Consumer finance new business holds steady in August

New figures released today by the Finance & Leasing Association (FLA) show that consumer finance new business held steady in August, and grew by 1% in the twelve months to August, compared with the same period last year.

Retail store and online credit new business in August was at a similar level to the same month in 2018, while new business provided through credit cards and personal loans together fell by 1%.

Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said: “Consumer finance new business fell by 1% in the eight months to August, in line with expectations.

“We continue to expect this market to report broadly stable new business in 2019 as a whole compared with 2018.”