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  #1  
Old 11-05-2019, 04:58 PM
ChiaaMuiChieww ChiaaMuiChieww is offline
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Is it wise to take up HSBC personal loan for F&B venture?

Hi bros out here, recently I was approached by my army friend who asked if I am interested to join him in setting up a F&B franchise LLAO LLAO outlet. He told me there would be 3 of us to share the capital if I'm interested. Total setting up will costs an estimate of $270k, one pax about $90k to fork out. I do not have so much cash with me and I found out that there is this HSBC personal loan out there. I need another $50k do you think I can take a loan from them? Need more advices please.
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Old 11-05-2019, 07:04 PM
abcitbats abcitbats is offline
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Re: Is it wise to take up HSBC personal loan for F&B venture?

what is the IR and EIR?

Quote:
Originally Posted by ChiaaMuiChieww View Post
Hi bros out here, recently I was approached by my army friend who asked if I am interested to join him in setting up a F&B franchise LLAO LLAO outlet. He told me there would be 3 of us to share the capital if I'm interested. Total setting up will costs an estimate of $270k, one pax about $90k to fork out. I do not have so much cash with me and I found out that there is this HSBC personal loan out there. I need another $50k do you think I can take a loan from them? Need more advices please.
  #3  
Old 11-05-2019, 08:15 PM
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nuclearkid nuclearkid is offline
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Advice applicable to all business ventures... If you do not know how to do it from scratch, don't go into it. F&B in Singapore is cut throat, the margin for error is very small. Don't become a bankrupt.

You made it sound like this friend of yours isn't close to you. I hope you don't kenna play out, it can change your life in a negative way.

And finally, this is a sex forum... So, not the right place to seek advice.
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Old 11-05-2019, 09:15 PM
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unsung80 unsung80 is offline
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Re: Is it wise to take up HSBC personal loan for F&B venture?

Wrong advice that may seems correct may not be correct, not the right place to ask about business. If you don't know please don't try it. Always do your own homework.
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  #5  
Old 11-05-2019, 09:23 PM
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ourworld ourworld is offline
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Re: Is it wise to take up HSBC personal loan for F&B venture?

Personally, if you take a loan to expand your business,
( Which is already operational, profiting, and well managed)
Yup! You definately should!
That’s what business credit facilities is mean for.
However, if you gonna take a loan for a start up.
I don’t encourage that.

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Old 11-05-2019, 11:01 PM
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Re: Is it wise to take up HSBC personal loan for F&B venture?

Quote:
Originally Posted by nuclearkid View Post
Advice applicable to all business ventures... If you do not know how to do it from scratch, don't go into it. F&B in Singapore is cut throat, the margin for error is very small. Don't become a bankrupt.

You made it sound like this friend of yours isn't close to you. I hope you don't kenna play out, it can change your life in a negative way.

And finally, this is a sex forum... So, not the right place to seek advice.
TS, it is a bad idea to invest in hefty biz venture. Cost of doing F&B biz in SG is much higher than you expected. Your friend might ruin your financial life.
  #7  
Old 11-05-2019, 11:20 PM
ChiaaMuiChieww ChiaaMuiChieww is offline
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Quote:
Originally Posted by abcitbats View Post
what is the IR and EIR?
IR is 3.7% EIR is 7%
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Old 12-05-2019, 03:33 AM
edmund899 edmund899 is offline
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Re: Is it wise to take up HSBC personal loan for F&B venture?

Quote:
Originally Posted by ChiaaMuiChieww View Post
Hi bros out here, recently I was approached by my army friend who asked if I am interested to join him in setting up a F&B franchise LLAO LLAO outlet. He told me there would be 3 of us to share the capital if I'm interested. Total setting up will costs an estimate of $270k, one pax about $90k to fork out. I do not have so much cash with me and I found out that there is this HSBC personal loan out there. I need another $50k do you think I can take a loan from them? Need more advices please.
From what i can remember the max loan amount is 2 to 4 times your monthly salary. They can loan you more if your salary is of a certain pay scale.

