This is a 38 percent increase on 2013 and brings the total in loan approvals to over £1bn in the last three years.
CCS managing partner, Andy Wallance, said: “I think these exceptional results are a clear indication of just how much consumer confidence has increased over the last couple of years, and they reflect the steady growth in turnover our retailers are experiencing. The rise and rise of promotional credit in the sector has invariably driven sales volumes with buy-now-pay-later, low rate finance and interest free credit playing an increasing role and attracting lots of consumer interest.
“Over the last few months, we’ve had a large number of enquiries from retailers who are looking to introduce finance products into their businesses for the first time,” he added.
“I think the message has definitely got out that offering finance to customers is a very effective ‘soft sell’ marketing tool, and key to increasing market share.”