Google To Ban All Payday Loans Ads From July 13 Onwards

Google To Ban All Payday Loans Ads From July 13 Onwards

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It was recently announced on a blog post by Google Director of Product policy David Graff that the global ban for ads pertaining to loans payable in 60 days or loans that carry annual percentage rate of 36% or higher will take effect on 13th July, 2016. The announcement to ban this type of loans are welcomed and supported by some advocates who are concern about the low income earners and minority communities that are often drawn to this urgent cash assistance and is often mislead by unfair interest rate and fees. They believe this can impact the borrower into a serious financial harm on the long run.

But the Community Financial Services Association of America and Online Lenders Alliance criticized the move and finds it discriminatory and a form of censorship. The move is unfair to those legal licensed money lenders who upholds good business practices.

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