Google is banning ads for payday loans from its ad systems in a move to stymie the effectiveness of predatory lenders. Ads for loans with a repayment due date within 60 days or an APR higher than 35% will no longer be allowed on Google’s networks, the search giant announced Wednesday.
“When reviewing our policies, research has shown that these loans can result in unaffordable payment and high default rates for users so we will be updating our policies globally to reflect that,” Google Director for Global Product Policy David Graff said in a blog post.
Among people who take out online payday loans, half end up paying penalty fees costing $185 on average, according to the Consumer Financial Protection Bureau.
The ban goes into effect on July 13. Facebook already bans payday loans, but some other large Internet sites, such as Yahoo, do not, according to the Washington Post.
More Must-Reads from TIME
- Why Trump’s Message Worked on Latino Men
- What Trump’s Win Could Mean for Housing
- The 100 Must-Read Books of 2024
- Sleep Doctors Share the 1 Tip That’s Changed Their Lives
- Column: Let’s Bring Back Romance
- What It’s Like to Have Long COVID As a Kid
- FX’s Say Nothing Is the Must-Watch Political Thriller of 2024
- Merle Bombardieri Is Helping People Make the Baby Decision
Contact us at letters@time.com