New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 28% in June 2021 compared with the same month in 2020. In the first half of 2021, new business was 18% higher than in the same period in 2020.
The retail store and online credit sector reported new business up by 22% in June compared with same month in 2020, and growth of 12% in the first half of 2021. The credit card and personal loan sectors together reported new business up by 39% in June compared with the same month in 2020, and growth of 4% in the first half of 2021.
Commenting on the figures, Geraldine Kilkelly, Director of Research and Chief Economist at the FLA, said:
“The consumer finance market continued to report robust growth in June, but as expected growth rates are beginning to moderate. The H1 2021 results show that new business levels have recovered strongly as restrictions to deal with the pandemic have been gradually eased.
“Our latest research suggests that the industry has maintained its optimism about the opportunities for growth despite the risks to the economic recovery from further waves of Covid-19. The FLA’s Q3 2021 industry outlook survey shows that 88% of consumer finance providers expected new business growth over the next twelve months.”
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