Google has fought predatory loans for a while, but now he’s leading this fight in his app store. the the Wall Street newspaper possesses learned that Google recently banned Play Store apps with “deceptive or harmful” personal loans that have an annual percentage rate of 36% or more, like many payday loans. A spokesperson said the expanded financial policy, implemented in August, was aimed at “protecting users” from the term “exploiters.”
Apple does not have a similar ban, but told the WSJ that it regularly revises its App Store rules to “respond to new or emerging issues”.
Unsurprisingly, affected lenders are not happy – this forces them to offer lower rates or to pull out altogether. Online Lenders Alliance CEO Mary Jackson has repeatedly asserted that corporate practices are allowed, arguing that the ban harms “legitimate traders” as well as customers looking for “legal loans.”
While there aren’t too many people to mourn the lack of these loans, Google’s move raises the question of whether store operators should ban apps whose business models are ethically fragile, but still legal. . A little like retailer approaches to electronic cigarettes, tech giants may have enough power to decide whether entire business categories can be successful or not.
All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through any of these links, we may earn an affiliate commission.