Taylor Scott
OneMain Financial is an American financial services holding company that provides personal loans and insurance products to customers. The company has a long history dating back to 1912 when it was founded as the Commercial Credit Company in Baltimore, Maryland. Over the years, it underwent various mergers and acquisitions, eventually becoming a subsidiary of Citigroup and known as CitiFinancial. After the 2008 financial crisis, Citigroup reorganised its business and sold CitiFinancial, which was later acquired by Springleaf Holdings, Inc. in 2015. The company was renamed OneMain Financial, and it has since become a leading provider of non-prime loans and credit services, helping customers with debt consolidation, home and auto repairs, and other financial needs.
| Characteristics | Values |
|---|---|
| Year founded | 1912 |
| Founder | Alexander E. Duncan |
| Original name | Commercial Credit Company (CCC) |
| Headquarters | Evansville, Indiana |
| Parent company | OneMain Holdings, Inc. |
| Business focus | Providing personal loans and optional insurance products to customers with limited access to traditional lenders |
| Number of branch offices | 1,500 |
| Number of states served | 44 |
| Loan amount | $1,500 to $20,000 |
| Number of locations | 1,300 |
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What You'll Learn
OneMain Holdings, Inc
OneMain Financial provides personal loans and optional insurance products to customers who may have limited access to traditional lenders such as banks and credit card companies. These loans can be used for various purposes, including debt consolidation, home improvement, car purchases, and other major expenses. The company also offers credit cards, credit insurance products, and non-credit insurance. OneMain Financial is committed to helping its customers improve their financial health and build or repair their credit history.
The history of OneMain Holdings, Inc. includes a series of mergers and acquisitions. In 1998, the company became a part of Citicorp, and in 2011, the name was changed to OneMain Financial. After the 2008 financial crisis, Citigroup reorganized its business and considered OneMain Financial a non-core asset, leading to its sale to Springleaf Holdings, Inc. (formerly known as Fortress Investment Group) in November 2015.
Springleaf Holdings, Inc., which was formed through the acquisition of American General Finance (formerly Interstate Finance Corporation) by Fortress Investment Group in 2010, acquired OneMain Financial for $4.25 billion. The brand migration from Springleaf Financial to OneMain Financial was completed in October 2016. As of December 2020, OneMain had approximately 1,500 branch offices in 44 states. In April 2021, OneMain expanded its financial wellness offerings by acquiring the fintech company Trim. However, in May 2023, the Consumer Financial Protection Bureau found that OneMain Financial had engaged in unlawful activities related to interest charges and the marketing of optional add-on products.
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Fortress Investment Group
Fortress has been recognized by Institutional Investor for its performance in 2010, 2011, and 2012. In 2014, Fortress hired Jeff Feig, formerly of Citigroup, to join Novogratz as co-CIO of the Fortress Macro Fund. However, by mid-2016, the fund was closed and distributed its assets to investors.
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Commercial Credit Company (CCC)
In the late 1950s, CCC was the largest commercial finance company in the United States, with an annual volume of nearly $1 billion at ten to 15 percent interest. Despite the rising volume of the consumer credit business, CCC's profitability suffered due to increased competition and rising capital costs. Auto financing remained the core of CCC's business, accounting for over 50 percent of its receivables.
In 1968, CCC became the target of a hostile takeover by Loews Corporation, which already owned 10% of the company's common stock. However, CCC's management preferred a different buyer and successfully negotiated a deal with Control Data Corporation (CDC), a computer company. CCC was then used by CDC to assist customers in financing their computer leases and to stabilize earnings due to the seasonality of the computer business.
In the late 1970s, CCC made several acquisitions, including Gulf Insurance in 1976 and Great Western Loan & Trust in Texas in 1977. In 1981, CCC bought the Electronic Realty Association, a real estate franchising network. However, by 1984, CDC was looking to sell CCC, and in 1986, Sandy Weill proposed spinning off CCC into its own public company.
Today, OneMain Holdings, Inc., an American financial services holding company, traces its roots back to CCC's founding in 1912. Through a series of mergers and acquisitions, CCC eventually became a subsidiary of Citigroup and was known as CitiFinancial. After the 2008 financial crisis, Citigroup reorganized its business, considering CitiFinancial a non-core asset, and sought to sell it. In November 2015, Springleaf Holdings, Inc. acquired CitiFinancial from Citigroup for $4.25 billion, and it was renamed OneMain Financial.
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CitiFinancial
Under CDC's ownership, CCC continued to evolve and diversify its business. During World War II and the post-war era, CCC even ventured into manufacturing war-related goods. In 1984, CDC attempted to sell CCC but eventually withdrew it from the market and spun it off as a public company in 1986, with Sandy Weill and his associates acquiring a 10% stake. Through a series of mergers and acquisitions, CCC became a subsidiary of Citigroup and was renamed CitiFinancial.
Following the 2008 financial crisis, Citigroup reorganized its business and considered CitiFinancial a noncore asset. As a result, Citigroup rebranded CitiFinancial as OneMain Financial and sought to sell it. In November 2015, Springleaf Financial (formerly known as American General Finance and owned by Fortress Investment Group) acquired OneMain Financial, retaining the OneMain brand.
Today, OneMain Financial provides personal and auto loans ranging from $1,500 to $20,000, serving customers in 47 states through 1,300 physical locations and online platforms. The company focuses on offering responsible access to credit for nonprime customers, helping them with debt consolidation, home and auto repairs, medical procedures, and other significant expenses. OneMain Financial also provides free monthly credit score updates and personalized financial solutions to empower its customers to improve their financial health and build a more secure future.
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Springleaf Financial
In November 2010, Fortress Investment Group acquired American General Finance from AIG and renamed it Springleaf Financial the following year. Springleaf Financial then acquired OneMain Financial in November 2015, retaining the OneMain brand.
OneMain Financial is a consumer finance company that provides personal loans for various purposes, including home improvement, debt consolidation, and car purchases. As of December 2020, OneMain had approximately 1,500 branch offices in 44 states across the United States.
The acquisition of OneMain Financial by Springleaf Financial involved certain requirements. Before the merger, the United States Department of Justice mandated that Springleaf sell 127 branches and specific related assets to Lendmark Financial Services, LLC. This sale was completed in May 2016, and the brand migration from Springleaf Financial to OneMain Financial concluded in October of the same year.
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Frequently asked questions
OneMain Financial is affiliated with OneMain Holdings, Inc., which owns OneMain Finance Corporation and its subsidiaries.
OneMain Holdings, Inc. is an American financial services holding company headquartered in Evansville, Indiana, with central offices throughout the United States.
OneMain Financial was founded in 1912 as Commercial Credit Company (CCC) in Baltimore, Maryland, by Alexander E. Duncan and eight other businessmen. It provided working capital to manufacturers and building contractors and expanded into auto financing and personal lending over several decades. After a series of mergers and acquisitions, CCC became a subsidiary of Citigroup and was renamed CitiFinancial. In 2015, Springleaf Financial (formerly American General Finance, a subsidiary of AIG) acquired OneMain Financial, and OneMain became the surviving brand.
