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.

Zee Disclaimer: Confidentiality / Owner Note: This communication is confidential / proprietary and is intended for use only by the recipient. Zee Media Corporation Ltd. accepts no responsibility for any improper transmission or interference with this communication

To have Latest business news, stock Exchange Updates and Videos; Check your tax output via Income tax calculator and save money with our Personal finance blanket. To verify Live business news to Zee Business Twitter and Facebook. Subscribe on Youtube.

Leave A Reply

Your email address will not be published.