Despite the considerable increase this stands lower than was recorded in October, when yearly seconds lending increased by 32%.
In November 2014 on a monthly basis seconds lending increased by 7% compared to November 2013.
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 £638m in November, its best November performance for at least three years.”
