Finance & Leasing Association9 May 2014
Figures released today by the Finance & Leasing Association (FLA) show that new consumer finance grew by 19% in March, compared with the same month last year, and was up 17% in Q1 of 2014.
Growth in new business extended beyond the point-of-sale market into credit card finance and personal loans, with an increase in these two sectors of 12% in March, and a 10% rise in Q1 this year.
Commenting, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said: “First quarter results show strong performances across the consumer finance sector.
“Responsibly-provided credit has supported the economic recovery and will be an important factor in sustaining it as household incomes improve.”
Table 1: New consumer credit lending
| Mar. 14 |
% change on prev. year |
3 months to Mar. 2014 |
% change on prev. year |
12 months to Mar. 2014 |
% change on prev. year |
|
| Total FLA consumer finance (£m) | 7,410 |
+19 |
18,006 |
+17 |
69,117 |
+10 |
| Data extracts: | ||||||
| Retail store and online credit (£m) | 510 |
+11 |
1,431 |
+14 |
6,033 |
+6 |
| Credit cards & personal loans (£m) | 3,154 |
+12 |
9,108 |
+10 |
36,917 |
+3 |
| Second mortgages (£m) | 49 |
+40 |
137 |
+47 |
489 |
+42 |
| Car finance (£m) | 3,352 |
+29 |
6,490 |
+29 |
22,269 |
+27 |
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. 2. In 2013 FLA members provided £88.9 billion of new finance to UK businesses and households. £66.5 billion of this was in the form of consumer credit representing almost a third of all unsecured lending in the UK.
