In parallel with the development of legally authorized activities of credit institutions as the most important active actors in the money market, there has also been a significant growth in the area of ​​receivables from many unauthorized credit institutions, including paid activities, in recent years. Currently, regardless of this general problem, the most important legal reasons for the lack of regulation of unauthorized credit institutions are the ambiguity in the legal standards and the way the Central Bank of the Islamic Republic of Iran supervises credit institutions, along with the challenges arising from the implementation of the Unorganized Monetary Market Regulation Law approved and the laws of the Fifth and Sixth Five-Year Development Plans, which have themselves caused various problems and issues such as the emergence of security and social risks, deviation from the country's monetary and banking policies, and violation of contractionary and expansionary policies in the field of financial resource allocation. In light of the confidence of credit institutions that the Central Bank will support depositors of these institutions, they can lead to larger crises in the long run. The purpose of this research, which was conducted using a descriptive-analytical method, is to examine the challenges and legal harms of the activities of unauthorized credit institutions and to provide appropriate solutions to deal with the aforementioned challenges.