HSBC Finance - History - Origins

Origins

Household Finance Corp. was founded in 1878 by Frank J. Mackey of Minneapolis, Minnesota. It claims that in 1895 it was the first financial company to offer the installment plan, under which a consumer loan could be repaid through a regular monthly amount rather than a lump sum on the due date. It was restructured in 1981 under a holding company named Household International Inc., and, in 1998, it acquired Beneficial Corporation.

Household International was a provider of consumer loans and credit cards in the United States, Canada and the United Kingdom. In October 2002, Household International settled for US$486 million charges of predatory lending by attorneys general in 46 U.S. states.

On November 14, 2002, HSBC announced the acquisition of Household International Inc for a total value of US$15,294.06 million.

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