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A major point of DeFi is that it is permissionless. Half of the population doesn't have access to banks and loans.Money is a necessity of life. If you take away a necessity of life, from any human, you will find their reactions to it will carry more hardship for them and society, then what these lenders are doing. That is why the government allows it.
It is a competitive industry and it is a service that is as necessary as food.