Google bans payday loan ads
The search giant has banned adverts from controversial payday lenders
Google supply many adverts on websites around the world, including mine here at Ashleigh Money Saver. If you were to click on an advert we get paid a few pence for your click – which is what allows me to keep this website running.
However, Google will stop allowing ads for loans due within 60 days or with an interest rate of 36% or higher from 13th July.
Google’s director of product policy David Graff said: “Our hope is that fewer people will be exposed to misleading or harmful products.”
But many payday lenders rely on internet searches to generate customers so the payday loan giants haven’t taken the news too well.
Lisa McGreevy, group president of The Online Lenders Association said “It’s disappointing that a site created to help give users full access to information is making arbitrary choices on the advertisements users are allowed to see from legal businesses,”
This is not the first time that Google has banned ads from certain industries. Ads for counterfeit goods, weapons, explosives, tobacco products and hate speech are all banned by Google
Payday loans target the poorer population and they often struggle with the high repayments which can mean they are left short the following month and have no option but to take out another payday loan. It is a vicious circle and for some people they see no way out.
What do you think of Googles move? Should they be doing this to help people avoid debt or should people be allowed to make their own mind up?