Asset Finance


Consumer Finance


Motor Finance


Consumer finance up 7% in October

10 December 2015

New figures released today by the Finance & Leasing Association (FLA) show 7% growth in consumer finance new business in October, compared with the same month last year.

Retail store and online credit was up 3% compared with October 2014, while credit card and personal loan new business together increased by 5%. Second charge mortgage new business was up 38% by value and 15% by volume over the same period.

Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:

“FLA consumer finance providers have reported steady growth in new business since July. Our latest research suggest that UK new consumer credit will grow by 10% in 2015 as a whole, with growth slowing to around 4% in 2016.”

Table 1: New consumer credit lending

Oct 2015

% change on prev. year

3 months to Oct 2015

% change on prev. year

12 months to Oct 2015

% change on prev. year

Total FLA consumer finance (£m)

6,637

+7

20,497

+8

78,116

+6

 

Data extracts:

Retail store and online credit (£m)

579

+3

1,568

+2

6,501

+3

Credit cards & personal loans (£m)

3,364

+5

9,964

+4

39,607

+2

Second charge mortgages (£m)

76

+38

207

+30

734

+27

Car finance (£m)

2,296

+12

7,710

+13

27,512

+13

Note to editors:

  1. FLA members in the consumer finance sector include banks, credit card providers, store card providers, second-charge mortgage lenders, motor finance providers, personal loan and instalment credit providers.
  1. In 2014, FLA members provided £100 billion of new finance to UK businesses and households. £74 billion of this was in the form of consumer credit representing almost a third of total new consumer credit written in the UK last year.