Online advertising is big business and Companies today have developed sophisticated tools to collect information about users’ online activities and design content according to users’ specific interests. The ads that consumers see while browsing the internet or when they use their mobile devices are based on information they’ve provided — knowingly or unknowingly — such as what they’ve searched for, what they’ve looked at and what they’ve clicked on. Online advertising companies target consumers based on where they belong, geographically, a user logs on. So, for example, if an online user searches for anything related to camping, the online consumer might see advertisements for nearby campsites, tents for sale and other related items.
Image source: medium.com
It’s hard to discuss without bringing in Google and Facebook some of the heavyweights in the online advertising world because both companies collect information about the location, content searched or the applications downloaded or the websites visited. Facebook and Google both have announced that the company will be banning all the online advertising of financial products where the principal amount and interest will be paid within sixty days and ninety days respectively. This zero-tolerance policy towards online advertising is that many online spaces have adopted allows no exceptions for reputable lenders that are licensed and regulated by state and sovereign nation authorities. These policies are there to protect consumers, but in practice, they have the potential to put the consumer at risk and leave them more vulnerable. That makes this a challenge not just now, but also in the future. The fraudsters will only continue to get more advanced and efficient, and prohibiting the ads won’t eliminate the need for short-term credit products.
Image source: insidesmallbusiness.com.au
Federal reserve the central bank authority in the US in a report mentioned that around 40% Americans won’t be able to cover up for finances if the need for an emergency arises which often requires non-bank credit products having 60 to 90 days of the repayment period.
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