CitiFinancial has changed its name to OneMain Financial. Citigroup previously announced the name change and re-branding on December 8, 2010. However, it did not complete the name change until the summer of 2011.
OneMain Financial continues to be a leading provider of personal loans as well as home equity loans. It primarily serves families who may have been turned away by the big banks.
OneMain Financial’s biggest competitor is Springleaf Financial Services, which was formerly known as American General Finance. Both companies specialize in consumer finance loans, which tend to be easier to obtain than traditional bank loans but also carry higher interest rates. These companies must charge higher rates to account for the higher rate of default by high risk borrowers.
OneMain Financial will continue to serve the same communities, and its retail locations will reflect the name change. Current customers may continue to maintain payments on their current loans without any disruption.
Customers may find that consumer finance company loans are cheaper than fringe banking outlets such as pawn shops, payday lenders, rent-to-own stores and buy here/pay here car dealers. Those other loans are the real products to avoid. These loans are however more expensive than traditional lending products provided by banks and credit unions.
One consumer finance company loan will likely not affect your credit much either positively or negatively so long as you make your payments on-time. A heavy reliance on consumer finance loans may be a warning sign of financial distress, and your credit scores could suffer. For this reason, it is recommended not to take out more than two or three of these to cover borrowing needs. The bank or credit union really is a more responsible form of borrowing and should be relied on more as a mainstream option.
CitiFinancial has been a provider of consumer loans for the past 100 years. As OneMain Financial, the company intends to continue providing loans to communities through locally convenient retail locations.
Long is a graduate of the University of North Carolina at Chapel Hill with a B.A. in Industrial Relations. He subsequently received his Certificate in Nonprofit Management from Duke University. His Certificate in Financial Planning was issued by Florida State University.
Long has achieved the Accredited Credit Counselor and Accredited Financial Counselor certifications through the Association for Financial Counseling, Planning and Education. Long originally achieved the Certified Credit Counselor designation through the National Institute for Financial Education.
In addition to years of nonprofit leadership, Long has been an innovator in the field of volunteer tax return preparation programs. He assists volunteer associations and nonprofit organizations who seek to integrate credit counseling and asset-building programs with free personal income tax preparation. His approach to using free credit reports as both an incentive and a screening tool for placement into asset-building programs has been shared with members of the National Community Tax Coalition, the EITC-Carolinas Initiative of MDC, Inc. and nonprofit groups across the Carolinas.
Long assists members of our armed forces in the Carolinas, Iowa, Rhode Island, Georgia and Germany with financial readiness. Please support our Soldiers, Marines, Airmen and Sailors!
Favorite quote:
"The democracy will cease to exist when you take away from those who are willing to work and give to those who would not."
Thomas Jefferson
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