[INSIGHTS]: What is driving the use of illegal moneylenders?

ABOUT: Exploring the surge in reliance on unlawful financial channels.
LINK: What is driving the use of illegal moneylenders?
Summary
The document delves into the complex reasons behind the growing dependence on illegal moneylenders, highlighting societal and economic factors. It underscores the urgency for regulatory bodies to intervene, offering insights into the detrimental cycle that borrowers find themselves in, and emphasizes the need for accessible legal financial alternatives.
Key Points and Ideas

Economic disparities leading to increased reliance on illegal lenders.
The absence of stringent regulatory frameworks exacerbating the issue.
Illegal moneylenders providing quick, albeit risky, financial solutions.
The societal stigma associated with financial hardship.
Desperation and lack of knowledge leading to poor financial decisions.
The vicious cycle of debt trapping individuals in financial instability.
The psychological impact of debt on personal and professional lives.
The ...