Today the plans announced by Google back in May this year will come
into force. From 13 th July Google will ban all ads for 60 day payday loans in the
UK market. The decision to ban this type of advertising has left some
questioning the motives of Google and whether the change is a moral stance or
Money lending has always been met with a degree of scrutiny and there is no
doubt that there is a significant question mark over the affordability of some
payday loans. However, whilst some think that payday loans are harmful the
lenders themselves argue that they are lending responsibly and they make
specific checks to ensure people can afford the repayments. It is clear that
whilst people might struggle to pay back the loan if they don’t meet the terms
they are fully aware of what they are getting into when they take out such a
short term loan.
Google themselves state that it is indeed these terms that are the main reason
for the ban as their findings lead them to update their policies on ads for
these kind of products and ban them across the board.
Payday loan defenders state that there are other products that can still
advertise on Google that equal or very similar interest terms such as finance on
household products. It could be said that the payday loan market has been a
little hard done by but it could yet see the banning of further high interest
products and services.
To be clear the ban is not a total ban on this kind of advertising and providers
are likely to still bid for and rank for the term but just will need to work
harder and smarter to rank more organically. This is something that is likely to
benefit the bigger names in payday loans the most as their more recognisable
branding and name fairs better in a natural search.
The ban does represent a clear need for cleverer SEO for these kinds of
companies and fortunately for consumers it typically means that the more
regulated and established lending companies are likely to gain better
recognition online. Newer payday loan companies may struggle without the
benefits of PPC in the long run.
A long term SEO strategy could be what benefits any payday loan company affected
by the new ad rulings.