The Beneficial Corporation is a part of the HSBC Group, which is one of the world’s biggest suppliers of financial services.
This article discusses the history of Beneficial, its values and goals and also looks at some of the financial services that Beneficial offers.
History of the Beneficial Corporation
The Beneficial Loan Society was started 1914 by a banker from the state of Maryland named Colonel Clarence Hodson. Hodson had taken advantage of laws that had been passed shortly after 1912, which paved the way for lenders to provide credit at a reasonable rate of interest to employed Americans. By the time the 1930s came around, the Beneficial Loan Society had a presence throughout the US with over 200 offices and was pioneering the personal loans market.
Colonel Clarence Hodson was a true philanthropist who supported many good causes particularly those related to education: he established a number of different trusts and charities that still exist today.
The Beneficial Corporation was taken over by one of its competitors in 1998: HFC Finance. Subsequent to this HFC was purchased by the HSBC Finance in 2003. Both the Beneficial Corporation and HFC Finance come under the HSBC Finance umbrella, with each providing products and services to the US personal finance market.
Beneficial Financial Services
Beneficial offers the follwoing services to its customers in the United States:
- Loans – Beneficial offers a number of different loan products from personal loans, debt consolidation loans and auto loans through to home equity loans.
- Mortgages – Beneficial mortgage refinance can help borrowers to get better through their home-owner status.
- Credit cards – Beneficial offer MasterCard® credit cards through HSBC Credit Card Services.
- Insurance – You can apply through Beneficial for a number of insurance products such as life insurance, homeowner insurance, flood insurance or individual and family health insurance.
Beneficial’s Values
Beneficial offers a range of services designed to help people to meet their financial commitments. Some examples of this are Beneficial’s Rate Reduction Program and the numerous payment options designed to make life simpler for customers who take a Benficial loan.
The Rate Reduction program has been created to make payments affordable to borrowers through a rewards scheme that can help to reduce payments over the term of the loan. In terms of making credit and loans payments, Beneficial customers can pay through local Beneficial branches, by mail or on-line. On-line customers can set up automated on-time payments so that they never have to worry about missing a payment date.