GTE Financial Review

GTE Financial ReviewGTE Financial is part of the GTE Corporation, which was one of the major corporations until it was purchased by Verizon, which is now one of the largest corporations. Verizon is one of the top 50 corporations in the US in terms of revenue.

This is one company that you have to realize is huge, very huge and they are in the business of making money not in the business of helping people in times of financial turbulence. If you go with them you can expect a level of sterilized service, since they will not have a local office, and they will not care about your sob story or about who you are as a person, just that you can give them money in the form of interest and fees.

If relationships matter you might not want to go with them because they won’t be able to establish one with you. They will only want to know your pertinent information so that they can complete the loan and move onto the next person.

GTE Financial Review – Such a Huge Company

GTE Financial says that it can get you a personal loan to pay for things when “life happens”. This is the same sort of drivel you see peddled by lenders that make you try to believe that life means debt and that you can’t have one without the other. Don’t fall for it. They say that they can loan you money at 10.15% APR but be careful because they have the weasel term “as low as” meaning only those that are well qualified will get that rate. If you are not as qualified you can expect to pay more.

Why Loan Money?
Why is a company like GTE Financial so interested in giving out personal loans? Isn’t that small money for a company that earns so much revenue already? The answer is that there is a ton of money in lending money. Think of it this way, there’s no inventory, they don’t need to produce anything, and it’s all digital now. A few numbers change in your bank account, and you end up paying for that privilege. It’s the closest thing to printing money without the need to print any money. It only makes sense for a company that produces things to try to get into financial businesses because it’s so clean and easy to make tons of money doing basically nothing but taking on a modicum of risk.

Establish a Relationship
Through the time spent at a nationwide payday lender, it became clear that it really does matter if you establish a relationship with an actual person when you lend money. They will grant you as much leniency as possible if you have trouble paying back the loan. Good luck falling behind on your loan with a giant corporation as the lender. All they want is their money, and they will likely forward your account to a collection agency in no time flat, selling your bad debt for pennies on the dollar and writing it off in their books. It’s just how these sort of companies do business, and it’s all about the bottom line and making profit. Not that there’s anything wrong with making profit, but that getting too big for your own good doesn’t help the consumer.

Think of companies like Wal-Mart that make the most money of any other retailer, and then look at the state of the retail outlets they set up. They’re just a mess, filled with oddball employees and prices reduced lower than the competition just so they can make up for it by selling more. It’s a soulless experience to shop there, just as it would be to take out a loan from a company as big as Verizon.

Our Recommendation
GTE Financial is a giant corporation. If you need a personal loan we suggest going with a credit union to get more personal service. If they reject you then it’s probably best to go with a local payday lender. At least you’ll be supporting your local community and not padding the coffers of some CEO somewhere and watching his annual bonus go up by a half a percentage point.

Add Your Own Experience to Our GTE Financial Review Below

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