Double-digit consumer finance growth in September

6 November 2014

New figures released by the Finance & Leasing Association (FLA) show 12% growth in consumer finance new business in September, compared with the same month last year.

The FLA’s share of the UK consumer credit market increased to 34% in the twelve months to September 2014.

Credit cards and personal loans new business together grew by 6% compared with September 2013. Retail store and online credit was up by 8% in the same period, and point-of-sale finance was up by 18%. Second charge mortgage new business grew 41% by value and 17% by volume.

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

“FLA members offer a variety of finance products to help consumers make essential household purchases. The September figures show new business growing across the board, and consistently strong growth in the point-of-sale credit markets.”

Table 1: New consumer credit lending

 

Sep 14

% change on prev. year

3 months to Sep 2014

% change on prev. year

12 months to Sep  2014

% change on prev. year

Total FLA consumer finance (£m)

7,348

+12

18,785

+8

72,090

+10

 

           

Data extracts:

           

Retail store and online credit (£m)

543

+8

1,477

+8

6,298

+9

Credit cards & personal loans (£m)

3,172

+6

9,407

+2

37,609

+5

Second mortgages (£m)

52

+41

150

+33

548

+35

Car finance (£m)

3,239

+18

6,695

+16

24,052

+21

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 2013 FLA members provided £89.0 billion of new finance to UK businesses and households. £66.6 billion of this was in the form of consumer credit representing almost a third of all unsecured lending in the UK.

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