US personal lenders Springleaf and OneMain to combine

dollars-business-people re-el magazine

14 November 2015

Tags: business, business news  financial news, business finance, small business websites

The second largest provider of personal instalment loans in the US is to buy its biggest competitor.

Short term loan provider Springleaf has been given permission to buy OneMain from parent company Citigroup, provided it sells 127 of its own branches.

The new company would be left with more than 1,800 branches nationwide.

Both firms provide personal loans of under $6,000 (£3,940), which have a set number of scheduled payments lasting between a few months and a few years.

Springleaf announced its plan to buy OneMain for $4.25bn in March.

The deal hit a snag when US authorities claimed the tie-up could make it harder for people with poor personal financial ratings living in 11 states to access lines of credit.

The agreement reached on Friday with the Department of Justice and state regulators ends an anti-trust lawsuit.

Tags: business, business news  financial news, business finance, small business websites





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