Following the recent news of Google banning certain consumer loan services from its app store the Online Lenders Alliance issued the following statement:
“By banning legitimate lenders that are licensed and regulated by state and sovereign nation authorities, Google is harming consumers in need of credit. Google is singling out credit products based on arbitrary factors. Lines of credit, installment loans, and point of sale offerings are all banned by this policy. It is these types of products that help many consumers meet their unexpected emergencies or help them consolidate debt.
Instead of making business decisions based on politics, Google should meet with those in the industry to better understand the types of products offered by our membership and work with them to find a way to protect consumers without eliminating products.”