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Google To Ban All Payday Loan Ads

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Google to Ban All Payday Loan Ads

The web giant said the move was to protect its users from such lending, which often leads to unaffordable repayment terms and financial harm.

Google announced Wednesday that it would ban all advertisements for payday loans and related products on its website because they often lead to unaffordable repayment terms and financial harm to consumers.

David Graff, the director of global product policy at Google, announced in a blog post that the global ban would take effect July 13 and would apply to loans for which repayment was due in 60 days and for loans that carry an annual percentage rate of 36 percent or higher.

An interesting move.

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Will they freely promote nicer alternatives like credit unions?

Will the high APR credit cards be next?
Who is google to judge what is financially good for people? Are they better than the FSA?

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Google to Ban All Payday Loan Ads

The web giant said the move was to protect its users from such lending, which often leads to unaffordable repayment terms and financial harm.

Protect? It's not as if anyone has them forced on them. I've no love for the payday loan companies and would love to see them go under but people are entirely responsible for their own decisions - such as to take out a loan. If you need to protect people it should only ever be from things that are beyond their control.

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didn't wonga announce the other day the made another huge loss?

I would guess they are more worried about being paid or haven't been paid so are pulling the ads and pretending they are taking the moral high ground to spin the fact everyone knows they are mostly evil.

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Silly PR posturing. Banning AdWords which nobody clicks - when I first read it I thought they were going to be preventing them from showing at all in their index.

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Odd.

Payday loans are fairly insignificant amounts of 'real' money leant on an unsecured basis, over short terms to high-risk customers with minimal consequence in the event of default.

As google now appear to have become an expert in responsible lending, perhaps they should look at adword campaigns for secured lending of significant amounts of money (which doesn't seem to exist) over long terms, with major consequence in the event of default?

Edited by Reck B

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Will they freely promote nicer alternatives like credit unions?

Will the high APR credit cards be next?

Who is google to judge what is financially good for people? Are they better than the FCA?

They changed didn't you know? They're now a toothless regulator called the FCA.

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When Google do something like this, it's because they want to create space in a market for themselves. Wouldn't surprise me if they came out with a Payday Loan widget within the search results. Enter an amount you want to borrow, and you get taken to an aggregated list of lenders with Google earning commission.

Google have done this many times before - (one example: pay-per-minute helplines got banned from Adwords, then Google came up with Google Helpouts, though that was unsuccessful)

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Free country, free to choose who to support and cater for......the less people spend on expensive debt and living rental costs the more they can spend into the free economy. ;)

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They changed didn't you know? They're now a toothless regulator called the FCA.

Oh well they never had many teeth.

Ne'er a lender or a borrower bee.

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