To date, Google will no longer accept ads for pay day loans, thought as loans which will come due within 60 times of origination or with interest levels greater than 36%. Consumer advocates round the country and beyond our boundaries are applauding your decision as one step toward protecting individuals in dire monetary straits from “solutions” that more frequently than not place them deeper with debt. Not every person is cheering, however.
The Community Financial solutions Association of America (CFSAA), which positions it self as “the only organization that is national entirely to marketing responsible regulation associated with the cash advance industry and customer defenses through CFSA’s guidelines,” was quick to condemn Google’s decision. Continue reading “Google’s Pay Day Loan Advertising Ban: Consumer Advocacy or Censorship?”