Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show growth of 10% in consumer finance new business in March, compared with the same month last year, and 6% growth in Q1 2017 as a whole.
Credit card and personal loan new business together grew in March by 7%, compared with the same month in the previous year, while retail store and online credit new business increased by 5%. Second charge mortgage new business grew 8% by value and 15% by volume over the same period.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said “Consumer finance new business provided by FLA members grew in line with expectations in the first quarter of 2017. We expect modest single-digit growth in new consumer credit in 2017 as a whole.”
Table 1: New consumer credit lending
|
Mar 2017 |
% change on prev. year |
3 months to Mar2017 |
% change on prev. year |
12 months to Mar2017 |
% change on prev. year |
|
| Total FLA consumer finance (£m) |
10,128 |
+10 |
23,517 |
+6 |
89,454 |
+7 |
| Data extracts: | ||||||
| Retail store and online credit (£m) |
543 |
+5 |
1,446 |
0 |
6,573 |
+2 |
| Credit cards & personal loans (£m) |
4,061 |
+7 |
11,475 |
+5 |
45,297 |
+6 |
| Second charge mortgages (£m) |
93 |
+8 |
238 |
-1 |
871 |
-3 |
| Car finance (£m) |
5,031 |
+14 |
9,382 |
+11 |
32,566 |
+10 |