It rose by 38% in the 12 months to January 2014 compared to the previous year.
Geraldine Kilkelly, head of research and chief economist at the FLA said: “New FLA sponsored research by Oxford Economics suggests that there will be growth across most of the main consumer credit sectors this year.
“January saw the strongest rise in new business for more than a year. Private consumption growth will continue to be an important component of the economic recovery in 2014, supported by consumer credit.”
Total consumer finance for new business grew by 18% from the year before to £5.6bn in January.
