Consumer finance new business fell by 3% in September 2023

14 November 2023

New figures released today by the Finance & Leasing Association (FLA) show that consumer finance new business fell in September 2023 by 3% compared with the same month in 2022. In the nine months to September 2023, new business also remained 3% lower than in the same period in 2022. 

The retail store and online credit sector reported a fall in new business in September of 1% compared with the same month in 2022, while the credit card and personal loan sectors together reported new business 5% lower over the same period. 

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

“The performance of the consumer finance market in September was in line with trends seen so far in 2023 of modest falls in the value of new business.  These trends reflect the impact of the high inflation and higher interest rate environment on consumer spending which in the latest official data for Q3 2023 remained weak. 

“The economic outlook is expected to remain subdued over the next year. Nevertheless, respondents to the FLA’s Q3 Industry Outlook Survey remained positive about opportunities for growth through product innovation, diversification, and leveraging technology to improve customer service. 

“As always, customers who are worried about meeting payments should speak to their lender as soon as possible to find a solution.” 

Table 1: New consumer credit lending


Sep 2023

% change on prev. year

3 months to Sep2023  

% change on prev. year

12 months to Sep2023

% 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 2022, FLA members provided £151 billion of new finance to UK businesses and households. £116 billion of this was in the form of consumer credit representing over a third of total new consumer credit written in the UK in 2022.
  3. Consumer car 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.


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