Google Bans Payday Lending Advertising

From 13 July 2016, Google will place a global ban on short-term loan advertising from its websites.

Google Director of Global Product Policy, David Graff, stated "Research has shown that these loans can result in unaffordable payment and high default rates for users so we will be updating our policies globally to reflect that.....We'll continue to review the effectiveness of this policy, but our hope is that fewer people will be exposed to misleading or harmful products."

The ban will apply to credit where repayments are due within 60 days.

This follows a recent case where ASIC forced Nimble to refund $1.6M to consumers for being not engaging responsible lending practices. Read more about this here.

The industry is under review in Australia with practices being closely examined.

Source: Google Public Policy Blog