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Beneficial Corporation was one of the largest consumer finance companies in the United States, prior to its acquisition by Household International, Inc. in 1998. Beneficial began as the Beneficial Loan Society in 1914 in Elizabeth, New Jersey , founded by “Colonel” Clarence Hodson (1868-1928).
12 maj 2010 · We called up to get a final payment figure of a loan we took out last year, but all the contact numbers no longer work. The website says the branches are closed. The loan payments are still coming out as Beneficial Finance, so someone somewhere is still getting their money.
2 mar 2009 · HSBC announced today it will close both its HFC and Beneficial units, resulting in thousands of layoffs. The consumer lending companies offer a number of products, including home mortgages, home equity loans, and personal loans. Combined, the two units have 775 branches in 45 states.
The loans, which were often used to buy such durable goods as appliances and furniture, were then paid back in installments. The first office allowed consumers to borrow up to $300. By 1924 Beneficial had 80 offices, making $13 million a year in loans, each averaging less than $100.
6 mar 2009 · Most banks that are now making mortgage loans are offering only loans that can be immediately sold to Fannie Mae or Freddie Mac, the government-controlled and federally financed enterprises.
Beneficial Corporation was one of the largest consumer finance companies in the United States, prior to its acquisition by Household International, Inc. in 1998. Beneficial began as the Beneficial Loan Society in 1914 in Elizabeth, New Jersey, founded by “Colonel” Clarence Hodson (1868-1928).
The company website now states that the Beneficial and HFC companies and HSBC Credit Centers have closed their consumer finance businesses in the United States, the website is no longer active, and that all loans have been sold with servicing transferred to third-party servicers.
