Finance & Leasing Association7 July 2017
New figures released today by the Finance & Leasing Association (FLA) show 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.”
Table 1: New consumer credit lending
| May 2017 |
% change on prev. year |
3 months to May 2017 |
% change on prev. year |
12 months to May 2017 |
% change on prev. year |
|
| Total FLA consumer finance (£m) |
7,914 |
+8 |
24,935 |
+6 |
89,884 |
+6 |
|
|
||||||
| Data extracts: |
||||||
| Retail store and online credit (£m) |
557 |
+3 |
1,599 |
+1 |
6,566 |
+1 |
| Credit cards & personal loans (£m) |
4,204 |
+11 |
11,871 |
+7 |
45,810 |
+6 |
| Second charge mortgages (£m) |
87 |
+26 |
259 |
+25 |
917 |
+3 |
| Car finance (£m) |
2,698 |
+5 |
10,107 |
+5 |
32,450 |
+7 |
Note to editors:
- 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.
- 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.
- For media enquiries, please contact the FLA press office on 020 7420 9656.
