Dhanuhska Pushpakumara - I think that you can add more borrowers demographic characters (IV) besides what you have already mentioned like income level, race, employment, location, home ownership, and rural -urban composition. This can increase your number of IV and reduce the number of questions to be built per IV. This can make your construction of questionnaire easy.

I am not clear where you got the information that 10 participants per IV would yield an adequate sample. Instead, you should examine some of the sample size calculators that are available on the internet.

In particular, if you use a sample as small as 70, you are almost certain to have large standard errors, which will make it difficult to find significant effects.

if you are thinking of the regression method then you need at least 10 observations per variable. you can estimate sample size based on your primary outcome of interest.

The sample size needs to be increased ...even when you wrote in your paper you will be a reference on the same