Dodgy lenders with exorbitant interest rates and “pay day” lenders (a very short term loan with a very high interest rate) will be banned from advertising on Google following an edict from the tech behemoth’s bosses.
Google will impose a blanket ban across its its ad systems to protect users from “deceptive or harmful” financial products.
As of July, the company has said it will no longer take ads from short term lenders who require repayment in 60 days or from any financial business where interest rates are over 36 per cent.
Although dubious firms can no longer advertise they will still be shown in search results, Google has confirmed.
David Graff, Google’s director of global product policy, said ads for financial services are a “particular area of vigilance” given they are central to “people’s livelihood and well being”.
Things like mortgages and car loans will not be affected.
Dodgy money lenders join a long list of businesses banned by Google including tobacco, guns, ammunition, knives and, thankfully, explosives.