Have you ever had to deal with a company offering payday loans? You may have come across them if you happened to be doing any related searches on Google. The search giant is now making sweeping changes and recently announced that it is banning all payday loan ads, citing concerns about the questionable lending practices. These practices often result in borrowers unknowingly having to pay back the loan with exorbitant interest rates.
This is the first time Google has made such sweeping changes in regards to financial products. Those who criticize payday lenders hope that the move by Google will deter customers from signing up for these loans and becoming vulnerable victims. Google allows follows the lead of another major website that receives heavy traffic and also bans payday loan ads: Facebook.
For millions of Americans on a low income, short-term loans serve as a means of receiving quick cash with the intention of repaying the balance once the next paycheck comes in. However, borrowers often find themselves in a situation where the fees quickly increase and the interest rate can reach triple digits. We agree with Google’s new ban on ads for payday loans as these loans are generally discriminatory and abusive to consumers.
Users seeking payday loans can still find information on them with a simple Google search, but they will no longer be seeing those ads that typically appear near the top or right hand side of the results page beginning on July 13.
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