A spokesperson for Google told the publication that the policy change was implemented with the aim of protecting users from "deceptive and exploitative personal-loan terms", where annual percentage rates are 36 percent or higher.
This essentially forces them to either offer lower rates or bow out entirely.
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Many financial apps are available through the Google Play Store, including ones offered by banks and third-party apps used for investments, money management, budgeting, and similar.
The affected lenders were not happy with the tech giant's move. Mary Jackson, CEO of the Online Lenders Alliance, said Google's decision could have a serious impact on creditors who legitimately run their business and meet customer needs.
"When reviewing our policies, research has shown that these loans can result in unaffordable payment and high default rates for users so we will be updating our policies globally to reflect that", he wrote. Beyond finance, the company also restricts certain types of gambling apps, ones involving illegal activities, and more.