Google: We’re Banning Payday Loan Ads
on Thursday, May 12, 2016David Graff, Director Global Product Policy at Google Money Quote saying payday lending search ads are being banned as of July 16, 2016. Google said:
“We’re banning ads for payday loans and some related products from our ads systems. We will no longer allow ads for loans where repayment is due within 60 days of the date of issue” — David Graff, Google
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In this quote, David Graff of Google is announcing a new policy regarding payday loan ads on their platforms. Payday loans are short-term, high-interest loans intended to bridge a cash flow gap until a person’s next payday.
However, they are often criticized for trapping borrowers in long-term cycles of debt due to the quick repayment timeframes. Graff says Google will no longer allow ads for loans where the full amount is due within 60 days, which would include most payday loans.
His statement implies Google views these types of short-term, high-interest loans as predatory towards financially vulnerable consumers. By banning ads for them, Graff seems to aim to curb predatory lending practices and protect people from the risks of unaffordable payday loan terms that can lead to prolonged debt cycles.