Google recently banned Play Store apps with the predatory payday loan

Google has now adjusted the Play Store’s developer policy to scrutinize interest rate violations, and Google calls such apps a predatory payday loan app. It is also the more well-known usury or money lending, the comprehensive loan interest rate of usury and money lending is more than 36%. Payday personal loans, which are very popular in Europe and the United States, will also be inspected. According to Google’s new policy, any payment that needs to be repaid within 60 days will be rejected.

Google’s definition of a personal loan is a non-recurring loan provided by an individual, an organization or another entity to a consumer, and the purpose is not to purchase fixed assets. The definition includes loan types including personal loans, payday loans, personal-to-person loans, and ownership loans, all of which are covered by Google. Personal credit cards or personal credit loans such as mortgages, car loans, student loans, and revolving credit loans are no longer disposed of.

Google requires that personal loan applications must disclose the shortest repayment period and the longest repayment period in their metadata, as well as the annual interest rate for each fee. Loan applications that comply with Google’s personal loan definition can be applied for release, but if there is a violation of the data disclosed in the metadata, it will eventually be removed from Google.

Some applications for personal loans only collect user data and do not provide loans directly. Instead, they guide users to other lending platforms and applications. Such applications are often referred to as loan intermediaries or loan supermarkets, and loan intermediaries and loan supermarkets are also under investigation in the new development policy issued by Google. Taken together, it is a violation of all the combined costs to convert the annual interest rate to more than 36%. Such applications no longer support the launch to the Google Store and public release.

Via: Wall Street Journal