Second charge loans up by 7% in November 2014 – Secured Loan Directory
Figures released today by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 3% in November 2014, compared with the same month the previous year and increased by 10% in the twelve months to November.
Retail store and online credit new business was 4% higher in November 2014 than in the same month a year earlier.
It was a quieter month for the second charge mortgage market, as new business grew 7% by value, while falling l8% by volume.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said: “The run-up to Christmas usually sees a strong performance by the retail store and online credit sector and 2014 was no exception.
New business in this sector reached £638 million in November, its best November performance for at least three years.”