Consumer finance new business grew by 14% in August 2022

New figures released today by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 14% in August 2022 compared with the same month in 2021. In the first eight months of 2022, new business was 21% higher than in the same period in 2021.

The credit card and personal loan sectors together reported new business up by 15% in August compared with the same month in 2021, while the retail store and online credit sector reported new business growth of 7% over the same period.

Commenting on the figures, Geraldine Kilkelly, Director of Research and Chief Economist at the FLA, said: “The recovery in the consumer finance market continued in August, with growth reported across each of the main finance products.  Annual consumer finance new business provided by FLA members was 7% higher than in February 2020, while the value outstanding contracts was at similar level to pre-pandemic.

“During the coming months when many consumers may be facing increased pressures on their household incomes, the consumer finance industry remains committed to meeting demand and providing targeted support to customers who may need it.

“As always, customers who are worried about meeting payments should speak to their lender as soon as possible to find a solution.”