In the News: Google to Ban Payday Loan Advertising
We’ve all heard the ads on the radio and seen the signs. Get money, fast, without a credit check. Payday loan companies are all over the place and people often see them as a quick fix for financial troubles – but buyer beware – payday loans are hazardous. They are probably one of the highest interest credit products out there!
Not only are they problematic because of high interest rates, they can become incredibly difficult to pay off. If you can’t pay off the loan with your next paycheque, the situation can quickly snowball, leading to fees which quickly surpass the initial amount of the loan.
Payday loans have become so troublesome that even Google is taking a stand, and a recent Global News report explains why: http://globalnews.ca/news/2697070/google-is-banning-payday-loan-ads/.
According to the article, Google is making a move that “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.” Since most of a payday loan company’s business comes from online searches, that business may just decline a significant amount!
As the search engine has done with several other categories, including counterfeit goods, hate speech, and tobacco products, effective July 13, Google will be banning all ads for loans due within 60 days and will also ban ads for loans with interest rates 36% or higher.
If you currently have or have had payday loans and are reading this, then you probably agree that this is a step in the right direction! By not giving payday loan companies the chance to prey on the vulnerable, Google is doing their part to protect your financial future.
If you are already in over your head with payday loans, DebtCare has solutions, no matter your situation.
Stop stressing and regain control. Call us today at 1-888-890-0888.