June saw growth of 4% in consumer finance new business, compared with the same month last year, and growth of 11% in the first half of 2016 overall, according to the Finance & Leasing Association (FLA).

Credit card and personal loan new business together grew by 2% compared with June 2015, while second charge mortgages and retail store and online credit new business remained flat. New business volumes in the second charge mortgage market were down by 9% over the same period.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The latest figures show a strong performance by FLA members providing consumer finance in the first half of 2016.

“In the 12 months to June, the percentage of UK new consumer credit provided by FLA members reached more than a third (33.7%).”