Google on Wednesday announced that it will no longer allow payday loan lenders to advertise on its popular ads network.
The company has become worried that many lenders are pushing incredibly high-interest rates with quick payback times that push many lenders into constant debt.
“When reviewing our policies, research has shown that these loans can result in unaffordable payment and high default rates for users,” Google’s director of global product policy David Graff wrote in a blog post announcing the policy change. “This change is designed to protect our users from deceptive or harmful financial products,” he added.
“This change is designed to protect our users from deceptive or harmful financial products,” he added.
This isn’t the first time the Google Adwords program has banned ads. The company doesn’t allow guns, tobacco, and various pharmaceutical products to appear on its network, among other categories.
Google also announce that it banned more than 780 million ads last year that were related to counterfeiting or phishing.
In this case, Google is defining payday lending ads as any that require repayment within 60 days or have an APR higher than 36%.
Payday lenders will start seeing their ads banned on July 13, 2016 and Graff said that it would not impact advertising for other kinds of loans, such as mortgages or student loans.
The ads won’t go away completely. They will still show up if a Google user specifically searches for the term “payday loan.”