New figures released today by the Finance & Leasing Association (FLA) show consumer finance new business grew in June by 9%, compared with the same month last year.
Credit card and personal loan new business together grew by 10% compared with June 2017, while retail store and online credit new business increased by 5%. Second charge mortgage new business fell 6% by value and 3% by volume over the same period.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said: “The latest figures for consumer finance new business continued to reflect wider economic trends, with the World Cup and hot weather providing a further boost to retail sales.
“FLA members’ share of the UK consumer credit market held steady in the twelve months to June at 35.9%.