Google to Ban All Payday Loan Ads
Source: The New York Times
Google announced Wednesday that it would ban advertisements for payday loans and related products on its website, saying that they often lead to unaffordable repayment terms and financial harm to consumers.
David Graff, the director of global product policy at Google, made the announcement in a blog post that said the global ban would apply to loans for which repayment was due in 60 days and for loans that carry an annual percentage rate of 36 percent or higher.
This change is designed to protect our users from deceptive or harmful financial products, he wrote. Ads for financial services are a particular area of vigilance given how core they are to peoples livelihood and well being.
Mr. Graff said that the ban, which takes effect on July 13, was in line with the web giants effort to keep off the site any ads for products or services that are potentially harmful to consumers. He said the company would continue to review the policy, but our hope is that fewer people will be exposed to misleading or harmful products.
Read more: http://www.nytimes.com/2016/05/12/business/google-to-ban-all-payday-loan-ads.html
Now if we could just get DWS and the Democratic party to act with similar integrity.
Attorney in Texas
(3,373 posts)BadgerKid
(4,559 posts)jhart3333
(332 posts)Bernardo de La Paz
(49,060 posts)(It's censorship whether government or corporate or individual.)
If a company starts censoring some things, there will be pressure to scrutinize everything closely, and it becomes hard to draw lines and hard to hew to them. That's the slippery slope.
(I don't have any love for payday loan companies. They are predatory.)
Sam_Fields
(305 posts)They should be censored and outlawed.
greiner3
(5,214 posts)Nowadays Everything can be called by that moniker Google is not government and can limit any ads they believe are harmful to the public except political ones. Although to be real. Those are the ones that do the greatest harm
Bernardo de La Paz
(49,060 posts)Pacifist Patriot
(24,654 posts)Companies are expected to have policies about what they will and will not do. Companies that utilize advertising revenues all have guidelines regarding the types of ads they will accept, and generally have those policies from the very start. It's simply expanding upon something that already exists.
Politicub
(12,165 posts)You are predicting the future based on your opinion - not fact.
Unless you have the evidence to show what Google has in mind is eliminating all banking ads or something.
I take it on face value and think curtailing ads like this is a good move by the company.
Roland99
(53,342 posts)Omaha Steve
(99,818 posts)Roland99
(53,342 posts)christx30
(6,241 posts)new and exciting ways of turning a $300 loan into years of spiraling debt?
Bravo to google. I'd love for other advertisers to do the same. "We love money. We just don't want YOUR money."
LiberalLovinLug
(14,178 posts)Bernardo de La Paz
(49,060 posts)LiberalLovinLug
(14,178 posts)my attempt at humor.
Bernardo de La Paz
(49,060 posts)Is it victim-blaming 'humor'?
Jesus Malverde
(10,274 posts)Bernardo de La Paz
(49,060 posts)Attorney in Texas
(3,373 posts)Bernardo de La Paz
(49,060 posts)Attorney in Texas
(3,373 posts)TacoD
(581 posts)jtuck004
(15,882 posts)usage of payday loans.
People in poverty and without jobs aren't sitting around reading google and waiting to be sold a loan.
They are trying to pay off some usurious health care bill (or perhaps onerous student loan debt) and avoid bankruptcy while still feeding the kids. What they need are better jobs, health care that doesn't break them. The food banks are becoming overloaded with people who work, who can't get enough hours. These people have little or no other choice.
What will help the least is feel-good marketing tactics by companies who pay H-1B workers to come here and complain about homeless people from the comfort of their air-conditioned bus.
http://www.nytimes.com/2013/11/25/us/backlash-by-the-bay-tech-riches-alter-a-city.html?pagewanted=all&_r=0
Doc_Technical
(3,528 posts)(instead of corporations),
parasitic companies such as payday loans, tow truck/storage yards,
furniture and appliance rent to own, and some insurance policies,
would be outlawed.