Consumer finance grows by 9%

New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in September 2024 by 9% compared with the same month in 2023.  In the first nine months of 2024, new business in this market was 1% higher than in the same period in 2023.

The credit card and personal loans sectors together reported new business 10% higher in September than in the same month in 2023, while the retail store and online credit sector reported new business growth of 1% over the same period.

Commenting on the figures, Geraldine Kilkelly, Director of Research and Chief Economist at the FLA, said “The lower inflation and interest rate environment helped to boost demand for consumer finance in September. Growth in the consumer finance market represented by FLA members was the strongest since April of this year, with higher levels of new business reported for each of the main finance products.  In Q3 2024 as a whole, total consumer finance new business grew by 4% compared with Q3 2023.”

	Sep 2024	% change on prev. year	3 months to Sep 2024	% change on prev. year	12 months to Sep 2024	% change on prev. year
Total FLA consumer finance (£m)	10,857	9	29,749	4	113,877	1
Data extracts:
Retail store and online credit (£m)	702	1	1,949	-2	8,419	-5
Credit cards & personal loans (£m)	5,162	10	15,496	5	60,140	2
Second charge mortgages (£m)	149	37	464	31	1,609	14
Car finance (£m)	4,407	8	10,440	4	38,787	-1