Google has announced today on May 11th, 2016, that they will no longer allow companies offering short-term, high-interest loans to advertise using the Google Adwords system. The new policy will take into effect on July 13th.
According to Google “When ads are good, they connect people to interesting, useful brands, businesses and products. Unfortunately, not all ads are–some are for fake or harmful products, or seek to mislead users about the businesses they represent.” Click here to read the blog.
All the Ads for loans that have terms of 60 days or less will be banned. In the U.S. any ads for loans charging an APR of 36 percent or higher will also be prohibited.
According to Google this change is designed to protect users from deceptive or harmful financial products. This will not have an impact on companies that are offering loans such as Mortgages, Car Loans, Student Loans, Commercial loans, Revolving Lines of Credit (e.g. Credit Cards). Google announced that in 2015 they disabled more than 780 million ads, the reason being counterfeiting or phishing.
Google has a team of professionals reviewing and pulling out harmful ads.
Google prohibits the following –
- Counterfeit Goods
- Dangerous products or services
- Products or services that enable dishonest behavior
- Offensive or inappropriate content
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