Finance & Leasing Association12 May 2017
New figures released today by the Finance & Leasing Association (FLA) show growth of 10% in consumer finance new business in March, compared with the same month last year, and 6% growth in Q1 2017 as a whole.
Credit card and personal loan new business together grew in March by 7%, compared with the same month in the previous year, while retail store and online credit new business increased by 5%. Second charge mortgage new business grew 8% by value and 15% 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 grew in line with expectations in the first quarter of 2017. We expect modest single-digit growth in new consumer credit in 2017 as a whole.”
Table 1: New consumer credit lending
| Mar 2017 |
% change on prev. year |
3 months to Mar 2017 |
% change on prev. year |
12 months to Mar 2017 |
% change on prev. year |
|
| Total FLA consumer finance (£m) |
10,128 |
+10 |
23,517 |
+6 |
89,454 |
+7 |
|
|
||||||
| Data extracts: |
||||||
| Retail store and online credit (£m) |
543 |
+5 |
1,446 |
0 |
6,573 |
+2 |
| Credit cards & personal loans (£m) |
4,061 |
+7 |
11,475 |
+5 |
45,297 |
+6 |
| Second charge mortgages (£m) |
93 |
+8 |
238 |
-1 |
871 |
-3 |
| Car finance (£m) |
5,031 |
+14 |
9,382 |
+11 |
32,566 |
+10 |
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.
