‘Are payday lenders prepared for Google’s paid search ban?’ – Econsultancy
James Perrott says, “On the 11th May 2016, Google announced an update to its Adwords Policy on Lending Products.
This introduced the policy of banning ads for payday loans and some related products on all Google ad systems from 13th July 2016.
Further to this, Google is also banning ads for loans with an APR of 36% or higher in the US only. Ads sending you through to products where repayment is due within 60 days of the date of issue are also banned.
(UPDATE: As of the beginning of August 2016, the payday loan ban has still not been implemented by Google. There has been no official word as to why.)
This ban was introduced as research showed to Google that these loans can result in ‘unaffordable payment and high default rates’, which results in users entering a dangerous spiral of unrepayable debt“.
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