Google Bans Payday Loan Ads
Our friends at Americans for Financial Reform join many other consumer advocacy groups today in applauding Google’s announcement that it will no longer accept or display ads from payday lenders.
To its considerable credit, Google has decided to stop running search ads for debt trap payday loans.
What does that mean? Google will not accept search ads that send people either directly or indirectly to payday lenders. As a result of this change, when people type in searches like “I need money for food” or “I need money for rent,” they will no longer see the slick advertising and aggressive marketing of these abusive short-term, high-interest payday loans.
This decision closes off an important avenue of customer recruitment for an industry that is doing more and more of its business online. Payday loans, whether made through physical or virtual storefronts, are engineered to suck people into long-term triple-digit-interest debt.
This is great news and means consumer are less likely to be directed to payday lending loan sharks when seeking financial solutions online.
We are committed to continuing the fight for responsible lending practices.
For more on payday lending and other consumer protection issues, follow @TNCitizenAction