FUTURE TRENDS: Consumer Pressure vs Brand Image, Corporate Advocacy

Google demonstrates Corporate Advocacy by banning payday loan sharks

We are entering times when powerful private internet companies are supplementing the government’s role in the regulation of industries whose financial business-models are built on exploitation of those in need. Google publicly called payday lenders deceptive and harmful and further banned them from being able to advertise their services on its platform, adding them to the blacklist together with companies promoting tobacco, guns, explosives and hate speech. A payday loan is a small, short-term, unsecured loan with very high interest rates (36% and higher) that is primary targeted to poorer demographics. In some cases, delayed payday loans can grow interest rates from from 391% to 3733%. Google demonstrated a very brave move in the field of corporate advocacy by banning the industry that previously brought a lucrative portion of its ad revenue.