Strong end to 2012 for secured lending

Published on

Finance & Leasing Association

There was a 6% rise in consumer credit lending last year.

Latest figures, released today by the Finance & Leasing Association (FLA), show the strongest growth was in credit provided through car dealerships and high street stores.

December saw second charge lending total £23 million, a 15% rise year-on-year.

Total secured loan lending for the year was £326 million, up 14% on 2011. However, the number of new contracts increased by only 2%.

“Today’s figures underline the need for consumers to be able to access affordable and responsibly-provided credit,” said Fiona Hoyle, head of consumer finance at the FLA.

“2013 will be a pivotal year for the consumer credit industry as the Government prepares to publish its consultation on the new regulatory regime. It is vital that the new system supports the diversity of this market.”

For much of 2012, growth was driven by the point-of-sale credit markets. Consumer motor finance was up by 22% to £16.7 billion and retail store instalment credit grew by 15% to £2.8 billion.

Latest POLL

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Square 1 Media announces May Mortgage Market Debate

Square 1 Media is to hold its next Mortgage Market Debate on Wednesday, 21 May,...

Coventry BS maintains status as one of the best workplaces

Coventry Building Society has been named one of Great Place to Work's UK’s Best...

Atom bank breaks Near Prime record

Atom bank has reported another record-breaking month for Near Prime activity. Over the course of...

Berkeley Alexander appoints new BDM

General insurance provider Berkeley Alexander has announced the appointment of Grant Robinson as a...

Other news

Lenders must step up on high LTV products

Things are on the up for borrowers with a smaller deposit. The financial information...

Square 1 Media announces May Mortgage Market Debate

Square 1 Media is to hold its next Mortgage Market Debate on Wednesday, 21 May,...

Coventry BS maintains status as one of the best workplaces

Coventry Building Society has been named one of Great Place to Work's UK’s Best...