Google to ban payday lending ads, calling industry 'harmful'

New York, May 11: Google says it will ban ads from payday lenders, calling the industry "deceptive" and "harmful."

Google said today it will no longer allow ads for loans due within 60 days and will also ban ads for loans where the interest rate is 36 percent or higher. The ban is effective July 13.

Payday lenders have come under criticism for charging high interest rates to customers, who are often poor, for short-term loans that wind up being difficult to pay off, leading many to be stuck in a cycle of debt.

Google makes most of its money from ads related to the searches its customers use. As the largest search engine, it also holds the place as the Internet's largest advertising company.