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Google Ads: Said bye to predatory payday loan advertisements

Google has revealed that they are not going to display ads for payday lenders and their related products, a practice often referred to as predatory lending as it take advantage of low-income people.

Google Ads: Removed predatory payday loans advertisements


David Graff, director of global product policy at Google said via a post on their official blog, "They will no longer allow ads for loans with an APR of 36 percent or higher as well as loans where repayment is due within 60 days of the date of issue. Note that the former only applies to those in the US."

Financial expert Dave Ramsey describes payday loans as one of the worst financial decisions you can make, putting them in the same category as title pawning and tote-the-note car lots.

For those unfamiliar, a payday lender will let you write them a post-dated check that’s dated for the day you get paid. As an example, you can write a check for $225, hand it to the payday lender and they'll give you $200 cash on the spot. Come payday, they cash your $225 check.

A fee of $25 may not sound like much but when you do the math, you’ll see that the interest rate is astronomical. What’s worse is that payday lenders typically take advantage of lower income people, those that can least afford to throw away money in fees and interest.

In the blog post, he also wish that less people will be exposed to misleading and harmful products.

Google’s new ad policy goes into effect July 13, 2016.

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