Google to ban payday lending ads, calling industry ‘harmful’

Google says it will ban advertisements from payday lenders, calling the industry "deceptive" and "harmful."

Google said Wednesday it 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 ban is effective July 13.

Payday lenders have come under criticism for charging high interest rates to customers, who are often poor, for short-term loans that wind up being difficult to pay off, leading many to be stuck in a cycle of debt.

Google makes most of its money from ads related to the searches its customers use. As the largest search engine, it also holds the place as the Internet's largest advertising company.

Please enable JavaScript to view this content.

Editor's note: You can comment on IBJ stories by signing in to your IBJ account. If you have not registered, please sign up for a free account now. Please note our updated comment policy that will govern how comments are moderated.

{{ articles_remaining }}
Free {{ article_text }} Remaining
{{ articles_remaining }}
Free {{ article_text }} Remaining Article limit resets in {{ count_down }} days.