Microlending and tech companies in China - what's changed so that there were so many incentives for companies like Meituan, Xiaomi, 360, seemingly every app is a microlender?

I'm a bit behind catching up on Chinese tech and economic affairs, but microlending in China has to be the most interesting story that I've found in the past year that (in my opinion), is severely underreported on.

I've read good bit through articles I've found on SCMP, Protocol, even some WSJ and other China blogss, but none of them have gone particularly in depth.

Who is asking for these loans and what they are doing with it? What do the numbers look like here? Are people mostly trying to pay off preexisting debt exacerbated by the pandemic, or are there more people trying to start their own businesses in the wake of COVID? How much is this bridging the rural infrastructure gap?

Why are there seemingly so many incentives for these tech companies to be microlenders? Why would you take out a loan from Meituan instead of through ANT, or why Meituan vs Xiaomi? How do they compete against each other?

I'd love to know what people know about this and any readings that might be helpful in uncovering what's going on here.