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FLA reveals £28m of secured lending in September

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FLA reveals £28m of secured lending in September

The Finance & Leasing Association (FLA), the trade body for the consumer credit industry, has confirmed that consumer finance provided by FLA members grew in September by 5 per cent, compared with September 2011, to £5.1 billion. 

 

FLA members also accounted for a 30 per cent share of the UK consumer credit market in the twelve months to September 2012.

 

Growing markets in September were store instalment credit and consumer new car finance provided through dealerships. 

 

These sectors reported growth in September of 34 per cent (to £1.5 billion) and 11 per cent (to £210 million) respectively. 

 

Credit card finance and personal loans contracted for the second consecutive month, with new business 7 per cent lower than in September 2011 at £2.5 billion. 

 

The second mortgage market also reported a fall in new business in September of 3 per cent by value (to £28 million). 

 

Geraldine Kilkelly, Head of Research and Chief Economist at the FLA said: “These latest statistics from our members demonstrate the important role that flexible finance is playing in supporting the UK economy.”

 

Table 1: New consumer credit lending September 2012


 

Sep 12

% change on prev. year

3 months to Sep 2012

% change on prev. year

12 months to Sep 2012

% change on prev. year

Total FLA consumer finance (£m)

5,149

+5

13,968

+5

54,283

+5

Store cards (£m)

111

-18

332

-17

1,548

-11

Credit cards & personal loans (£m)

2,530

-7

7,989

-3

32,653

0

Store instalment credit (£m)

210

+11

653

+21

2,669

+7

Second mortgages (£m)

28

-3

90

+11

312

+9

Car finance (£m)

2,140

+23

4,534

+22

15,825

+17




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