Google is taking the broom to their Play Store, and they will not leave till they have weeded out most of the payday loan apps there. This is in a move to protect the end user, not keep them from the judicious deal being offered by the platforms behind these apps.
If you don’t know what they are, these apps will allow the user get loans which would be deducted from their salaries, hence the name. These deductions will be made according to an interest rate, and that is what Google has an issue with. Apparently, many lenders have been misleading borrowers on the grounds of how much they really have to pay in interest.
For now, the move is being limited to the US markets alone. This is in accordance with the new Truth in Lending Act passed in the States, but it is just a matter of time before Google turns is searchlight in other regions.
