Big Picture Loans Settlement – Payout Amount, Eligibility & Other Details!

The $65 million Big Picture Loans settlement addresses claims of excessive interest rates on loans, violating state and federal laws. Eligible borrowers who received loans from Big Picture or Castle Payday between June 22, 2013, and May 1, 2024, may receive a share of the settlement fund based on the interest they paid above their state’s limits.

Big Picture Loans Settlement

The $65 million Big Picture Loans settlement resolves claims that the lender charged excessive interest rates on loans, in violation of state and federal laws. 

Under the settlement, eligible borrowers who received a Big Picture or Castle Payday loan between June 22, 2013 and May 1, 2024 may receive a share of the settlement fund based on the excess interest they paid above state limits.

Borrowers are eligible for payment if they lived in certain states and paid interest above the state’s limits, with some exceptions. Those who did not make any loan payments or lived in Utah or Nevada are not eligible for payment.

Eligibility Criteria for the Big Picture Loans Settlement 

The Big Picture Loans settlement offers compensation to borrowers who meet specific criteria:

  • You must have obtained a loan from Big Picture Loans or Castle Payday Loans between June 22,2013, and May 1, 2024.
  • The settlement covers all loan types offered by Big Picture Loans and Castle Payday Loans during the stipulated time frame.
  • Full Repayment: If you fully repaid your loan, you may be eligible for a cash payment if you paid more than the following:
    • Two and a half times the original principal amount of the loan. This means the total amount you paid in interest and fees must exceed two and a half times the amount you initially borrowed.
  • Outstanding Balance: If you still have an outstanding balance on your Big Picture Loan or Castle Payday Loan,you may be eligible for:
    • Loan Forgiveness: The remaining balance on your loan could be forgiven. Essentially, you wouldn’t owe any further payments on the loan.
  • The settlement covers borrowers nationwide; however, some states have specific lending regulations. 
  • Deceased Borrowers: If the borrower is deceased, the settlement may have specific procedures for claims filed by the borrower’s estate.
  • The claim filing deadline for the Big Picture Loans settlement has already passed (September 10, 2021). If you missed this deadline, you won’t be able to receive compensation through this settlement.

What Does the Big Picture Loans Settlement Provide?

The Big Picture Loans settlement offers benefits to eligible borrowers in two main categories:

Cash Payments:

  • A $65 million fund will be distributed to class members who meet specific criteria.
  • The exact amount you receive depends on the interest and fees paid compared to your state’s legal limits, and the total number of claims filed.
  • Payments will be mailed automatically if approved by the court and successfully funded by October 21, 2024.
  • You can estimate your potential payout by contacting the Settlement Administrator (contact details not provided here).

Loan Forgiveness:

  • Borrowers who meet certain criteria may have their remaining loan balance forgiven.
  • You won’t be eligible for a cash payment but will benefit from not owing any further money on the loan.
  • Ineligible for Loan Forgiveness:
    • Borrowers who never made payments on their Big Picture or Castle Payday loan.
    • Residents of specific states (Arizona, Arkansas, etc.) who didn’t pay more than the original loan amount.
    • Residents of other states (Alabama, Alaska, etc.) who didn’t pay interest exceeding their state’s legal limit.
    • Residents of Utah or Nevada (no interest rate restrictions).

Big Picture Loans Settlement Amount

The Big Picture Loans settlement has established a total settlement fund of $65 million to compensate eligible borrowers. However, the exact amount each borrower receives will depend on several factors:

Repayment Status:

  • Full Repayment: Borrowers who fully repaid their loans but paid more than two and a half times the original loan amount may be eligible for a cash payment. 
  • The exact amount would depend on the total interest and fees paid in excess of the two and a half times the principal amount.
  • Outstanding Balance: Borrowers with outstanding balances on their loans may be eligible for loan forgiveness. The amount forgiven would be equivalent to the remaining loan balance.

Number of Claims: 

  • The total settlement fund will be divided amongst all valid claims submitted by eligible borrowers. So, a higher number of claims will result in smaller individual payouts.

Big Picture Loans Settlement Timeline

The Big Picture Loans settlement is still awaiting final approval from the court. Here’s a summary of the upcoming hearing:

Lawsuit Period:

  • Loan Issuance Window: June 22, 2013 – May 1, 2024 (This is the timeframe during which eligible loans were issued by Big Picture Loans or Castle Payday Loans)

Settlement Process:

  • Claim Deadline: September 10, 2021 (This was the deadline to submit a claim form to be eligible for compensation from the settlement fund)

Court Approval and Funding:

  • Anticipated Court Approval: The settlement is still awaiting final approval from the court. No specific date for approval is publicly available.
  • Hearing Purpose: The court will determine whether to approve the settlement based on fairness, reasonableness, and adequacy.
  • Funding Deadline: October 21, 2024 (The settlement is conditioned upon successful funding by this date. If not funded, the settlement will not be finalised.)

Post-Approval (if successful):

  • Benefit Distribution: If the court approves the settlement and funding is successful, payouts will be distributed automatically to eligible claimants. The exact timeframe for distribution is not publicly available.
  • Claimant Communication: The Settlement Administrator will likely send an email update after the final approval hearing.

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