When it comes to paying down your debt, there’s only so much you can do when it comes to cutting down your expenses.
That’s why increasing your income through side gigs can be so helpful when it comes to managing student loans or credit card debt.
Plus, the best side hustles allow you to work on your own schedule, enabling you to scale your hours up and down as your needs change.
If you’re looking for a lucrative way to earn extra money, driving for PostMates might be the perfect option for you.
Paying up to $25 an hour, this innovative app-based company is looking to hire independent contractors as deliverers in all of its participating markets.
What is the PostMates delivery service?
Located in 27 states and rapidly growing, PostMates is an app-based, on-demand service. While they do deliver restaurant food if you have a midday or late-night craving, they also will drop off office supplies or other essentials whenever you need them.
For example, if you run out of ink toner but are stuck working on a deadline, you could order it online. But it likely wouldn’t arrive until the next day, if you were lucky.
With PostMates, a driver would pick it up for you and drop it off to you in person within minutes of you placing the order. It’s a rapid response service that fills immediate customer needs around the clock.
What’s it like working for PostMates?
One of the best aspects of driving for PostMates is the flexibility the job offers. You can take on delivery gigs when it works for you and you can take on as many or as few as you want.
Unlike traditional jobs, you do not have to sign up on a schedule for deliveries. Instead, you can log into the app whenever you like. Additionally, you can sign up for weekly slots and get priority delivery requests.
What’s more, you keep 80 percent of the delivery fee when you drive for PostMates. Deliverers are also eligible to receive tips from customers, which they keep in full.
PostMates also offers advice for improving your chances of making customers happy and getting tips, including:
- Communication: The company recommends deliverers call or text customers to let them know as soon as possible about any issues, such as if the desired item is unavailable or if there will be a delivery delay.
- Presentation: PostMates advises workers to dress professionally, to keep items in hot/cold bags until the moment of delivery, and to be friendly and personable.
- Speed: The faster deliverers can get an order to a customer, the happier the consumer will be.
- Accuracy: While speed is important, accuracy is pivotal. PostMates recommends deliverers triple-check their shopping lists and any order details to ensure the customer gets exactly what he or she wanted.
Essentially, PostMates can ebb and flow with your schedule and availability. So when you have time and need the cash, you can make a lot of deliveries. And if you’re stretched too thin, you can cut back as needed.
What are the downsides of driving for PostMates?
Like many app-based side gigs, the income can be inconsistent. While you may sometimes get multiple orders in one day, you can also go other days with no orders at all.
If you’re looking for purely supplemental income, such as to accelerate debt payments or build up your savings faster, working for PostMates can be a good option.
However, it’s not a good choice if you need regular income you can rely on to pay the bills.
Are there any requirements working for them?
While driving for PostMates is one of the most common delivery methods, a car is unnecessary. Some independent contractors make deliveries using motorcycles, scooters, bikes, or even just by walking.
The signup process is very simple. On the application screen, the site will prompt you to enter your email address and a password. After you complete that information, PostMates will redirect you to a short form.
To be eligible to work as a deliverer, you must live in one of the 49 cities where the company is active.
The site asks for your full name, and though you do not have to own a car, they do require you to have a valid driver’s license number. You also have to own either an Android or iPhone device.
Once you have completed the application, PostMates will perform a background check on you and then invite you to either an in-person or online onboarding session.
After you attend the session, you are ready to start making deliveries and earning money.
Start making extra money
At the end of the day, a side gig can help you boost your income, pay down your debt, and establish your emergency fund.
And picking up a side hustle like driving for PostMates gives you more earning potential while working around current demands on your time.
Wondering how much money you could save paying off your student loans early? Our calculator below can show you how making extra money from side gigs can help boost your monthly payments.
Interested in refinancing student loans?Here are the top 6 lenders of 2019!
|Lender||Variable APR||Eligible Degrees|
|Check out the testimonials and our in-depth reviews!
1 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.36% APR (with Auto Pay) to 7.82% APR (with Auto Pay). Variable rate loan rates range from 2.41% APR (with Auto Pay) to 6.99% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of April 17, 2019, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 04/17/2019. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at firstname.lastname@example.org, or call 888-601-2801 for more information on our student loan refinance product.
© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
2 Important Disclosures for SoFi.
3 Important Disclosures for Laurel Road.
Laurel Road Disclosures
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the fixed rate will decrease by 0.25%, and will increase back up to the regular fixed interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
All credit products are subject to credit approval.
Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit www.laurelroad.com.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
5 Important Disclosures for CommonBond.
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 2.45% effective May 10, 2019.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.41% – 6.99%1||Undergrad & Graduate|
|2.41% – 7.89%2||Undergrad & Graduate|
|2.43% – 6.65%3||Undergrad & Graduate|
|2.38% – 6.81%4||Undergrad & Graduate|
|2.41% – 8.19%5||Undergrad & Graduate|
|2.60% – 9.60%6||Undergrad & Graduate|
Are you juggling multiple side gigs? Share your experiences with them in the comments section below!