|Traded as||NYSE: OMF|
Russell 1000 Component
Number of employees
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. OneMain is headquartered in Evansville, Indiana, and has more than 10,000 employees. OneMain is currently traded on the NYSE under the ticker symbol "OMF" and is led by CEO Doug Shulman.
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.
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.
The United States Department of Justice required Springleaf to sell 127 branches and certain related assets to Lendmark Financial Services, LLC. before the merger. 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) that would limit interest rates notably excludes three lenders, OneMain being one of the three lenders. The reason these lenders are exempt from the bill is because their interest is capped at 36 percent, however according to a Pew study the APR is understated due to the aggressive selling of add-on products.