Why do people borrow in DeFi?

Why do individuals and businesses choose to borrow in the decentralized finance (DeFi) space? Is it due to the potential for lower interest rates compared to traditional financial institutions? Or is it the allure of faster and more efficient loan processing, enabled by blockchain technology? Could it be the lack of credit checks and collateral requirements that make DeFi borrowing appealing to those who may struggle to access credit elsewhere? Additionally, are borrowers drawn to the idea of decentralized, trustless lending, where they can interact directly with lenders without the need for intermediaries? And finally, what role does the potential for high returns on investment play in motivating lenders to participate in DeFi borrowing markets?