NEW ORLEANS — A google administrator contrasted pay day loans to tobacco, firearms and pornography Wednesday while justifying the technology giant’s choice to ban advertisements for high-cost, short-term credit.

“we do not enable adverts for products which we think are extremely harmful,” stated Vijay Padmanabhan, an insurance plan adviser at Bing.

Bing, which announced the prohibition on pay day loan marketing final thirty days, had formerly prohibited advertisements for appropriate services and products, he stated. Additionally in the organization’s marketing blacklist are firearms, cigarettes and lewd product.

Payday loan providers have now been sharply critical associated with advertising ban, calling Bing a monopoly that is abusing its energy, and explaining the insurance policy as a type of censorship.

Padmanabhan forced right right straight back from the experts during an on-stage discussion at a financial-health conference co-sponsored by American Banker plus the Center for Financial Services Innovation. Continue reading →