CFA response to Google policy announcement on payday lending

Responding to Google’s policy statement on payday lending Russell Hamblin-Boone, chief executive of the Consumer Finance Association, said:

“UK consumers enjoy a vibrant, highly competitive credit market and we will be interested to read the evidence that Google uses to justify overruling open market advertising of a legal, regulated industry to deny people freedom of choice. Short term loans are a legal source of credit used by millions of people across the UK and the industry is highly regulated with a cap on the total cost of credit. Under such intense scrutiny the rogue firms have been driven out of the market and reputable lenders will only lend to people who can afford to borrow.”

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