Consumer finance new business holds steady in April

New figures released today by the Finance & Leasing Association (FLA) show that consumer finance new business in April was at a similar level to the same month in 2018.

Credit card and personal loan new business together fell in April by 2% compared with April 2018, while retail store and online credit new business grew by 3%. Second charge mortgage new business increased 23% by value over the same period.

Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said: “Consumer finance new business held steady in the first four months of 2019 compared with the same period in 2018, reflecting relatively subdued consumer confidence.

“Our latest research suggests that UK new consumer credit is likely to grow by around 3% in 2019 as a whole.”