To protect its users, Google Apps has blocked certain personal loans from the Play Store in the United States. According to the Wall Street Journal this is Google's method of combating payday loans, which may involve three-digit interest rates.
Google said that this policy was designed to ensure user safety. In 2016, the company introduced the ban on payday loan adverts in its search browser. Google goes a step further with this new app ban.
All apps offering personal loans with an annual percentage (APR) of 36% or higher will no longer be available in the Play Store from August. To keep their apps in the Play Store, lenders need to tailor their products and business models to Google's needs.
Related Topics: Google Play Store offers incognito mode and better device security. agrees that Google's new ban on credit apps prevents predatory lenders from taking advantage of Play Store users. It is even called for a similar ban in the Apple App Store.
Not everyone thinks this is fair. CURO Financial Technology Corp. believes that this harms legitimate operators and consumers looking for legal credits.
This new policy makes it difficult for Android users to borrow, but it's not impossible. Users can still download lender apps or use the device's browser to access lender sites.