Google announced Wednesday that it's banning ads for payday loans and other related products with crazy-high interest rates starting July 13.
"We will no longer allow ads for loans where repayment is due within 60 days of the date of issue," David Graff, Google's director of global product policy, posted in a blog Monday. "In the U.S., we are also banning ads for loans with an APR of 36 percent or higher."
Google says that it previously disabled more than 780 million AdWords ads in 2015 for a variety of reasons. Under its AdWords program, lenders or anyone can buy ads that appear above search results for certain key terms.
The company did not immediately respond to a request for comment on possible expansions of the ban to other types of questionable financial products.