The fourth quarter of last year saw an increase in the value of loans completed, outstanding loan books and applications in 2018 compared to 2017, according to the latest figures released by the Association of Short-Term Lenders (ASTL).

During this period, the value of applications increased by 13.4% to nearly £21.5bn and total loan books increased by 3.6%.

The value of loans completed for the quarter ending 31 December 2018 increased by 13.5% on the previous quarter and the value of applications increased by 0.3%, although the value of outstanding loan books decreased by 7.1% during this period.

Benson Hersch, CEO of the ASTL (pictured), said that these results showed that in an uncertain economic environment, members are continuing to provide useful, flexible finance for a whole range of purposes.

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He added: “They are doing so whilst maintaining a commitment to high standards of underwriting. This is very encouraging and indicates a sustainable sector that is built on robust foundations.”