The latest figures released by the Finance & Leasing Association (FLA) show that consumer finance new business in May grew by 11%, compared with the same month last year.
Credit card and personal loan new business together grew by 11% in May, while retail store and online credit new business increased by 8%. Second charge mortgage new business fell 1% by value, but was up 2% by volume over the same period.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“Growth in consumer finance new business in May was in line with wider trends in the economy. Retail sales were boosted by events such as the Royal Wedding and hot weather, while the continued strength of the labour market and low interest rate environment meant consumer confidence remained relatively stable in the first half of 2018.”Excel consumer finance summary
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