You must be aware that Android is made by Google while iOS is developed by Apple. So it is also a fact that Google controls its Play Store while Apple has control over its App Store. Users running Android are most likely to install apps from the Google Play Store. Therefore, it is a must that Google controls Android apps on its Play Store to avoid harming its users. The company has previously said that they will not allow misleading apps on the Play Store and have removed many of them. But Google is also fighting certain things and one of them is payday loans.
The company believes that payday loans which charge a higher Annual Percentage Rate, sometimes as high as triple-digits, are harmful for users. For this reason, Google has now banned all of the payday loan apps from its Play Store. According to a report from The Wall Street Journal, you will not find any apps on the Google Play Store related to payday loans which charge Annual Percentage Rate higher than 36%. And it is added in the report that this came into effect since August of this year.
One of the reasons why this is done by Google is to avoid putting people into debts as they can’t afford to pay such high-interest rates. Also, they have previously banned payday loan ads from their search results back in 2016 for the same reason. With this ban, you will neither see ads of such payday loan companies nor will you be able to use their Android apps. Consumer advocacy group Color of Change has come out in support of Google for this ban of payday loan apps. Also, they call out Apple to do the same for its App Store. But CURO Financial Technology Corp. says this ban is harmful for consumers and operators looking for legal loans.
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