Payday Lenders…Google Me Not!
Google has tremendous power in driving internet commerce and it has taken the opportunity to use this power in what should be a positive manner for consumers. Beginning July 13th 2016 Google will no longer continue, post, or allow advertisements for payday lenders who offer loans “..are due within 60 days, along with ads for loans with annual interest rates of 36 percent or higher.” While Google’s action will not eliminate payday lenders from being found online it does send a message that a major player in the online business world is taking a stand (relatively speaking) against an industry that is fraught with predators and peril.
One can hope that consumers explore all alternative options before agreeing to do business with payday lenders. For more information on consumer protection related to payday lending and other forms of debt collection click here. Best wishes to each of you and continue to be an informed consumer.