The government said that the private lenders are illegal particularly with the usurious interest rate of 20% per month. Even if the private lenders have lowered the rate to 10% per month it is still not legal. Besides, those lenders have no license to operate. Most of the borrowers are poor and they become slaves to the lenders because they are unable to pay the interest. Borrowing from lenders depends on the amount of the loan that a collateral may be required.