As of today, Bing will not accept ads for payday advances, thought as loans which will come due within 60 times of origination or with rates of interest greater than 36%. Consumer advocates round the nation and beyond our boundaries are applauding your decision as one step toward protecting individuals in serious financial straits from “solutions” that more frequently than not placed them deeper with debt. Not every person is cheering, however.
Town Financial Services Association of America (CFSAA), which positions itself as “the only organization that is national entirely to marketing accountable regulation for the pay day loan industry and customer defenses through CFSA’s recommendations,” was quick to condemn Google’s choice. Continue reading “Google’s Pay Day Loan Advertising Ban: Consumer Advocacy or Censorship?”