Asset Finance


Consumer Finance


Motor Finance


Consumer finance up 5% so far in 2017

7 July 2017

New figures released today by the Finance & Leasing Association (FLA) show consumer finance new business grew in May by 8% compared with the same month last year.

Credit card and personal loan new business together grew by 11% compared with May 2016, while retail store and online credit new business increased by 3%. Second charge mortgage new business grew 26% by value and 29% by volume over the same period.

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

“Consumer finance new business provided by FLA members increased in the first five months of 2017 by 5%. The annual rate of new business growth has slowed from a recent peak of 11% in the twelve month period to May 2016, to 6% in the same period in 2017.”

Table 1: New consumer credit lending

May 2017

% change on prev. year

3 months to May 2017

% change on prev. year

12 months to May 2017

% change on prev. year

Total FLA consumer finance (£m)

7,914

+8

24,935

+6

89,884

+6

 

Data extracts:

Retail store and online credit (£m)

557

+3

1,599

+1

6,566

+1

Credit cards & personal loans (£m)

4,204

+11

11,871

+7

45,810

+6

Second charge mortgages (£m)

87

+26

259

+25

917

+3

Car finance (£m)

2,698

+5

10,107

+5

32,450

+7

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.