'Dangerous' payday loans join guns and drugs on Google's banned ad list
by Nellie Bowles in New York and Jasper Jackson in Lo from Technology | The Guardian on (#1DD91)
- $46bn industry banned from advertising on most visited site in the world
- Lenders use extremely high interest rates and target vulnerable people
Google announced a ban on search ads from payday lenders on Wednesday, classifying them in their "dangerous products" category with guns, tobacco and explosives.
Banning ads from payday lenders is a big move for Google, the most visited website in the world, against a massive and mostly legal market. Payday lending is a $46bn industry, and there are more payday loan storefronts in the US than McDonald's and Starbucks combined.
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