When Google used the term "do no evil", they may have been talking about the world of payday loans. The search giant released a post stating that as of July 13th, the company will refrain from allowing any ads leading to payday loan providers and related products. Although there is a huge problem with these loans that usually take 36% interest, it is still an opportunity for many Americans to gain access to funds that they could never get from the bank. Hopefully the regulator will find a better way to address the huge demographic that needs these loans.
Lisa McGreevy, president and chief executive of the Online Lenders Alliance, said: “Google’s new policy will prohibit legal loans for many Americans who otherwise do not have access to the financial system,” adding “the policy discriminates against those among us who rely on online loans.”