Home
Apps
Apps News
Google Play Store Shuts Out Payday Loan Apps

Google Play Store Shuts Out Payday Loan Apps

A Google spokesman said that the expanded financial policy was meant to "protect users" against "exploitative" terms

By Indo-Asian News Service | Updated: 14 October 2019 10:15 IST

Google Play Store Shuts Out Payday Loan Apps

Click Here to Add Gadgets360 As A Trusted Source

Aiming to fight predatory loans better, Google has banned Play Store apps with 'deceptive or harmful' personal loans where the annual percentage rate was 36 percent or higher, such as many payday loans.

A spokesman said that the expanded financial policy, implemented earlier this year, was meant to "protect users" against "exploitative" terms, Engadget reported on Sunday quoting The Wall Street Journal.

The affected lenders were not happy with the tech giant's move.

This essentially forces them to either offer lower rates or bow out entirely.

Online Lenders Alliance CEO Mary Jackson repeatedly maintained that the companies' practices were allowed, arguing that the ban hurts "legitimate operators" as well as customers looking for "legal loans", the report added.

Comments

Get your daily dose of tech news, reviews, and insights, in under 80 characters on Gadgets 360 Turbo. Connect with fellow tech lovers on our Forum. Follow us on X, Facebook, WhatsApp, Threads and Google News for instant updates. Catch all the action on our YouTube channel.