To date, Bing will not accept adverts for payday advances, thought as loans which will come due within 60 times of origination or with interest levels greater than 36%. Customer advocates across the country and beyond our boundaries are applauding your decision as one step toward protecting individuals in serious economic straits from “solutions” that more frequently than not place them deeper with debt. Not every person is cheering, however.
Town Financial Services Association of America (CFSAA), which positions it self as “the only national company committed entirely to marketing accountable legislation associated with the pay day loan industry and customer defenses through CFSA’s guidelines,” was quick to condemn Google’s choice. The business couldn’t decide, though quite, just just exactly what its objection was. In one paragraph, 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 eliminate payday lending.”