Published: Wed, October 16, 2019
Electronics | By Kelly Massey

Google bans predatory loan apps from the Play Store

Google bans predatory loan apps from the Play Store

After successful installation, each of these apps displayed a fake error message and redirected users to Google Maps to trick them into thinking there was a problem with installation. In the USA, the search giant now prohibits apps that enable personal loans with an Annual Percentage Rate (APR) of 36 percent or higher.

Google defines a personal loan as the lending of money from one individual, organization or entity to an individual consumer for any objective aside from purchasing a fixed asset or education. In addition, Google allows apps related to auto 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 April; 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 also doesn't allow apps that require repayment in full within 60 days. They are also banning financial apps that are just linking to third-party apps that are offering these kinds of products.

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Google has announced it will be banning some payday loan apps from the Play Store as part of a crackdown on what it says are harmful practices.

Google has been restricting the content of some of the apps on the Play Store, including financial apps that are used to mine cryptocurrency and to trade binary options.

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