Google Play bans apps lending with high interest

Google added a new category of blocked apps in the field of financial services, loans, they imposed interest rates are very high.

Whether unsecured personal loans or a day, or of type peer-to-peer, etc., but does not include a mortgage or car loan or credit cards.

And impose Google owners apps lending to disclose the annual interest rate charged, which must include all fees and other costs and not just the interest rate.

And Google apps that ask for repayments of loans during the period of two months or less, they also prohibit apps that request the annual interest rate of 36% or higher.

This new policy will force the owners of the applications lending either modify their utility rates and receive lower earnings, or out of Google Play fully and offer their services via their own websites to provide download the application from.

Here are the highlights of the question about Google’s role in codifying the financial business, as long as the lending is legit and legal and it’s consensual in the sense of high interest, why should I interfere and prevent such actions?

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