To date, Google will not accept adverts for pay day loans, thought as loans that may come due within 60 times of origination or with rates of interest more than 36%. Customer advocates round the nation and beyond our boundaries are applauding your decision as one step toward protecting individuals in serious monetary straits from “solutions” that more frequently than not placed them deeper with debt. Not every person is cheering, however.
Town Financial Services Association of America (CFSAA), which positions it self as “the only organization that is national entirely to marketing accountable legislation for the cash advance industry and customer defenses through CFSA’s guidelines,” was quick to condemn Google’s choice. The business couldn’t decide, though quite, exactly exactly exactly what its objection had been. Within a paragraph, the CFSAA statement alleged that Bing was disguising a “business decision” as customer advocacy and that “Google kowtows to those activists whose only objective would be to eliminate payday lending.”