Asset Finance


Consumer Finance


Motor Finance


Continued growth in consumer finance

8 September 2017

New figures released today by the Finance & Leasing Association (FLA) show growth of 13% in consumer finance new business in July, compared with the same month last year.

Credit card and personal loan new business together grew by 16% compared with July 2016, while retail store and online credit new business increased by 11%. Second charge mortgage new business was up 23% by value and 21% by volume over the same period.

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

“In the first seven months of 2017, consumer finance new business provided by FLA members was up by 6% compared with the same period last year. This is broadly in line with expectations for UK new consumer credit growth in 2017 as a whole.

Table 1: New consumer credit lending

 

July 2017

% change on prev. year

3 months to July 2017

% change on prev. year

12 months to July 2017

% change on prev. year

Total FLA consumer finance (£m)

7,607

+13

23,229

+9

91,297

+7

 

      

Data extracts:

      

Retail store and online credit (£m)

557

+11

1,645

+6

6,637

+2

Credit cards & personal loans (£m)

4,061

+16

12,162

+12

46,728

+8

Second charge mortgages (£m)

90

+23

270

+27

956

+8

Car finance (£m)

2,503

+10

8,012

+6

32,813

+8

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 2016, FLA members provided £118 billion of new finance to UK businesses and households. £88 billion of this was in the form of consumer credit representing over a third of total new consumer credit written in the UK in 2016.
  3. For media enquiries, please contact the FLA press office on 020 7420 9656.