Consumer finance new business up by 9% in June

Written by Oliver Wade

Consumer finance new business grew by 9% in June, compared with the same month a year earlier, according to the latest figures released today by the Finance & Leasing Association (FLA).

The FLA revealed that credit card and personal loan new business together grew by 10%, compared with June 2017, while retail store and online credit new business increased by 5% and reached

However, despite consumer finance new business growing overall, second charge mortgage new business fell 6& by value and 3% by volume over the same period.

FLA head of research and chief economist Geraldine Kilkelly said: “The latest figures for consumer finance new business continued to reflect wider economic trends, with the World Cup and hot weather providing a further boost to retail sales.

“FLA members’ share of the UK consumer credit market held steady in the twelve months to June at 35.9%.”

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