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Google bans bad ads for payday loans from July 13

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Staff writer ▼ | May 12, 2016
Google said it would ban ads from payday lenders and some related products, citing its policy to keep bad ads out of its systems.
Payday loans
Bad practice   Rates from 36% and up
Effective July 13, the company will no longer allow ads for loans where repayment is due within 60 days of the date of issue. In the U.S., the firm is also banning ads on loans with an annual-percentage-rate or APR of 36% or higher.

With the strict standard taken by Google, the ban will cover virtually all of the ever growing online payday-loan market, constituting roughly half of the payday-loan market.

The decision was taken after a research showed that such loans can result in unaffordable payment and high default rates for users.

The ban is designed to protect users from deceptive or harmful financial products, but it will not affect companies offering loans such as Mortgages, Car Loans, Student Loans, Commercial loans, Revolving Lines of Credit.


 

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