To date, Bing will not accept ads for pay day loans, thought as loans which will come due within 60 times of origination or with interest levels more than 36%. Customer advocates all over country and beyond our boundaries are applauding your choice as one step toward protecting individuals in serious straits that are financial “solutions” that more frequently than not place them deeper with debt. Not everybody is cheering, however.
Town Financial solutions Association of America (CFSAA), which positions it self as “the only national company committed entirely to marketing accountable legislation associated with the pay day loan industry and customer defenses through CFSA’s recommendations,” was quick to condemn Google’s choice. The corporation couldn’t quite decide, though, just just what its objection ended up being. In one single paragraph, the CFSAA statement alleged that Bing was disguising a “business choice” as customer advocacy and that “Google kowtows to those activists whose only objective would be to eliminate payday lending.”
Besides the kowtowing allegation, CFSAA claims that the search giant’s choice was built to provide a competitive side to LendUp, a quick payday loan alternative business for which Google’s investment capital arm has spent. It’s not clear just exactly exactly exactly what that benefit would be, because the ban effects LendUp along side other short-term, high-interest loan providers. (more…)