Google has banned services that offer predatory personal loans from the Play Store. The change was softly posted on the limited content company's policy page, which now lists high-yielding loan services among the apps that are no longer approved in the store, including certain payday loan apps that provide peer-to-peer access to loans, title credits, and the like ,
Many financial apps are available through the Google Play Store, including those offered by banks and third-party apps for investment, money management, budgeting, and the like. In addition, Google Apps allows for car loans, student loans, mortgages, and revolving credit, including credit cards.
However, in the future, the company will no longer allow personal loan apps for loans that have an annual rate of 36 percent or more. In addition, the company needs apps to disclose the service credit APRs, the minimum and maximum repayment periods for the products, and an example of the total cost of a loan.
Google also prohibits apps that offer personal loans that must be fully repaid within 60 days. These loans are often referred to as short-term loans or payday loans. The restriction applies to a variety of apps, including those that merely refer to third-party vendors offering these products.
These apps are included in the growing list of restricted content on the Google Play Store. Google already prohibits a number of other financial apps, including those that allow users to mine cryptocurrency and trade binary options. In addition to funding, the company also limits certain types of gambling apps that involve illegal activity, and more.