Google has announced plans to ban ads from so-called payday lenders, in a move the company hopes will limit what it calls a “harmful” industry.
The search giant plans to stop allowing ads for loans due within 60 days or with an interest rate of 36% or higher.
Google’s director of product policy David Graff said: “Our hope is that fewer people will be exposed to misleading or harmful products.”
Many payday lenders rely on internet searches to generate customers.
This is not the first time that Google has banned ads from certain industries. Ads for counterfeit goods, weapons, explosives, tobacco products and hate speech are all banned by Google.
Payday lenders have bee accused of targeting the poor and trapping them in a cycle of borrowing with high interest rates.
These types of loans are often used for unexpected or short-term expenses, such as medical bills, but come with very high interest rates and fees.