OneMain Financial Extends Relief to Louisiana and Mississippi Customers Impacted by Hurricane Ida

Rhea-AI Summary

OneMain Financial has launched a Borrower's Assistance program for customers in Louisiana and Mississippi affected by Hurricane Ida, effective September 1 until September 30. The program allows eligible customers to defer loan payments without incurring additional costs. OneMain will also donate $50,000 to Feeding America's Hurricane Ida Fund to support local relief efforts. The company operates 27 branches in Louisiana and 26 in Mississippi, servicing approximately 44,000 and 39,000 customer accounts, respectively, with outstanding receivables of $362.8 million and $301.2 million.

Positive

• Launch of Borrower's Assistance program for affected customers in Louisiana and Mississippi.
• No additional costs for eligible borrowers enrolled in the program, including late and returned payment fees.
• Donation of $50,000 to Feeding America's Hurricane Ida Fund aids local communities.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- OneMain Financial has implemented a Borrower’s Assistance program to provide relief to customers in Louisiana and Mississippi affected by Hurricane Ida. The program, which went into effect Sept. 1, will provide options to eligible customers, including deferring loan payments. The assistance will be available through Sept. 30 for customers in 25 parishes in Louisiana and 24 counties in Mississippi.

OneMain will also donate $50,000 to Feeding America’s Hurricane Ida Fund to support response and relief efforts in those two states through its network of food banks, food pantries and meal programs.

"We are devastated to see the hurricane damage in Louisiana and Mississippi and want to help individuals and families who are experiencing serious hardships," said OneMain Chairman and CEO Doug Shulman. "As a company dedicated to supporting hardworking Americans – and with so many of our team members and customers located in Mississippi and Louisiana – we are committed to helping our customers and communities recover from Ida."

With 27 branches in Louisiana employing about 100 people, OneMain services nearly 44,000 customer accounts with outstanding receivables of $362.8 million in the state. In Mississippi, OneMain has 26 branches employing about 100 people, and services nearly 39,000 customer accounts with outstanding receivables of $301.2 million in the state.

In addition to a possible deferment, the program ensures that eligible borrowers who have contacted a OneMain representative and been accepted into the program do not incur additional costs, including late fees and returned payment fees, due to program adjustments.

Customers should call 844-791-3990 to discuss assistance options.

About OneMain Financial

OneMain Financial (NYSE: OMF) is the country’s largest near-prime installment lender, with a mission of improving the financial well-being of hardworking Americans. With approximately 1,400 locations throughout 44 states, the company is committed to helping people with their personal loan needs. OneMain and its team members are dedicated to the communities where they live and work. For additional information, please visit OneMainFinancial.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210903005258/en/

Kelly Ogburn

410-537-9028

Kelly.ogburn@omf.com

Source: OneMain Financial

FAQ

What is OneMain Financial's Borrower's Assistance program?

The Borrower's Assistance program offers loan payment deferrals to customers in Louisiana and Mississippi impacted by Hurricane Ida.

When does the Borrower's Assistance program start and end?

The program is effective from September 1 to September 30.

How much is OneMain Financial donating to Hurricane Ida relief?

OneMain Financial is donating $50,000 to Feeding America's Hurricane Ida Fund.

How many branches does OneMain Financial have in Louisiana and Mississippi?

OneMain has 27 branches in Louisiana and 26 branches in Mississippi.

What are OneMain Financial's outstanding receivables in Louisiana and Mississippi?

In Louisiana, outstanding receivables are $362.8 million, and in Mississippi, they are $301.2 million.