Money Store Halts Home Repair Lending

Money Store Halts Home Repair Lending

West Sacramento, CA The Money Store, which had been highly visible throughout the kitchen/ bath and remodeling markets for the past several years with a home improvement financing program, is discontinuing loan origination operations for home renovation, the company announced.

The move, effective June 26, means that The Money Store will no longer accept new applications, and has ceased all marketing efforts in the kitchen/bath and remodeling markets. The West Sacramento, CA-based company had been heavily promoting its ability to offer kitchen and bath design firms indirect lending programs under which remodeling customers could finance projects through monthly payment plans.

The Money Store's parent corporation, First Union Corp., said that its decision to abandon both home improvement and retail subprime mortage lending was the result of a strategic decision to focus on "core business areas" (that create) "a platform for more profitable growth."