If you buy your games from PlayStation Store and still want to be able to lend them to your friends, there is a solution on PlayStation 3, PlayStation 4 and now on PlayStation 5. It allows you to share your PlayStation account with a friend ( only one!).
On PS4 it was “Main PS4”, on PS5 it is called “Console Sharing and Offline Play”.
Start by logging into your friend’s PS5. Then go to Settings> [Users and accounts]> [Other]> [Console sharing and offline play].
You must then verify that this option is activated. If so, any games you own (via the PlayStation Store) are now playable by anyone on that console. Your friend can use their personal account to play your game library.
You can only own one PS5 with this option but the good news is that it doesn’t change your primary PS4. You can therefore activate a “main PS5” with a friend, a “main PS4” with another, and play with your personal account on your PS5 without problem.
If you do not know how to configure a PS4 as a main, go here.
Now, people who will log into this PS5 will be able to enjoy the content belonging to your PSN account (games, themes and PS +) for free, without logging into your account.
You can continue to enjoy your content on your PS5 (which is no longer the primary PS5) simply by using your account. This graph below for the PS4 therefore works exactly the same for the PS5.
This information comes from Polygon.
Since your account is on the PS5, people with access to that console can make purchases with your account. This should only be done with someone you trust.