What are some valid use cases for borrowing using DeFi Lending?

Yesterday I had a spirited discussion with a friend of my on the merits of DeFi Lending. I could not convince him of the benefits from a borrowers perspective.

He could not understand why anyone would put up collateral for a loan, just to be able borrow a fraction of it.

I would like someone more knowledgeable about this topic to list their use cases. Please exclude use cases that do not include speculation (trading schemes).

I look forward to hearing your responses.