Consumer finance new business fell by 16% in November 2020

13 January 2021

New figures released today by the Finance & Leasing Association (FLA) show that consumer finance new business fell in November 2020 by 16% compared with the same month in 2019, and remained 18% lower in the eleven months to November 2020 than in the same period in 2019.

The retail store and online credit sector reported new business up in November by 7% compared with the same month in 2019.  By contrast, credit card and personal loan new business together fell by 17% and consumer car finance new business by value decreased by 21%, over the same period.

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

“The imposition of further restrictions in November to deal with rising cases of Covid-19, including a second national lockdown in England, temporarily halted the recovery in consumer lending overall.  Some sectors continued to flourish, with growth in retail store and online credit supported by Black Friday events and increased demand in the run-up to Christmas. 

“UK-wide lockdowns during the first quarter of 2021 mean that the near-term outlook remains challenging.  The promised scaling-up of the rollout of vaccines will be vital to re-opening the economy again.  FLA members will play a key role in the recovery of the UK economy during 2021, as evidenced by the £62 billion of new credit provided to households since the pandemic began.”

Table 1: New consumer credit lending


Nov 2020

% change on prev. year

3 months to Nov2020

% change on prev. year

12 months to Nov2020

% change on prev. year

Total FLA consumer finance (£m)







Data extracts:







Retail store and online credit (£m)







Credit cards & personal loans (£m)







Second charge mortgages (£m)







Car finance (£m)







 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 2019, FLA members provided £140 billion of new finance to UK businesses and households. £105 billion of this was in the form of consumer credit representing over a third of total new consumer credit written in the UK in 2019.
  3. Consumer motor finance reported in these figures refers to finance obtained through the point of sale.
  4. For media enquiries, please contact the FLA press office on 020 7420 9656.

Become a member

What are the benefits of becoming an FLA Member?