Hello and welcome to Digital Minute. This week we’re looking at Google’s decision to put a ban on payday loan ads.
Google has confirmed that as of July 13th, it will be banning payday loans from its advertising services, in a move which it claims will protect users from “harmful” lending.
The ban will come into force worldwide, and will apply specifically to loans where repayment is due within 60 days of the date of issue.
In the US, the ban also applies to any loan with an APR of 36%. This could see other forms of sub-prime finance banned from Adwords and Google Display network.
Other forms of finance, such as mortgages, personal loans and credit cards won’t be affected by the new rulings, which brings Google in line with most social network policies.
With the payday loan market being so heavily scrutinised in recent years, this will have a significant impact on a lot of operators.
Previous algorithm updates in this sector forced many lenders to turn to paid search and, with that avenue set to close, we’ve looked at what it could mean for brands over on our blog.
And whilst you’re there, make sure you check out our latest guide – Is the speed of your website costing you money?
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