A year ago almost to the day, Google announced that it would begin eliminating all payday loan ads and title loan ads from Adwords. Now a year later and Bing has followed suit as payday and title loan companies begin to see a substantial drop in impressions and an uptick in disapproved ads.
Bing pushed out the page and buried it in their resources area at https://advertise.bingads.microsoft.com/en-us/resources/policies/financial-products-and-services-policies, but without any notice to their loan company customers.
The ban, which is in full effect on Google was defined as;
Payday loans – “Personal loans which require repayment in full in 60 days or less from the date the loan is issued (we refer to these as ‘Short-term personal loans’). This policy applies to advertisers who offer loans directly, lead generators, and those who connect consumers with third-party lenders.”
High interest loans – “In the United States, we do not allow ads for personal loans where the Annual Percentage Rate (APR) is 36% or higher. Advertisers for personal loans in the United States must display their maximum APR, calculated consistently with the Truth in Lending Act (TILA).”
Now, Bing has fully adopted the same model and without warning. A Bing representative confirmed the rumor and that they are essentially drawing the line in the sand for what many people deem as predatory lending.
Many of the high interest loan companies don’t see the error of their ways since loaning money to those in need (but to individuals that typically default on their loans) is a high risk business and the high APR’s offset that balance.
This leaves loan companies only one major search engine option (for now) which is Yahoo! and that doesn’t seem like much of an option considering the very small audience that Yahoo! attracts to its search engine when compared to its rivals. However, Yahoo! does bring a lot more to the table than people expect as you can see from our previous post, so all is not lost.
But the question remains how long before Yahoo! also follows the tracks of their peers. In the interim, loan companies should clearly begin to move a bulk of their ad business over to Yahoo! before the onslaught begins. Even though Bing has made the announcement (albeit quietly and stealthily), many ads are still serving, but it’s simply a matter of time, just as Google‘s rollout was before.