Asset Finance


Consumer Finance


Motor Finance


Single-digit growth in consumer finance in Q1 2017

12 May 2017

New figures released today by the Finance & Leasing Association (FLA) show growth of 10% in consumer finance new business in March, compared with the same month last year, and 6% growth in Q1 2017 as a whole.

Credit card and personal loan new business together grew in March by 7%, compared with the same month in the previous year, while retail store and online credit new business increased by 5%. Second charge mortgage new business grew 8% by value and 15% 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 grew in line with expectations in the first quarter of 2017. We expect modest single-digit growth in new consumer credit in 2017 as a whole.”

Table 1: New consumer credit lending

Mar 2017

% change on prev. year

3 months to Mar 2017

% change on prev. year

12 months to Mar 2017

% change on prev. year

Total FLA consumer finance (£m)

10,128

+10

23,517

+6

89,454

+7

 

Data extracts:

Retail store and online credit (£m)

543

+5

1,446

0

6,573

+2

Credit cards & personal loans (£m)

4,061

+7

11,475

+5

45,297

+6

Second charge mortgages (£m)

93

+8

238

-1

871

-3

Car finance (£m)

5,031

+14

9,382

+11

32,566

+10

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.
  1. 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.
  2. For media enquiries, please contact the FLA press office on 020 7420 9656.