To teach a lesson to the greedy loan lenders, Google took a very big step and banned ‘deceptive or harmful’ personal loan apps from Play Store. Such apps charged 36 percent or higher annual percentage rate and many of them are payday loans.
A spokesman said “the expanded financial policy, implemented earlier this year, was meant to protect users against exploitative terms”.
The lenders who were affected by this step were not happy with the move Google took.
This will force them to either offer lower rates or to step back and bow down completely.
According to the report, Mary Jackson- online Lenders Alliance CEO repeatedly maintained that the companies’ practices were allowed, arguing that the ban hurts legitimate operators and also the customers looking for legal loans”.
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