plug that into an amortization schedule (there's plenty available on line)...eyeballing it, looks like you'll be paying almost $8k interest over the life of the loan.

so...you're paying $28k for a vehicle that will be worth probably $9k when you finally own it.

that may help your decision.

If you're already in collections, your score is screwed to the point where even a secured loan (the HELOC) would be at a high rate.

There's zero point in borrowing to pay down debt that's already bad debt.

Sorry you're in the situation, but looks like the company has been fair enough.

The credit cards first and quickly, yes. Cringed when I read "and a bit of credit card debt around $15k (average interest rate around 20%)." You're currently paying ~$250/mo on credit card interest alone...gotta clear that ouchy.

After that, I'd hold in a money market account until new employment is paying me, then I'd pay off the personal loans...10% is still pretty high.

And then re-assess and ask the question again.

Why would you not ask for a partnership agreement instead of a loan? This is where the term 'silent partner' was born.

If the business does well, you're the last one to get paid, in a "friend's money" loan arrangement. Similarly, if the business doesn't do well, you're the last one to get paid in this arrangement.

Banks provide loans.

the only proven tool with investing is time, so...you know.