New figures released today by the Finance & Leasing Association (FLA) show consumer finance new business grew in July by 9%, compared with the same month last year.
Credit card and personal loan new business together grew by 11% compared with July 2017, while retail store and online credit new business increased by 4%. Second charge mortgage new business was up 6% by value and 5% 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 July reflected the strength of retail sales over that period. Our latest research suggests that new consumer credit in the UK is likely to grow by around 5% in 2018 as a whole, in line with the annual rate of growth in 2017.”