With an aim to fight predatory loans, Google has decided to put a ban on Play Store apps with ‘deceptive or harmful’ personal loans where the yearly percentage was over 36 per cent, like the various payday loans.
As per the reports, one of the tech giant’s spokesman said that the expanded financial policy, which was implemented earlier this year, was mean to ‘protect’ the users against ‘exploitative’ terms and conditions.
The move has surely affected the lenders, as it will force them to either offer lower rates or to bow out entirely.
As per the media reports, these companies were practicing under the allowed norms and the ban would not only harm the companies but also the customer who was looking for ‘legal loans’.
(With input from agencies)