Hela November 10, 2019

Google bans predatory personal loan apps from the Play Store

Google has banned services that offer predatory personal loans from the Play Store. The change was quietly revealed on the company’s ‘restricted content’ policy page, which now lists high-interest loan services among the types of apps no longer allowed in the store, including certain payday loan apps, ones offering access to peer-to-peer loans, title loans, and similar.

Many financial apps are available through the Google Play Store, including ones offered by banks and third-party apps used for investments, money management, budgeting, and similar. In addition, Google allows apps related to car loans, student loans, mortgages, and revolving credit, which includes things like credit cards.

Going forward, however, the company no longer allows personal loan apps for loans that come with a 36-percent or greater APR; as well, the company requires apps to disclose the service’s loan APRs, as well as the minimum and maximum repayment period for the products and an example of the total cost of a loan.

Google is also banning apps that offer personal loans that must be fully paid back within 60 days, something often referred to as short-term or ‘payday’ loans. The restriction covers a variety of apps, including ones that merely link to third-party lenders offering these products.

These apps join the Google Play Store’s growing list of restricted content. Google already prohibits a number of other financial apps, including ones that enable users to mine cryptocurrency and to trade binary options. Beyond finance, the company also restricts certain types of gambling apps, ones involving illegal activities, and more.

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