Beneficial Corporation, a member of the HSBC Group, has been in the process of closing all of its branches. Beneficial has stated that it is not accepting any new personal loan business. Products such as the previously popular Beneficial unsecured personal loan will no longer be available for new loan business.
It is worth noting that Beneficial’s existing personal loan customers will still need to honor existing loan repayments and contractual commitments.
Beneficial has clearly been suffering from the sub-prime crisis.
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