Google bans predatory personal loan apps from the Play Store

Ruben Fields
October 16, 2019

GOOGLE HAS BANNED all apps from the Play Store that offer "deceptive or harmful" payday loans.

A Google spokesperson told The Wall Street Journal that their policies are created to protect users and keep them safe, adding that they expanded their financial-services policy to protect people from deceptive and exploitative personal loan terms. Mary Jackson, CEO of the Online Lenders Alliance, said Google's decision could have a serious impact on creditors who legitimately run their business and meet customer needs.

David Graff, Google's director of policy wrote in a blog post that this blacklist policy will cover loans with repayment terms of less than 60 days, as well as financial products with an annual percentage rate of 36 percent or higher.

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New users' can download the app on Android phones by just typing WhatsApp on the search box of Google Play Store.

Indeed, loans with such high interest rates often fall into the category of predatory lending in which the lender uses unfair or deceptive practices to take advantage of the borrower.

While there are a lot of "legitimate" financial apps available in the store, like bank apps and even third-party apps for investments, budgeting, etc. Beyond finance, the company also restricts certain types of gambling apps, ones involving illegal activities, and more.

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