Google to impose strict new rules on short-term lenders
The search engine giant Google is imposing new rules on short-term lenders which will force them to show "prominently" on their websites their interest rates and charges, debt collection methods, whether policies will be renewed automatically, how credit scores will be affected and what will happen if payments are missed.
Companies which do not follow the new rules will be banned from appearing on Google Adwords – the ads which appear down the side of search results and on many websites.
The search engine giant Google is imposing new rules on short-term lenders which will force them to show "prominently" on their websites their interest rates and charges, debt collection methods, whether policies will be renewed automatically, how credit scores will be affected and what will happen if payments are missed.
Companies which do not follow the new rules will be banned from appearing on Google Adwords – the ads which appear down the side of search results and on many websites.
The new regulations will apply to a wide range of short-term lenders and also to other websites which use marketing techniques to collect details from potential borrowers and sell them on to loan companies.
The government is currently strengthening regulation on the payday lending industry. However, the changes from Google could be more immediately effective as they will cut off rogue lending firms from consumers on the biggest search engine in the world.
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