Category: Trade Body Site

Consumer finance new business up by 10% in August

5 October 2018
New figures released today by the Finance & Leasing Association (FLA) show that consumer finance new business in August grew by 10% compared with the same month last year.
Credit card and personal loan new business together grew by 9% compared with August 2017, while retail store and online credit new business increased by 7%. Second charge mortgage new business fell 2% by value and grew 6% by volume over the same period.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said
“Growth in consumer finance new business in August reflected a strong retail sales performance over the same period. In particular, the value of retail sales made by household goods stores grew at its strongest monthly rate for more than a decade.”
Table 1: New consumer credit lending
Aug 2018
% change on prev. year
3 months to Aug 2018
% change on prev. year
12 months to Aug 2018
% change on prev. year
Total FLA consumer finance (£m)
8,172
+10
25,515
+9
102,751
+8
Data extracts:
Retail store and online credit (£m)
708
+7
2,175
+5
9,375
+9
Credit cards & personal loans (£m)
4,423
+9
13,274
+10
51,469
+9
Second charge mortgages (£m)
92
-2
282
-1
1,022
+2
Car finance (£m)
2,517
+14
8,607
+12
36,772
+8
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 2017, FLA members provided £128 billion of new finance to UK businesses and households. £96 billion of this was in the form of consumer credit representing over a third of total new consumer credit written in the UK in 2017.For media enquiries, please contact the FLA press office on 020 7420 9656.

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