FLA News Release - Growth in consumer finance business in July 2019
New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 4% in July, compared with the same month last year.
Credit card and personal loan new business together grew by 3% compared with July 2018, while retail store and online credit new business remained stable.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“In July, consumer finance new business overall grew for the first time since February 2019.
We expect new business in 2019 as a whole to be at a similar level to 2018 as consumer confidence continues to be buoyed by a robust labour market and low interest rates.”
Source: FLA News Release (September 2019)
Crackdown on high-interest lending announced by FCA
The rent-to-own sector faces a price cap similar to limits on payday loans, but the financial regulator will not rush to impose the same restrictions on overdrafts. The Financial Conduct Authority (FCA) has spent nearly two years studying borrowing at high interest rates.