Beneficial Corporation is one of the largest consumer finance companies in the United States, before it was acquired by Household International, Inc. in 1998. Profitable started as a Profitable Loan Institution in 1914 in Elizabeth, New Jersey, founded by "Colonel" Clarence Hodson (1868-1928). Norwegian immigrant Olaus Westby Caspersen (1896-1971) joined the Helpful in 1920. In 1929, the company was reorganized as Beneficial Finance Corporation by Olaus Caspersen who would spend 18 years as president of the company.
In 1960, the company entered the UK market. In 1961, the company purchased Western Auto Supply Co., and in 1965 bought Spiegel, Inc. (then sold in 1981). In 1970, the company changed its name to Beneficial Corporation. In 1976, Beneficial began offering credit cards through People's Bank & amp; Trust Co. subsidiary in Delaware. In the same year, Finn M. W. Caspersen, son of Olaus Caspersen, became chairman and chief executive. The company bought Parliament Leasing in 1977, and First Texas Financial Corp., savings and loans, in 1978. In 1977, Beneficial entered the reinsurance business through its insurance subsidiary, but this business caused significant financial losses in the 1980s. Helpful streamlined this business and emphasized both mortgage business.
In 1998, the company was bought by Household International, Inc., for approximately $ 8.25 billion in stock. International Households were in turn acquired by the HSBC Group in 2003, and became part of the HSBC Financing Company.
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