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Google Bans Predatory Payday Loan Apps From Play Store.

Google Play Store is au00a0digital distributionu00a0service operated and developed byu00a0Google.<br><br>It serves as the officialu00a0app storeu00a0for theu00a0Android operating system, allowing users to browse and download applications developed with theu00a0Android software development kitu00a0(SDK) and published through Google.<br><br>

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Google Bans Predatory Payday Loan Apps From Play Store.

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  1. Google Bans Predatory Payday Loan Apps From Play Store.

  2. Google Play Store • Google Play Store is a digital distribution service operated and developed by Google. • It serves as the official app store for the Android operating system, allowing users to browse and download applications developed with the Android software development kit (SDK) and published through Google.

  3. Google has banned apps offering personal loans at high interest rates from play store including payday loan apps. The company barred apps from offering personal loans with an annual percentage rate of 36% or above in the United States. Pay day loans often carrying high interests are short term advance loans that customers must pay in full on receiving their next paycheck.

  4. What are Predatory loans ? • Any unethical practices any carried out by a lender during loan process which assist a borrower in taking a loan that carries high fees, a high-interest ratewhich benefits the lender is known as Predatory lending . • Example :Balloon loans, Packing, Large mortgage broker payment.

  5. Balloon loans Borrowers pay small monthly payment for the loan, but the catch is the borrower in most cases is only paying to cover the monthly interest this type of matters are known as Balloon loans. The principal of the loan is not at all addressed until the last payment. Borrower have to make one large balloon payment in order to cover the principal amount of the loan. Most of the time, borrower covers the loan against their home.

  6. Highlights: • Google has fought predatory loans for a while, but now it's taking that fight to its app store. • Personal Loan apps with annual percentage rate 36 percent or higherhave been banned by Google Play Store recentlywith "deceptive or harmful“.

  7. Highlights: • Affected lenders aren't happy and this forces them to either offer lower rates or bow out entirely. • Google's decision does raise the question of whether store operators should ban apps whose business models are ethically shaky, but still legal.

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