Robert Gordon, the chief executive of Hitachi Capital UK, said that market conditions had been “a real test for UK households” and there has been much cause for economic uncertainty.
However, the amount of loans taken out is evidence that UK consumer confidence is high, and people are keen to get on with their lives, Mr Gordon said.
He added: “These customers and their unfailing optimism will be integral to sustaining UK economic growth over the next period as we navigate further difficult economic terrain.”
In the financial year 2016 to 2017 Hitachi Capital Consumer Finance saw a 13.3 per cent rise in personal loans processed, and an 8.4 per cent rise in retail finance credit applications.
During this period, the company also served more than 425,000 customers, a 5.4 per cent year-on-year increase.
In a trading update, Hitachi Capital Consumer Finance said: “This is all in spite of the testing market conditions over the past 12 months, which many anticipated would curb consumer spending... 2016/17 was an excellent year of growth for the comp- any.”
The strongest areas of growth for retail credit were leisure, healthcare and personal computer with +60.8 per cent, +14.9 per cent and +16.5 per cent rises respectively, the company said in its trading statement.