Consumer finance new business grows by 4% in July

12 September 2019

New figures released today by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 4% in July, compared with the same month last year.

Credit card and personal loan new business together grew by 3% compared with July 2018, while retail store and online credit new business remained stable.

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

“In July, consumer finance new business overall grew for the first time since February 2019.

 “We expect new business in 2019 as a whole to be at a similar level to 2018 as consumer confidence continues to be buoyed by a robust labour market and low interest rates.”

 Table 1: New consumer credit lending

 

Jul 2019

% change on prev. year

3 months to Jul 2019

% change on prev. year

12 months to Jul2019

% change on prev. year

Total FLA consumer finance (£m)

8,941

+4

26,115

-1

102,957

+1

 

 

 

 

 

 

 

Data extracts:

 

 

 

 

 

 

Retail store and online credit (£m)

679

0

2,084

+2

8,722

+3

Credit cards & personal loans (£m)

4,665

+3

13,243

-3

51,528

0

Second charge mortgages (£m)

115

+17

327

+18

1,182

+15

Car finance (£m)

3,074

+6

9,342

+1

37,424

+2

 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 2018, FLA members provided £136 billion of new finance to UK businesses and households. £103 billion of this was in the form of consumer credit representing over a third of total new consumer credit written in the UK in 2018.
  3. For media enquiries, please contact the FLA press office on 020 7420 9656.

 

 

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