HFC Finance and Beneficial are the American brand name of the Consumer Lending business of HSBC Finance Corporation. They functioned until 2009 as loan providers for many American clients. The loans, better known as Beneficial loans, are unique for every client and are thus designed by Beneficial staff to fulfil each client’s request in particular. This article helps you choose the best borrowing solution for your needs.
Beneficial loans: Personal loans
Personal loans from Beneficial are short-term loans at the best interest rate. The advantages of the personal loans are: · Fast: within 24 hours you could get the money you need in your account · Easy: it was not necessary to appraise your house in order to get a loan · Smart: a reliable, low-interest rate solution
Types of Beneficial loans
Beneficial Finance offered two types of personal loans or unsecured loans: · Personal Instalment Loan: This is a fixed amount loan with a fixed instalment rate. As long as payments are made on time, you will always know what you owe. · Personal Line of Credit: This type of loan helps you borrow different amounts of money at different times depending on your needs. Interest rates will be different each time money is borrowed. You can write checks on the loan during this time within a pre-established limit.
Unsecured Beneficial loans
It is probably the most appreciated aspect of Beneficial loans. All Personal loans from Beneficial are unsecured loans. This means that Beneficial loans are granted without any collateral as guarantee. There is no title search or home appraisal involved. Many times, the paperwork can be done during one phone call with no supplementary headaches.
Beneficial Loans: Before 2009 and today
In 2009, HBSC announced that the branch offices of its Consumer Lending business will not originate any new loans. Therefore, both HFC and Beneficial Loans ceased to accept any new loans applications. The offices would only function to support the existing Beneficial Loans. Their activity will cease as soon as all former loans are completed. HBC and Beneficial used to operate through 900 branches in 46 states. They used to be the second largest consumer finance provider in the United States. They offered both secured and unsecured loans to sub-prime consumers mainly. 6,100 jobs will be lost when HFC and Beneficial finally close. Former full-time employees were compensated by considering their children for scholarships in four higher learning Maryland institutions.