Ohio
Jul 21, 2016

* Source: CFPB Complaint Database

Big Picture Loans, LLC response to complaint:
Closed with explanation

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