Released: May 12, 2016

Google to ban payday lending ads

Source: Associated Press (NBC News)

Internet giant Google said Wednesday it will ban all ads from payday lenders, calling the industry "deceptive" and "harmful."

Google's decision could have as much or even more impact on curtailing the industry than any move by politicians, as many payday loans start with a desperate person searching online for ways to make ends meet or cover an emergency.

Effective July 13, Google 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.

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