I suppose that for this case, an underground black market of VPN providers might emerge - average individuals setting up VPN software on a cloud service provider, and then selling monthly access to people. Aside from the obvious danger of getting ripped off (someone might put you on a slow shared VPN with many other people, or shut down the server at any time), there is also the possibility of someone monitoring all your Internet activity.

I'd default assume black market VPNs will monitor internet activity since it's both easy and profitable