Google barred companies from offering high-interest personal loans on its app store, cutting back lenders' access to users of Android devices
By Yuka Hayashi Updated Oct. 12, 2019 10:07 am ET WASHINGTON—Google has barred high-interest consumer loan services from its app store, limiting payday lenders’ access to customers.
Google’s decision raises questions about large corporations influencing markets for legal but controversial products. Retailers such as Walmart Inc. WMT 0.53% and Dick’s Sporting Goods Inc. DKS 0.54% have drawn praise and criticism for decisions to restrict the sale of firearms and related products in confronting gun violence. Several banks including Bank of America Corp.
Some states such as California and Ohio have taken new steps to crack down on high-interest loans, while the Trump administration has sought to reverse Obama-era policies aimed at reining in these lenders. In California, Gov. Gavin Newsom on Thursday signed into law a new 36% interest rate cap on consumer loans of $2,500 to $10,000.
Among the lenders affected by the new restriction are CURO Financial Technology Corp., Enova International Inc. ENVA 1.07% and MoneyLion. To remain in Google Play, lenders would have to adjust their products offered on Android apps to meet Google’s requirements. Related Android users could still use web browsers to sign up for and manage high-interest loans, or download apps from non-Google sources, though Google discourages such apps for security reasons.
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