Consumer finance up 8% in April

Consumer finance new business was up by 8% in April when compared with the same month last year, new figures released by the Finance & Leasing Association show.

Credit card and personal loan new business together grew by 5% compared with April 2015, while retail store and online credit increased by 6% over the same period. By contrast, the second charge mortgage market reported a fall in new business in April of 19% by value and 28% by volume.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “April saw growth across most of the main consumer finance products as consumer confidence remained relatively high. The fall in second charge mortgage new business was not unexpected as this market is busy bedding in new systems following its move to the Financial Conduct Authority’s mortgage regime at the end of March.”

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