Tag Archives: PaydayLoans

Google Tells Payday Lenders to Go Away

Payday lenders offer ultra-high interest rate, short term loans with a reputation for getting people into hellish financial situations. Google recently announced it would no longer offer advertising for payday lenders with terms of 60 days or less, or with annual interest rates of 36 percent or more. Why would Google ban these lenders from advertising? Google could see payday loans as harmful to consumers. Past decisions on advertising bans involve products that facilitate drug use, tobacco, and businesses that offer academic cheating. The search giant also bans ads that promote alcohol use while driving or operating machinery. We can describe one harmful aspect of payday lenders that will make Google’s decision make more sense (although there are many harmful aspects to payday loans). Why Are Businesses Cracking Down on Payday Loans? Payday loans can cause debts to snowball for consumers. This can happen for several reasons, but we will…
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