Consumer finance new business up by 10% in October

New figures released today by the Finance & Leasing Association (FLA) show growth of 10% in consumer finance new business in October, compared with the same month last year.

Credit card and personal loan new business together grew by 10% compared with October 2017, while retail store and online credit new business increased by 15%. Second charge mortgage new business increased 19% by both value and volume over the same period.

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

“The performance of the consumer finance market in October reflected further growth in the value of retail sales, and relatively stable consumer confidence up to that point which has been supported by a robust labour market and low-interest rate environment.

“The latest figures suggest solid single-digit new business growth in 2018 as a whole.”

Table 1: New consumer credit lending

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.
2. In 2017, FLA members provided £128 billion of new finance to UK businesses and households. £96 billion of this was in the form of consumer credit representing over a third of total new consumer credit written in the UK in 2017.
3. For media enquiries, please contact the FLA press office on 020 7420 9656.