The latest figures released by the Finance & Leasing Association (FLA) show that 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.”Excel consumer finance summary
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