New figures released tby the Finance & Leasing Association (FLA) show growth of 13% in consumer finance new business in July, compared with the same month last year.

Credit card and personal loan new business together grew by 16% compared with July 2016, while retail store and online credit new business increased by 11%. Second charge mortgage new business was up 23% by value and 21% by volume over the same period.

Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said “In the first seven months of 2017, consumer finance new business provided by FLA members was up by 6% compared with the same period last year. This is broadly in line with expectations for UK new consumer credit growth in 2017 as a whole.”

Table 1: New consumer credit lending

July 2017

% change on prev. year

3 months to July2017

% change on prev. year

12 months to July2017

% change on prev. year

Total FLA consumer finance (£m)

7,607

+13

23,229

+9

91,297

+7

Data extracts:
Retail store and online credit (£m)

557

+11

1,645

+6

6,637

+2

Credit cards & personal loans (£m)

4,061

+16

12,162

+12

46,728

+8

Second charge mortgages (£m)

90

+23

270

+27

956

+8

Car finance (£m)

2,503

+10

8,012

+6

32,81