If you have yet to install ad-blocking software – and you’ve search for payday loans – then you’ve likely noticed the latest influx of payday loan ads on the Google search engine. Since a lot of payday loan companies are turning to the Internet to offer their service, there’s a growing number of online payday loan advertisements being scattered all over the online landscape.
Google is putting an end to this practice. The search engine juggernaut confirmed Wednesday that it will prohibit all ads from payday loans, referring to the industry as being “deceptive” and harmful” for consumers.
As of July 13, 2016, the tech titan will start to clampdown on the industry. In the summer, Google will not permit any ads for payday loans due within 60 days and ads for payday loans that come with an interest rate of at least 36 percent. This means payday loans will fall in the same category of other banned product ads, such as weapons, tobacco, hate speech and bombs.
It should be noted that the ban will not affect businesses providing auto loans, credit cards, student loans or mortgages.
Ultimately, says David Graff, Google director of global product policy, the company’s “hope is that fewer people will be exposed to misleading or harmful products.” He adds: “Financial services is an area we look at very closely because we want to protect users from deceptive or harmful financial products.”
Over the last several years, businesses that offer