Google’s Pay Day Loan Advertising Ban: Consumer Advocacy or Censorship?

Google’s Pay Day Loan Advertising Ban: Consumer Advocacy or Censorship?

To date, Bing will not accept adverts for payday advances, thought as loans that may come due within 60 times of origination or with interest levels more than 36%. Customer advocates across the nation and beyond our edges are applauding your decision as one step toward protecting individuals in serious straits that are financial “solutions” that more frequently than not placed them deeper with debt. Not everybody is cheering, however.

Town Financial solutions Association of America (CFSAA), which positions it self as “the only national company committed entirely to advertising accountable legislation for the pay day loan industry and customer defenses through CFSA’s guidelines,” was quick to condemn Google’s decision. The company couldn’t quite decide, though, exactly just loans on a car title just what its objection had been. In one single paragraph, the CFSAA statement alleged that Bing was disguising a “business choice” as customer advocacy and that “Google kowtows to those activists whose only objective would be to eliminate payday lending.”

Apart from the kowtowing allegation, CFSAA claims that the search giant’s decision was built to provide a competitive advantage to LendUp, a quick payday loan alternative business by which Google’s investment capital arm has spent. It’s not clear just exactly exactly what that benefit should be, since the ban effects LendUp along side other short-term, high-interest loan providers. The strongest objections come from those who feel Google has too much market share—and thus, too much power—to exercise the type of judgment legally and traditionally left to a private company outside the industry. The argument goes, Google’s 60%+ market share means it wields too much influence while a typical private business may choose the individuals, organizations and industries with which it does business. „Google’s Pay Day Loan Advertising Ban: Consumer Advocacy or Censorship?“ weiterlesen