Striving to challenge predatory loans, Google has halted Play Store apps with ‘false or dangerous’ personal loans where the yearly percentage rate was 36 percent or greater, such as many payday loans.
A spokesperson told that the extended financial strategy, executed earlier this year, was designated to “protect users” facing “exploitative” terms, Engadget published on Sunday quoting The Wall Street Journal.
The affected banks were not pleased with the tech giant’s move.
This pushes them to either offer lower rates or bow out completely.
Online Lenders Alliance CEO Mary Jackson regularly stated that the companies’ methods were admitted, disputing that the prohibition hurts “legitimate executives” as well as consumers looking for “legal loans”, the release added.
