i have a friend that has started a business, and if i put in capital i can make a great profit.
i have decent credit, and i was told by wells fargo that i can refinance my auto loan and pull cash out of it. it sounds tricky and i can’t get much information off the website, and when i called a representative, i got little help there.
i don’t want to take out a personal loan, actually, i want to consolidate the credit cards i have.
how can i lower my credit card/existing loan payments and interest rates and get cash without taking out a personal loan?
You have high interest outstanding credit card debt and you want to take out more debt to invest in an uncertain personal business of someone else? You can’t afford to do this. Better that you pay off your credit card debt and possibly refinance your car or get a personal loan to make this investment. What’s interesting here is that if your buddy needs more capital to run his business that he couldn’t get it from his bank. You think you know more about this kind of investment than the banks? And investing money with friends is a great way to lose friendships, especially money you can’t afford. Good luck.