Secured loan business up 14% year-on-year

Secured loan business totalled £74m in Q1 2012, up 14% from Q1 2011, the latest figures from the Finance & Leasing Association show.

In March, £27m of secured loan business was carried out, up 8% on March 2011.

Overall,consumer finance business provided by FLA members grew by 9% in March, compared with March 2011.

Fiona Hoyle, FLA head of consumer finance at the FLA, says: “Our figures show a slight rise in most markets, which suggests that consumer confidence is showing signs of a tentative return.

“But many consumers continue to be cautious, reinforcing the need for the government to make sure that their proposed changes to consumer credit regulation do not limit the supply of affordable, responsibly-provided credit.”