Google Will Stop Hosting 'Deceptive' Payday Loan Advertisements
Google says it will stop hosting ads for payday lenders it feels are predatory. That includes companies with interest rates of 36 percent or more.By Grant Suneson | May 11, 2016
Google already bans advertisements for products it deems dangerous, like weapons, drugs and tobacco. Now, the company says it wants to protect consumers from services that are financially dangerous.
Beginning July 13, Google will stop showing ads for payday lenders with annual interest rates over 36 percent, or lenders that give borrowers less than two months to repay their debts.
Advocacy groups praised Google’s move, saying lenders that charge exorbitantly high rates prey on vulnerable, low-income people.