i need to raise 30 thousand pound - advice please.

[heyyo]

i need to raise 30 grand for an investment opportunity. i was hoping someone could give some advice, how i can go about borrowing money at a good rate.

i have about 8 grand saved, so i require a further 22 thousand pound.

i do have credit cards/debit with card with overdraft facility, i think that will stretch to about 5 thousands pound. ( is it possible or worth taking the entire credit from a credit card i.e. 4 thousand pound) and pay them back at the monthly minimum rate? (if this is possible, does this work out cheaper then taking out a loan)

appreciate if anyone can help, as i dont want to take out a loan at a mad interest rate and not afford to being to able to pay it back

thanks

[Knobbly]

Originally Posted by heyyo

i need to raise 30 grand for an investment opportunity. i was hoping someone could give some advice, how i can go about borrowing money at a good rate.

i have about 8 grand saved, so i require a further 22 thousand pound.

i do have credit cards/debit with card with overdraft facility, i think that will stretch to about 5 thousands pound. ( is it possible or worth taking the entire credit from a credit card i.e. 4 thousand pound) and pay them back at the monthly minimum rate? (if this is possible, does this work out cheaper then taking out a loan)

appreciate if anyone can help, as i dont want to take out a loan at a mad interest rate and not afford to being to able to pay it back

thanks

Unless you have someone who's going to offer you some cash interest free then either a credit union (if you're a member) or a bank have the lowest interest.

Whatever you do do NOT use your credit cards for it, 6-7% apr on a bank loan and 15+% on a credit card? You'd be mad to consider it.

[Tightscot]

re-mortgage - usually a better rate than loans?

or you could ask Santa

[Shaun]

4 thousand pound) and pay them back at the monthly minimum rate?

Paying the minimum rate you'll be paying it until you die mate. You pay only interest and a very small amount of the money you borrowed.

Personally I'd hold off on the investment opportunity mate, it sounds like if you do it you'll be stretched financially and things are likely to get bumpy in the economy some time soon - you could end up bust.

In addition what happens if you loose the money? Do you have a backup plan or will you just be working for the next ten years to pay it off?

Without knowing more about your finances (which you shouldn't really be telling people on the net) it's really difficult to advise you the best route. In fact this really isn't the best forum for money advise anyway - you'd be much better looking at www.moneysavingexpert.com.

My only advice to you would be think twice before getting up to your neck in debt to risk it all on an "investment opportunity". I mean that in the nicest way mate as I don't want to hear in twelve months time that you're in financial difficulties over it mate.

Sorry I couldn't help more.

[Saaf_laandon_mo]

Originally Posted by heyyo

i need to raise 30 grand for an investment opportunity. i was hoping someone could give some advice, how i can go about borrowing money at a good rate.

i have about 8 grand saved, so i require a further 22 thousand pound.

i do have credit cards/debit with card with overdraft facility, i think that will stretch to about 5 thousands pound. ( is it possible or worth taking the entire credit from a credit card i.e. 4 thousand pound) and pay them back at the monthly minimum rate? (if this is possible, does this work out cheaper then taking out a loan)

appreciate if anyone can help, as i dont want to take out a loan at a mad interest rate and not afford to being to able to pay it back

thanks

Yes I do, please send a cheque for 50k to my Bank in Lagos and I will credit 80K in your account (whose details you will have given me) out of the goodness of my own heart

[TheDaddy]

Originally Posted by Shaun

Paying the minimum rate you'll be paying it until you die mate. You pay only interest and a very small amount of the money you borrowed.

Personally I'd hold off on the investment opportunity mate, it sounds like if you do it you'll be stretched financially and things are likely to get bumpy in the economy some time soon - you could end up bust.

In addition what happens if you loose the money? Do you have a backup plan or will you just be working for the next ten years to pay it off?

Without knowing more about your finances (which you shouldn't really be telling people on the net) it's really difficult to advise you the best route. In fact this really isn't the best forum for money advise anyway - you'd be much better looking at www.moneysavingexpert.com.

My only advice to you would be think twice before getting up to your neck in debt to risk it all on an "investment opportunity". I mean that in the nicest way mate as I don't want to hear in twelve months time that you're in financial difficulties over it mate.

Sorry I couldn't help more.

Good advice Shaun , take it from someone that's done it, unless you are certain this investment will pay of immediately don't use credit cards to fund it

[yaypandas]

Slot machines and shady poker games!

[Nikesh]

Originally Posted by yaypandas

Slot machines and shady poker games!

Viva Las Vegas!!

[Graham M]

Originally Posted by Nikesh

Viva Las Vegas!!

I was thinking more of down my local lol

Go on I don't mind being the nosey one!! why 30k? and what for..

[luvclub]

See http://www.stoozing.com/0fees.htm and open as many 0% Balance Transfer accounts as possible (preferably with no handling fee).

Transfer the full credit limits to an account such as the Egg Money Credit Card Account. This account would then allow you to transfer any excess credit balance out into any Current Account.

There you go! Depending on your credit rating/history you may or may not get enough, but you would still have to repay the credit cards before the end of the 0% balance transfer periods otherwise you would still have to pay the humongous credit card rates.

If you come into the money sooner before repayments are due you could leave the money in a savings account and earn interest or put it into a mortgage offset account.

[Shaun]

No, would be my advice

[punky]

Don't forget getting cash off a credit card involves all sorts of fees... Admin fees to get it, different interest rates (oftwn excluded from 0% credit card eals, unless its involved in a balance transfer)

[lauzjp]

never ever think you'll be able to function while paying back the minimum amounts on a maxed on credit card... I'm telling you - do not do it.

if you really think its such a great investment opportunity why not tell us what its about? and if you really want such a huge amount, you're going to have to ask a bank either for a loan, or re/mortgage. moneysavingexpert.com is a good place to compare rates.

[smicer07]

If you can't afford it, don't do it, is my opinion.