Google, which is owned by Alphabet Inc (GOOG,GOOGL), has announced a ban on all payday loans from its site.
Google said that it’s banning all loan advertisements that require repayment within 60 days of being taken out. It will also include any loans with an APR of 36% or higher.
The web giant claims that these types of loans are dangerous to users by trapping them with debt that they can’t easily pay off. This won’t affect advertisements for other loan products, such as mortgages, student loans, credit cards and more.
Google said that it’s new policy on payday loans will go into effect on July 13, 2016 and that it will be watching to see how much of an effect it has.
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