Taking a loan from a reliable loan service company in Singapore can be very handy, especially during the desperate times. Either it’s the personal loan or the payday loan, as along as you’re capable of meeting the necessary requirements to get the loan, you will be able to get a quick cash without any problem. However, all requirements must be met without any exception. One of the most important requirements that the borrower must meet is the age limit. The Money Lenders in Singapore has set up the age limit of the borrower at the minimum of 21 years old.
No citizen of Singapore under 21 years old will be allowed to take the loan. It happens because of the average people in Singapore who’ve been 21 years old or older are having the well-paid job and they’ve been financially stronger as well. Thus, making them be able to pay their debt right on time without any economic trouble when they’re trying to do it. On the other hand, the people below 21 years are considered to be not strong financially. Some of them might be very rich due to their successful business, but most of the younger citizens are the students or the people who’ve just begun their career, so they haven’t got any big salary yet.
It may be a bit annoying for the people below 21 years old who think that they’re capable enough to pay the debt on time. They want to take the loan but they’re not going to get any approval until they’re 21 years old. However, the rule has been made in order to keep the younger citizens from any financial trouble, especially in order to prevent them from having the huge debt that will be difficult for them to pay, and it may bring their business or career down.