What is the history of OneMain Financial?


Quick Answer

OneMain Financial has a history that started in 1912 under the name Commercial Credit. The bank became one of the first to offer commercial installment loans for cars in 1916, which grew to include home appliances and other big-ticket consumer products.

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Full Answer

The company continued to grow and offer products as the needs of consumers changed, opening hundreds of branches all around the country during the following decades. By 1944, it opened OneMain Solutions, which served as a credit insurance department. In the following years, the financial institution launched other companies including Traveler's, Primerica and Smith Barney. Each new business handles a different type of services; Smith Barney is a successful investment firm, Traveler's handles life insurance, annuity plans and property insurance and Primerica also handles life insurance.

In the late 1990s, the company merged with Citicorp to create Citigroup. The move took the company from nationwide to worldwide, and the name changed again, to CitiFinancial, a year later. The year after that, the group bought The Associates and, in the early 2000s, Washington Financial joined the family of companies.

The company changed its name to OneMain in 2011 because it felt it better represented the company and the services it provides. Despite being an international company, as of 2015 it works at a local level and supports neighborhood programs.

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