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Ceturtdiena 23.11.2017 | Name days: Zigfrīda, Zigrīda, Zigrīds

Google to quit showing payday loans

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RU

American internet firm Google has on May 11 stated it would stop showing all ads from short-term and high-interest loans.

AP reports and evaluates that the company’s decision could have at least as much impact on curtailing the industry than any measure by politicians, as many payday loans start with googling for ways to make ends meet or cover an emergency.

With the plan to come into effect on July 13, Google will no longer allow ads for loans due within 60 days and will also ban ads for loans where the interest rate is 36 percent or higher.

«Our hope is that fewer people will be exposed to misleading or harmful products,» resoned David Graff, Google’s director of global product policy division, in a blog post that announced the decision.

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