Google Play Store Closes Payday Loan Apps
In an effort to better combat predatory lending, Google banned Play Store apps with “deceptive or harmful” personal loans where the annual percentage rate was 36% or more, like many payday loans. A spokesperson said the expanded financial policy, implemented earlier this year, was aimed at “protecting users” from the term “exploiters,” Engadget reported on Sunday, citing the Wall Street Journal.
Affected lenders were not happy with the tech giant’s decision. This essentially forces them to either offer lower rates or opt out altogether.
Online Lenders Alliance CEO Mary Jackson has repeatedly asserted that corporate practices are allowed, arguing that the ban harms “legitimate traders” as well as customers looking for “legal loans.” adds the report.
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