Finance & Leasing Association5 November 2015
New figures released today by the Finance & Leasing Association (FLA) show 9% growth in consumer finance new business in September, compared with the same month last year.
Retail store and online credit grew by 4% compared with September 2014, while credit card and personal loan new business together increased by 4% over the same period.
Second charge mortgage new business increased 22% by value in September, while the number of new second charge mortgages fell by 7% over the same period.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“September saw growth across all of the main finance products as consumer confidence remained relatively strong. Consumer finance new business provided by FLA members grew by 7% in the first nine months of 2015, in line with our expectations for growth in UK new consumer credit in 2015 as a whole.”
Table 1: New consumer credit lending
| Sep 2015 |
% change on prev. year |
3 months to Sep 2015 |
% change on prev. year |
12 months to Sep 2015 |
% change on prev. year |
|
| Total FLA consumer finance (£m) |
8,074 |
+9 |
20,499 |
+8 |
77,659 |
+6 |
|
|
||||||
| Data extracts: |
||||||
| Retail store and online credit (£m) |
541 |
+4 |
1,508 |
+2 |
6,482 |
+3 |
| Credit cards & personal loans (£m) |
3,384 |
+4 |
10,012 |
+4 |
39,452 |
+2 |
| Second charge mortgages (£m) |
67 |
+22 |
205 |
+30 |
713 |
+25 |
| Car finance (£m) |
3,722 |
+15 |
7,658 |
+14 |
27,272 |
+14 |
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 2014, FLA members provided £100 billion of new finance to UK businesses and households. £74 billion of this was in the form of consumer credit representing almost a third of total new consumer credit written in the UK last year.
