Google has banned greedy payday lenders from its Play Store by no longer allowing their exploitative Android mobile apps…
Google has already taken action against predatory lenders in the past. Now, it’s bringing the same fight to its Play Store. Recently, the search giant banned payday apps, according to a new report by The Wall Street Journal.
Google Bans Payday Loan Apps from the Google Play Store
Going forward, Android apps with “deceptive and harmful” personal loans carrying an annual percentage rate of 36 percent or higher, are no longer allowed in the Google Play Store.
A spokesperson from the tech company it expanded its policy on financial elements, first implemented in August, in order to “protect users” against “exploitative” terms.
The lending apps in question aren’t happy with the new rules, which forces them to lower their rates or abandon the digital space. Online Lenders Alliance CEO Mary Jackson maintains the companies’ practices are indeed legal and hence, should also be allowed to operate for the benefit of its customers.
This argument raises a valid question about Google’s role in the internet. While the practices are ethically questionable, they are nonetheless legal.