Consumer finance has risen by 5% so far in 2017

New figures released by the Finance & Leasing Association (FLA) show consumer finance new business grew in May by 8% compared with the same month last year. Credit card and personal loan new business together grew by 11% compared with May 2016, while retail store and online credit new business increased by 3%. Second charge mortgage new business grew 26% by value and 29% 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 increased in the first five months of 2017 by 5%. The annual rate of new business growth has slowed from a recent peak of 11% in the twelve month period to May 2016, to 6% in the same period in 2017.”

Table 1: New consumer credit lending

	May 2017	% change on prev. year	3 months to May2017	% change on prev. year	12 months to May2017	% change on prev. year
Total FLA consumer finance (£m)	7,914	+8	24,935	+6	89,884	+6
Data extracts:
Retail store and online credit (£m)	557	+3	1,599	+1	6,566	+1
Credit cards & personal loans (£m)	4,204	+11	11,871	+7	45,810	+6
Second charge mortgages (£m)	87	+26	259	+25	917	+3
Car finance (£m)	2,698	+5	10,107	+5	32,450	+7