Money Store Halts Home Repair Lending

by WOHe

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.”

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