Consumer finance lending up 12%
Posted on in Cycles News , Outdoor News
New figures released by the Finance & Leasing Association (FLA) show 12% growth in consumer finance lending in September, against the same month last year.
Credit cards and personal loans new business together grew by 6% compared with September 2013. Retail store and online credit was up by 8% in the same period, and point-of-sale finance was up by 18%.
With Christmas approaching, adults in the UK planning to spend on average £530 each this year - a rise of nearly 9% on last year's average spend of £487, according to new figures from the Money Advice Service.
One in four admit to spending more than they can afford at Christmas, with many feeling under pressure to put on a special day for the family.
To fund the holidays, nearly half of us will use credit cards, store cards and overdrafts to pay for our festive spending, whilst 1.4 million say they may need to turn to expensive payday loans.
These figures highlight the importance of giving customers more options at the point of payment, especially with high ticket goods. Retail finance is a powerful sales tool for your business, which allows your customers to spread the cost to get the products, clothes and accessories they want without breaking the bank.
Finance is available to retailers selling cycles, outdoor pursuits, snowsports, angling, guns, camping and many more products, represented by the consumer facing brands Ride it away and Take it outdoors.
Start offering finance today with no set-up fee, quick payments, exceptional acceptance rates and market leading subsidy rates. Click here to find out more or call 0845 618 7256.
