That is extremely dangerous, and I say this because I have known people doing the same thing around me and I know what they have been through only because of this. What they do is they start taking small loans maybe from friends and family to gamble with the hope that they might win something big and return the money. What happens is it escalates, they lose the initially borrowed funds and take more loans from other people or maybe from lending institutes or platforms.

This keeps going until they reach a point where they know they won't be getting loans anymore because they have been taking bigger loans to repay the previous ones and the last loan amount is so high that they wouldn't be getting a loan amounting that much to cover it all.