If you are looking for quick cash, feel free to Google it. But if you want to sell fast Cash, the search giant might not be the place for you.This summer, Google will no longer allow payday lending – Company offers high-interest rates on short-term loans--to buy ads Google's advertising system.
The new policy, announced at the Google blog will play July 13. Loans for a period of 60 days or less of advertising will be banned; in the United States, any loan of advertising
Charge APR 36% or higher will be banned. The Internet search and online advertising giant-90%---reliance on advertising is currently prohibited dangerous, fake and offensive advertising of the project, as well as "services aimed at enabling the Dishonest behavior. " And concerns about predatory lending, Google has restrictions on payday loan of advertising will be displayed.
But now – like Facebook, dominance of the online advertising industry in other areas – Google will ban the payday loan of advertising.
The news comes as federal regulators continue to promote stronger Payday loan limits. In 2015, consumer financial protection Bureau of quality and technical supervision published a draft of proposed rules designed to regulate the industry. (Proposed rule execution was delayed, it is not clear
When exactly they will be issued. ）
As we have time, cash-strapped customers, based on the daily salary Guide Loans can quickly find themselves trapped in a revolving loan renewals Administrative fees and triple-digit interest rates. For hundreds of dollars of loans can wind up costing thousands. Online payday lending--which may be particularly affected by Google's new policy-another layer of cost to the consumer.
Last month, the CFPB published a report, find online lenders, draw directly from a consumer's bank account, payments can quickly rack up the combined cost to consumers of payday loans of overdraft fees. And then there is another way in which payday loans online is different from the corner shop: billboards promise quick cash usually cannot be found
From the five countries.
The Many States have their own payday loan limits. A study last fall found that online ads can target consumers that payday loans payday loans are, in fact, illegal state. Google does not mention federal regulators or laws in different countries Announcement. The company says it is on short-term loans and high-interest rates, because "the results show that these loans can be Could not afford the higher payments and defaults for the user.
Policies affecting advertising, not search results. (Google ads appear above the results, Partners of Google Adwords and website). For example, Google Fireworks, look for advertising ban "Fireworks" at any time to return a list of Supplier.
Advertising by the payday loans of the mask, "our hope is that fewer people will Exposure to misleading or harmful products, "Google's Director of global Product strategy wrote.
Advocates celebrate Google's new policy. But the Washington Post reported from the payday loan industry officials called the new rule "unfair" and "discrimination" does not distinguish between different types of
Payday lending.
