Property News · May 14, 2016

Two cheers for Google’s ban on payday loan ads


The search engine’s ban on payday firms charging more than 36% APR is a start, but it needs to do more for the full three cheersSuccessive British governments refused to cap super-high interest rates, which is how we allowed Wonga to charge its poor borrowers up to 5,853%. Then this week Google shocks everyone by banning adverts for payday loans above 36% APR. It tells you a lot about who really runs the world today.The search engine giant is not banning the products itself, and they may still appear on results pages. It also looks as if the 36% may only apply to the US, but however it works this is a big blow to the pricey loan peddlers. I typed “instant loan” into Google this week, and three out of the four ads, taking up most of the top half of the screen, were from payday loan companies pushing loans at more than 36%: AvantCredit at 39.5%, Sunny at 979% (that will wipe the smile off anyone’s face), and UK Loans, which had Satsuma at 1,575%. Continue reading…

Source : theguardian.com
Read more…Two cheers for Google’s ban on payday loan ads

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