Thank the Lord that Google has pulled (or will be pulling) Payday Loan advertisements from their Adsense advertising program (note: one of my major advertisers). This decision makes me very happy as on my main site The Canadian Personal Finance site, I have written countless articles against the use of Payday Loans (and High Risk Loans), yet every one of these is then slathered with advertising for the same Payday Loan places (Adsense is my major advertiser on that site).
Google’s exact statement is the following:
In that vein, today we’re sharing an update that will go into effect on July 13, 2016: we’re banning ads for payday loans and some related products from our ads systems. We will no longer allow ads for loans where repayment is due within 60 days of the date of issue. In the U.S., we are also banning ads for loans with an APR of 36% or higher. When reviewing our policies, 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.
Many of the articles at The Canadian Personal Finance Place about how horrible Payday Loans are, have comments on them about what a hypocrite I am for having these companies advertising on my site. I have attempted to block as many of these sites using Adsense site blocking, but it is impossible to keep up with these financial cockroaches. I applaud Google for taking this step, just wondering when the CRTC in Canada will do the same (blocking ads on TV and radio for these companies)?
No, I am not naive enough to believe this is the end of it, these companies hire smart advertising folks, so they will find a way to somehow get around this, but at least Google has taken a stand on things.