To date, Bing will not accept adverts for pay day loans, understood to be loans that may come due within 60 times of origination or with interest levels greater than 36%. Customer advocates across the nation and beyond our edges are applauding your choice as one step toward protecting individuals in dire straits that are financial “solutions” that more frequently than not placed them deeper with debt. Not every person is cheering, however.
Town Financial solutions Association of America (CFSAA), which positions itself as “the only national company committed entirely to advertising accountable regulation associated with cash advance industry and customer defenses through CFSA’s guidelines,” was quick to condemn Google’s choice. The organization couldn’t quite decide, though, exactly exactly what its objection ended up being. The CFSAA statement alleged that Bing was disguising a “business choice” as customer advocacy and that “Google kowtows to those activists whose only objective would be to eradicate payday lending. (more…)