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google payday loan ad policy update August 23, 2016

Posted by Bradley in : consumers , trackback

Today a “borrow money” search produces ads with some different language that shows tailoring to the policy. The APR statement at rapidloansdirect.com, a business which seeks to match borrowers with lenders, includes this language:

Offers provided to consumers who originated via a paid Google advertisement feature rate quotes of no greater than 35.99% APR with terms from 61 days to 180 months. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history and will be agreed upon between you and the lender.

But this seems like a new policy. Best company’s bottom line is:

RapidLoansDirect is not the best option for obtaining a personal loan. High-interest rates between 19% — 420% can be expected regardless of your credit history. Their customer service has had its share of issues, currently having a “C” rating with the Better Business Bureau. For these reasons, we do not recommend them as a personal loan company at this time.

A search for “payday lending” produces an ad for bluetrustloans.com which states:

APR’s range from 471.7846% to 841.4532% depending on the duration of the loan and the loan origination fees.

Like 471.7846% is so much lower than 472% that it makes sense to quote the rate to 4 decimal places!

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