Consumer finance up by 9% in 2014

5 February 2015

Figures released today by the Finance & Leasing Association (FLA) show that consumer finance new business provided by FLA members grew by 7% in December, compared with the same month in 2013, and by 9% in 2014 as a whole.

Retail store and online credit was up by 7% in December, and up 8% overall last year. Second charge mortgage new business was up 26% by value in December and 29% higher in 2014 overall, compared with 2013. The number of new second charge mortgages grew 1% in December and by 9% in 2014 as a whole.

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

“Responsibly-provided credit has played an important role in helping consumers make essential household purchases over the last year. Our research suggests that consumer credit will continue to grow in 2015, by between 3-4%. Together with a recovery in household disposable incomes, this will help support economic growth in 2015.”

Table 1: New consumer credit lending


Dec 14

% change on prev. year

3 months to Dec 2014

% change on prev. year

12 months to Dec 2014

% change on prev. year

Total FLA consumer finance (£m)









Data extracts:


Retail store and online credit (£m)







Credit cards & personal loans (£m)







Second 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.
  1. In 2014, FLA members provided £99.5 billion of new finance to UK businesses, the public sector and households. £74.1 billion of this was in the form of consumer credit, representing over a third of all unsecured lending to individuals in the UK.

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