Loans are useful to people who need the money to fund a new project or venture, even to pay someone back. Of course, the downside to loans is that they’re the opposite of grants—so you will have to pay them back at some point or another. Sometimes, it can be a chore to come up with the money you need to pay them back.
One of the only solutions is to find ways of raising cash fast to repay your loan. That begs the questions, where do I look and how do I proceed?
Fortunately, we’ve scoured far and wide to come up with three, great ways you can make some extra money to repay a loan.
1. Use the Sharing Economy to Your Advantage
You’ve heard of the sharing economy by now, haven’t you? Sure you have! If you’ve heard of companies like Airbnb, which lets people rent out their property as lodging, then you’ve heard of the sharing economy. It’s basically the system that empowers you to rent out anything you own to other people.
To make some extra money, you could also use a site like Airbnb to rent out a place you own. Do you have an old guest house? Maybe you almost forgot about that cabin in the woods that your uncle left you? What about that timeshare that you barely use and only remember once a year during the summer, when you want to go on a vacation? You could start a profile on Airbnb to rent out a piece of property you have to make some extra scratch!
2. Try Your Hand at Freelance Writing
Freelance writing is one of the most popular ways from which to make some extra money. There’s a whole industry around it, and some people have gotten quite successful at it. Of course, you don’t need to be the cream of the crop if you just want to make some extra cash to pay off a loan more quickly.
However, you still need to be a sound writer who has a great grasp of the English language and abides by the rules of good grammar. People don’t want to read fluff or content full of typos—even on the web!
3. Offer Services Related to Pets, Kids and Residences
When you need extra money, you can’t be too choosy about what to take on. Luckily for you, everyone needs their pets walked, their kids looked after, and their houses kept in neat and tidy condition.
One big market of people looking for help with their pets is made up of dog owners. Dog owners need someone reliable to walk their pooches from time to time because they can’t always do it if they have to work late, go to their kids’ soccer game, or maybe just want to have a quiet night in…for a change! By advertising your services as a dog walker, you could make some extra money quite regularly.
Another thing is babysitting: How many parents still want to go out as a couple, especially after the monotony of dealing with kids all the time becomes too much? Too many to count. Offering your babysitting services is another surefire way to make extra money, as parents are always on the hunt for a good, dependable babysitter.
Similarly, housesitting is in high demand, too. You could advertise your services as a house sitter, and make extra cash that way.
Pay Off Your Loans and Get Healthier Credit
It’s always harmful to be in debt, so paying off your loans efficiently is the best course of action. Yes, sometimes it can be hard to plan everything so that you do pay them off on time, but that’s why it pays to be resourceful to come up with the extra money to pay off your loans.
The three ways outlined above are some of the fastest, most straightforward approaches to make extra cash efficiently. You don’t need any huge, prior experience or a fancy degree from a respectable school to start making money. All you need is that healthy, entrepreneurial spirit and the determination to succeed!