Consumer Finance Industry Lenders Look to Define New and Lucrative Opportunities for 2017
06 Jan, 2017, 08:45 ET
PALM BEACH, Florida, January 6, 2017 /PRNewswire/ --
Alternative lenders are fighting for consumers and offering assistance for those who are most likely to run up debt as the personal finance industry continues to evolve and consumers search for greater levels of convenience and performance. Consumer finance companies in the markets of note today include: IEG Holdings Corporation (OTCQB: IEGH), OneMain Holdings, Inc. (NYSE: OMF), LendingClub Corporation (NYSE: LC), Ally Financial Inc. (NYSE: ALLY) and TransUnion (NYSE: TRU).
IEG Holdings Corporation (OTCQB: IEGH) today announced the commencement of a tender offer to purchase up to all outstanding shares of common stock of OneMain Holdings Inc., a NYSE-listed company ("OneMain"); provided, however, that IEG Holdings is willing to accept any number of shares of OneMain common stock, even if such shares, in the aggregate, constitute less than a majority of OneMain's outstanding common stock. The offer is scheduled to expire at 12:00 Midnight Eastern time on Monday, February 6, 2017 unless the offer is extended or earlier terminated. Read this and more news for IEGH at: http://marketnewsupdates.com/news/iegh.html
Consummation of the offer is conditioned upon satisfaction of certain customary conditions. Shares that are tendered pursuant to a notice of guaranteed delivery but not actually delivered to the depository and exchange agent for the tender offer, Computershare Trust Company, N.A., prior to the expiration time of the offer will not be deemed to be validly tendered into the offer unless and until such shares underlying such notices of guaranteed delivery are delivered. Complete terms and conditions of the offer are set forth in the Letter of Transmittal and other related materials and in the registration statement on Form S-4, which were filed by IEG Holdings with the Securities and Exchange Commission (the "SEC") yesterday.
In other industry news and market performance:
OneMain Holdings, Inc. (NYSE: OMF) closed down on Thursday at $23.36 trading over 1 Million shares by the market close. OneMain Holdings, Inc., through its subsidiaries, provides consumer finance and insurance products and services. It provides personal loans secured by consumer household goods, and other personal property; unsecured loans; and loans secured by subordinate residential real estate mortgages.
LendingClub Corporation (NYSE: LC) closed down on Thursday at $5.65 trading over 2.8 Million shares by the market close. LendingClub Corporation, together with its subsidiaries, operates as an online marketplace that connects borrowers and investors in the United States. Its marketplace facilitates various types of loan products for consumers and small businesses.
Ally Financial Inc. (NYSE: ALLY) announced this week an agreement to provide financing to support retail contracts from Carvana, one of the nation's fastest-growing online auto retailers. Through the agreement, Ally will make up to $600 million available to Carvana over the next 12 months through financing and bulk purchases of contracts. The agreement is an example of Ally's commitment to the online channel and will help support Carvana's growing origination volume, while helping the company maintain a seamless and transparent financing experience for its customers.
TransUnion (NYSE: TRU) December News: The combination of expected interest rate increases and more subprime borrowers in the consumer lending market will spur delinquency rate rises in 2017 for auto loans and credit cards. TransUnion's (TRU) 2017 consumer credit market forecast also found that serious mortgage loan delinquency rates are expected to drop, while unsecured consumer loan delinquencies are expected to see only a minimal increase next year.
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