OneMain Financial

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OneMain Financial
Public
Traded asNYSEOMF
Russell 1000 Component
IndustryFinancial Services
Founded1912 (1912)
HeadquartersEvansville, IN
Key people
Douglas Shulman
ProductsLoans
Number of employees
10,100[1] (2017)
Websitewww.onemainfinancial.com

OneMain Financial is a large provider of personal installment loans in the United States. As of February 2019, the company has served over 15 million total customers and has a nationwide branch network with nearly 1,600 branches across 44 states.[2] OneMain is headquartered in Evansville, Indiana, and has more than 10,000 employees.[3] OneMain is currently traded on the NYSE under the ticker symbol "OMF" and is led by CEO Doug Shulman.[4]


History[edit]

In 1912, OneMain Financial was founded by commercial credit in Baltimore, Maryland, to provide working capital to manufacturers and building contractors. After several acquisitions, the company became a part of Citicorp in 1998 and in 2011 the name was changed to OneMain Financial.[citation needed]

In 1920, Interstate Finance Corporation was founded in Evansville, Indiana, to underwrite sales of Inland Motor Truck vehicles. After several acquisitions, the company became a part of AIG in 2001. In 2010, Fortress Investment Group acquired the business from AIG.

In 2011, the company changed its name to Springleaf Holdings, Inc. Its brand name became Springleaf Financial Services.

In November 2015, Springleaf Holdings, Inc. acquired OneMain Financial from Citigroup for $4.25 billion.[5] The new company kept the name OneMain Financial.[6]

The United States Department of Justice required Springleaf to sell 127 branches and certain related assets to Lendmark Financial Services, LLC. before the merger.[7] The sale was completed in May 2016. The brand migration from Springleaf Financial to OneMain Financial was completed in October 2016.

A bill introduced in California legislation (Assembly Bill 539)[8] that would limit interest rates notably excludes three lenders, OneMain being one of the three lenders.[9] The reason these lenders are exempt from the bill is because their interest is capped at 36 percent, however according to a Pew study[10] the APR is understated due to the aggressive selling of add-on products.[11]

References[edit]

  1. ^ "OneMain Holdings". Fortune. Retrieved 2019-02-03.
  2. ^ "Company Overview February 2019" (PDF). OneMain Financial. Retrieved February 21, 2019.
  3. ^ OneMain Holdings, Inc. (NYSE: OMF) J.P. Morgan FinTech & Specialty Finance Forum November 30, 2016 (PDF), November 30, 2016, retrieved January 17, 2017.
  4. ^ Executives, retrieved October 2, 2018.
  5. ^ Springleaf Financial to Acquire OneMain Financial, March 3, 2015, retrieved January 17, 2017.
  6. ^ About Us, retrieved January 17, 2017
  7. ^ Justice Department Requires Springleaf to Divest 127 Branches in 11 States in Order to Complete Acquisition of OneMain Financial, November 13, 2015, retrieved January 17, 2017
  8. ^ "Bill Text - AB-539 California Financing Law: consumer loans: charges". leginfo.legislature.ca.gov.
  9. ^ Wiley, Hannah. "The interest rate on these loans can top 100% in California. Does a 36% cap solve the problem?". The Sacramento Bee. Retrieved 26 July 2019.
  10. ^ "State Laws Put Installment Loan Borrowers at Risk". pew.org.
  11. ^ "California Legislation to Limit Predatory Lending Excludes Three Lenders". California Globe. 13 June 2019.

External links[edit]