New consumer finance has grown by 19% annually to March, the Finance and Leasing Association has revealed.

Growth in new business extended beyond the point-of-sale market into credit card finance and personal loans, with a year-on-year increase of 12% in March.

Much of the growth has taken place in Q1 2014, as new consumer finance flourished by 17% while personal loans and credit cards saw a 10% increase.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “First quarter results show strong performances across the consumer finance sector. 

“Responsibly-provided credit has supported the economic recovery and will be an important factor in sustaining it as household incomes improve.”