Examples of those who use the services of the gray market include restricted customers, those in bankruptcy, customers without sufficient collateral, borrowers in need of rapid and liquid money, and borrowers wishing to take out a loan under complete discretion for reasons both legitimate and illegitimate. The situation thus far is something that we recognize well from Economics 101.
There are forces of supply and demand that create the gray market, and some of that market may be a legitimate market that provides services complementary to the institutional system that cannot or does not want to be part of this market. There are also advantages, including increased public access to credit.