information Google to ban payday lending ads, calling industry 'harmful'

[briguy]

Found this interesting because I own a few "Payday Loan" GEO domains
"NEW YORK (AP) — Internet giant Google said Wednesday it will ban all ads from payday lenders, calling the industry "deceptive" and "harmful."


Google's decision could have as much or even more impact on curtailing the industry than any move by politicians, as many payday loans start with a desperate person searching online for ways to make ends meet or cover an emergency.

Effective July 13, Google will no longer allow ads for loans due within 60 days and will also ban ads for loans where the interest rate is 36 percent or higher. The industry will join Google's other banned categories of ads, such as counterfeit goods, weapons, explosives, tobacco products and hate speech.

"Our hope is that fewer people will be exposed to misleading or harmful products," said David Graff, Google's director of global product policy, in a blog post that announced the policy change."
http://finance.yahoo.com/news/googl...ling-industry-harmful-144455344--finance.html

Any opinions?

 

[mhdoc]

If only things were that simple. People take out these kind of loans because they don't see any other choices. They have used up their friends and relatives. The kids are hungry. Dad went to the casino on payday

The mistakes keep compounding. I think perhaps "The poor will be with you always." sums it up as well as anything.

 

[korganian]

It's Google's harmful monopoly of the internet that should be banned.

 

[sbweb]

Are they serious?? Google Ventures invests in a lending company called Lendup, which is not too far from being a payday lender themselves.