Personally, i don't like to start up a business with loaned money especially if it's your first business venture and your partners are newbies too.
I started mine with whatever savings I have and work within that.

I took a personal loan last year to invest in my friend's business, but only after much understanding of the business he is running and my monthly margin.
You can make money using money of others if you play it right but it's easier said than done.

Be very careful.
  #9  
Old 12-05-2019, 06:08 AM
teehee teehee is offline
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Re: Is it wise to take up HSBC personal loan for F&B venture?

Quote:
Originally Posted by ChiaaMuiChieww View Post
Hi bros out here, recently I was approached by my army friend who asked if I am interested to join him in setting up a F&B franchise LLAO LLAO outlet. He told me there would be 3 of us to share the capital if I'm interested. Total setting up will costs an estimate of $270k, one pax about $90k to fork out. I do not have so much cash with me and I found out that there is this HSBC personal loan out there. I need another $50k do you think I can take a loan from them? Need more advices please.
I don’t know much about loans but I’d strongly advise you to steer away from llao llao. My friend’s parents did the same and they’re still incurring losses every month despite a prominent location. If you’re truly interested in having your own yogurt store, shoot me a PM. I do know the supplier of llaollao.

Or if you’re doing it in a form of investment, do heed my advice and place your money somewhere else.
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Old 12-05-2019, 08:40 AM
Jt1990tj Jt1990tj is offline
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Re: Is it wise to take up HSBC personal loan for F&B venture?

Short answer: No.
Long answer: I think personal loans' interest are way too high, if you don't have a way to settle the interest payment, please don't take the loan for the business. Besides, you may need to pump more money into the business as you mentioned the 270k is just a start-up costs. Assuming the worst case scenario where you take losses in the first 6 months, you guys will still need money pumped into the business to sustain the rent, inventory, manpower etc. When you're neck deep in this business, sometimes you either cut loss, or you pump more money in.

Yea I agree business is about taking risks, but like what some of the bros here correctly highlighted, F&B is a cut throat business with high overheads and stiff competitions.

Also, maybe you might want to question the motivation of your army friend. From his entire list of friends, why ask you? Are you business savvy? Good at F&B? If your purpose is purely there to "top-up" the capital, then I think something is not right and they are properly just using you for the money and may eventually try to kick you out of the business. A friend of mine went through that before and ended up losing money.
  #11  
Old 12-05-2019, 02:33 PM
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Re: Is it wise to take up HSBC personal loan for F&B venture?

Interest too high unless really need it
  #12  
Old 12-05-2019, 03:05 PM
abcitbats abcitbats is offline
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Re: Is it wise to take up HSBC personal loan for F&B venture?

that is high

Quote:
Originally Posted by ChiaaMuiChieww View Post
IR is 3.7% EIR is 7%
  #13  
Old 12-05-2019, 03:31 PM
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rule of thumb ... for fnb in sg ... if profit margin is not > than 40% cannot do ...

Quote:
Originally Posted by abcitbats View Post
that is high
  #14  
Old 12-05-2019, 03:56 PM
bignehneh bignehneh is offline
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Re: Is it wise to take up HSBC personal loan for F&B venture?

Llao Llao at $270k? Haha! Forget it la. Too risky. Koi maybe
  #15  
Old 12-05-2019, 09:27 PM
ilovepantyhose ilovepantyhose is offline
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Re: Is it wise to take up HSBC personal loan for F&B venture?

hi ts,

before u decide to plonk down the capital, must do homework, research and planning

llao llao is froyo, how much demographic can it attract? what is the spending power of this section? how is the competition for froyo?

the costs of a f&b biz is pretty high, rental, salaries, supplier payment, utilities, these can translate to a lower profit margin

how long can the $270k last? any backup plan if the initial capital runs out?

think LONG and HARD hor
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