Tension as Google play store bans Payday Loan Apps

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Tension as Google play store bans Payday Loan Apps
Tension as Google play store bans Payday Loan Apps

Google has announced it will be banning some payday loan apps from the Play Store as part of a crackdown on what it says are harmful practices.

According to the Wall Street Journal, Google is banning Play Store apps that offer what the company calls “deceptive or harmful” loans with annual percentage rates (APR) of 36 percent and higher.

Tension as Google play store bans Payday Loan Apps
Tension as Google play store bans Payday Loan Apps

Apple doesn’t have a similar ban, but told the WSJ that it routinely reviews its App Store rules to “address new or emerging issues.”

To no one’s surprise, affected lenders aren’t happy — this forces them to either offer lower rates or bow out entirely.

Online Lenders Alliance CEO Mary Jackson repeatedly maintained that the companies’ practices were allowed, arguing that the ban hurts “legitimate operators” as well as customers looking for “legal loans.”

 

 

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