Google will no longer show ads for payday loans, after deciding that it doesn't want to promote predatory lending practices that are harmful to consumers. "Research has shown that these loans can result in unaffordable payment and high default rates for users so we will be updating our policies globally to reflect that," Google's product policy director, David Graff, writes in a blog post.
Payday loans are small, short-term loans — typically due on a person's next payday — that come with extremely high interest rates if they aren't immediately paid back. This can quickly push a person further into debt, which is why this type of loan has been widely criticized.
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