Something interesting happened in the advertising space a few weeks back, and it just might affect a few companies.
Google announced that as of July 13th, payday loan ads that require 60 days or less for repayment have been banned on the platform. The policy lists this as the reason for disapproval
Payday loans: “Personal loans which require repayment in full in 60 days or less from the date the loan is issued (we refer to these as ‘Short-term personal loans’). This policy applies to advertisers who offer loans directly, lead generators, and those who connect consumers with third-party lenders.”
According to the official press release,
This change is designed to protect our users from deceptive or harmful financial products and will not affect companies offering loans such as Mortgages, Car Loans, Student Loans, Commercial loans, Revolving Lines of Credit (e.g. Credit Cards).
While we’re still not sure which companies this affects, we have seen a few people advertise short term loans, the most important thing is for agencies working alongside these brand to keep abreast of information of this sort, it helps everyone stay in check and reduces the risk of making promises to do things that can’t be done.
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