Google bans predatory payday loan apps from the Play Store
Google has been battling predatory lending for some time now, but it’s now carrying that fight on its app store. Google recently banned apps from the Play Store that advertise deceptive or harmful personal loans. These are loans that charge an annual percentage of 36% and more like payday loans. This has now been incorporated into Google’s financial policy to protect its users from abusive terms.
Apple does not yet have this kind of ban. However, he is known to revise the rules often to resolve emerging issues.
The lenders concerned do not approve of this decision which forces them either to lower their interest rates or to leave the market. Online Lenders Alliance CEO Mary Jackson argued that her company’s practices are allowed by law and that the move affects genuine lenders who provide legal loans to those in need.
While few will miss these lenders and their unreasonable lending, Google’s move in this direction raises the question of whether other app stores should follow suit and ban apps built on morally shaky foundations. but jump between the legal cracks. Retailers and their approach to e-cigarettes are an example of such a situation where tech giants will be able to decide whether certain categories of businesses will be successful or not.