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Google prohibits various payday loans apps from play store
#Google revised the policies of the Play Store earlier this year to discourage predatory service lending apps. The news rules also prohibit #applications that require full compensation within 60 days or less.
Google has banned applications from providing private credit for its Google Play app store at or above the average percentage rate of 36 percent. The change is part of Google’s way of combating payment loans, with interest rates which can come in three digits. A Google spokesperson told The Wall Street Journal in a statement
Our Google Play developer policies are designed to protect users and keep them safe. We expanded our financial-services policy to protect people from deceptive and exploitative personal-loan terms.
In order to keep its apps in play store, lenders need to adjust the products and business models. Consumer advocacy groups celebrated the decision by Google since payday loans often target low-income customers who use Android devices more likely. One study found that households earning under $25,000 per year have 51.8% more likelihood of owning #Android phones.
Similarly, there was a 59.7 percent chance of owning iPhones for those who earned $250,000 and above. The estimates are based on surveys carried out earlier this year by 30,000 owners of mobile telephones and tablets. The group also requests# Apple to implement similar App Store policies.
Not all of them are happy with the decision by Google, however. CURO Financial Technology Corp, a banned corporation, claims the move was’ unfair in the world of trade,’ damages legitimate business operators and hurt customers who are seeking legal loans.’ Alternatives such as web browsers may still be used by users to sign up for such services.
In 2016, in Search, Google also enforced a ban on #payday loan advertisements. The company clarified the change by saying that financial service commercials “help the livelihood and well-being of people.”