Asset Finance


Consumer Finance


Motor Finance


Consumer finance grows by 7% in June

16 August 2017

New figures released today by the Finance & Leasing Association (FLA) show growth of 7% in consumer finance new business in June, compared with the same month last year, and growth of 4% in the second quarter of 2017 overall.

Credit card and personal loan new business together grew by 10% compared with June 2016, while retail store and online credit new business increased by 3%. Second charge mortgage new business grew 33% by value and 22% 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 half of 2017, consumer finance new business grew by 5% compared with the same period in 2016, in line with modest single-digit growth expectations for the year as a whole.”

Table 1: New consumer credit lending

 

June 2017

% change on prev. year

3 months to June 2017

% change on prev. year

12 months to June 2017

% change on prev. year

Total FLA consumer finance (£m)

7,708

+7

22,515

+4

90,416

+6

 

      

Data extracts:

      

Retail store and online credit (£m)

530

+3

1,587

0

6,581

+1

Credit cards & personal loans (£m)

3,898

+10

11,707

+8

46,155

+7

Second charge mortgages (£m)

94

+33

259

+36

940

+5

Car finance (£m)

2,812

+5

7,888

0

32,590

+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.