New figures released today by the Finance & Leasing Association (FLA) show growth of 6% in consumer finance new business in 2017.
New business in December 2017 increased by 1% compared with the same month in 2016.
Credit card and personal loan new business together grew by 6% in 2017, while retail store and online credit new business increased by 9%. Second charge mortgage new business increased 14% by value and 10% by volume over the same period.
Commenting on the figures, FLA head of research and chief economist Geraldine Kilkelly said: “Growth in retail store and online credit new business in the final quarter of 2017 was consistent with the seasonal pick-up in retail sales.
“The overall performance of the consumer finance market in 2017 was in line with expectations. We expect the market to continue to report modest single-digit growth in 2018 as a whole.”
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