G oogle is applying brand new guidelines for customer loan providers that have apps into the Bing Enjoy application shop. And theyвЂ™re pretty strict. In case a lender provides loans that exceed 36% APR, their application shall be prohibited. In the event that payment amount of the mortgage is 60-days or less, the application shall be prohibited.
It does not make a difference exactly exactly what loan providers call these loans, at the least based on GoogleвЂ™s updated policy. вЂњPeer-to-peer loansвЂќ were used as just one single exemplory instance of that loan category susceptible to the brand new guidelines.