In a cleanup, Google has banned personal loan apps where the annual percentage rate was 36 per cent or higher. These ‘payday loan’ apps were termed as ‘deceptive or harmful’.
Google is reportedly wanting to “protect users” against “exploitative” terms and has modified its financial apps policy accordingly.
Lenders weren’t happy with the move, as this move forces them to offer loans within the stipulated interest rates or be removed from Play Store.
Online Lenders Alliance CEO Mary Jackson has reportedly said that these practices are legal and the ban is affecting both “legitimate operators” and customers looking for “legal loans”.
